RIYADH: As a result of investors’ continued interest in technology-led growth, startups in the Middle East and North Africa have raised new funds in a variety of fields, including fintech, AI, cybersecurity, and more. In addition to a strategic purchase and a significant cross-border AI stake, the deals include multi-million dollar series investments, expansion credit facilities, and early-stage seed rounds.
Impact46 is leading a $16 million series A round for the Saudi Arabian finance company CASHIN. Omar Al-Rammah, Abdulkarim Zrik, and Obay Al-Madi founded the business in 2021. It offers fuel station operators a unified platform with AI capabilities that links their financial and operational operations, combining tanks, pumps, payments, and auxiliary services into a single, centralised system. In 2021, CASHIN raised $1.6 million in a seed round led by Investor Mine, with participation from BIM Ventures and a number of angel investors.
The fresh capital will be used by the company to strengthen its integrations with suppliers, regulators, vehicle operators, and banking institutions; improve its AI and advanced analytics skills; and extend its networks of fuel stations throughout Saudi Arabia. Ajeej Capital’s Amplify Growth Fund has made a strategic growth credit investment in ZIWO, an AI contact center platform based in the United Arab Emirates.
Also Read:
Breaking Barriers: Celebrating Leaders, Innovators, and Decision-Makers in GCC
Palestinians in Israeli Prisons Face Abuse and Cover-ups, Reports Reveal Alarming Reality
