PC: Barcelo
The startup ecosystem in Dubai experienced substantial funding events throughout the previous week which demonstrates the regional advancement in both global finance and tech sectors.
ClearGrid Emerges with $10 Million Dual Round
ClearGrid announced its public entrance after securing $10 million from both pre-seed and seed funding rounds based in the UAE. Startups ClearGrid raised $3.5 million in the pre-seed round through joint investment from Raed Ventures and Beco Capital followed by $6.5 million from Nuwa Capital and Raed Ventures in the seed funding stage. ClearGrid emerged from its inception in 2023 when Khalid Bin Bader Al Saud along with Mohammad Al Zaben and Mohammad Al Khalili started the company. The enterprise provides lenders with an AI-driven solution for debt collection. The company intends to utilize the obtained funding for advanced collection system development while implementing business expansion into new markets throughout MENA and beyond.
NymCard Secures $33 Million in Series B Funding
The embedded finance platform NymCard which operates from the UAE obtained $33 million through a Series B funding initiative with QED Investors as its lead contributor. The funding round also included investors from Lunate together with Dubai Future District Fund (DFDF), Mashreq Bank, Knollwood, Reciprocal, FJ Labs, Endeavor, Shorooq Partners and Oraseya Capital. The founders Omar Onsi and Ayman Chalhoub established NymCard in 2018 as a platform which powers fintech companies to connect financial APIs and features into their applications. NymCard will allocate its new capital toward strengthening its operations across 10 major markets within the MENA region and developing superior payment infrastructure solutions for its network of banks, financial technology companies, corporations, along with telecommunications service providers.
Oro Labs obtains $1.5 Million from pre-seed funding
A pre-seed funding round worth $1.5 million led by 468 Capital has been obtained by Oro Labs which operates as a procurement management solutions developer based in Dubai. The financial resources will serve for platform advancement while the company seeks accelerated market penetration in procurement operations.
KBW Ventures Leads Playout’s $7 Million Seed Round
Playout based in Dubai succeeded in raising $7 million through a seed funding round which KBW Ventures spearheaded. The funds enable Playout to improve its platform features while building its customer base in the interactive fitness industry.
Yango Group established its $20 Million venture capital investment fund
Yango Group started its $20 million venture fund to make early-stage investments throughout different sectors of the MENA region. The venture fund demonstrates Yango Group’s dedication to encouraging startup sector development in MENA.
Conclusion
Dubai’s continuously developing startup ecosystem reveals itself through recent funding activities within the city. The funding activities in Dubai’s fintech along with procurement management and interactive fitness domains and venture capital sector have consolidated its role as a MENA region innovation hub and entrepreneurial center.
