Startup Wrap – Health, HR, And E-commerce Firms Eying Saudi Expansion After Funding Rounds

CAIRO: Startups from across the region and beyond have set a clear path for Saudi expansion after completing successful funding rounds.

UK-based healthtech startup Bioniq is set to leverage its latest $15 million series B funding round to bolster its presence in Saudi Arabia.  

With a current valuation of $75 million, Bioniq aims to make its personalized supplements based on blood test data and patented algorithms available in key cities in Saudi Arabia as a significant portion of the funding is allocated for the Middle East region. 

“Saudi Arabia is an absolute focus as is the further integration and localization of our offerings,” Vadim Fedotov, CEO and co-founder of Bioniq, told Arab News. 

“Our strategic partnership with Al Borg Diagnostics is pivotal in this effort, enabling us to enhance our reach nationwide and deliver tailored health solutions to the local population,” he added. 

The partnership with Al Borg, a provider of diagnostic health services in the Kingdom, made Bioniq’s blood test panel available in 28 Saudi cities. 

The company plans to embed its solutions within athletic organizations and explore collaborations with governmental health initiatives.  

“Additionally, we have further integrations in the pipeline with Saudi Arabia’s leading medical institutions and medical insurance providers,” he added. 

Bioniq’s expansion in the Middle East does not stop at Saudi Arabia. The company aims to solidify its position as the leading premium personalized supplement brand across the region. 

“Given the dynamic growth of the region, especially in the health and wellbeing sector, a significant portion of our recent funding round will be dedicated to our Middle East expansion including strengthening our local office,” Fedotov said.  

According to the CEO, the expansion strategy includes broadening the firm’s geographical reach and enhancing service offerings such as laboratory testing, client support, and strategic on-site partnerships with top medical and athletic institutions.

The company has also established long-term partnerships with key opinion leaders and public figures in the region, with announcements expected soon. 

The oversubscribed round was led by Principal Investors HV Capital and Unbound, both leading European VCs. Bioniq also aims to utilize the funding to boost its expansion into the US market. 

UAE-based HR tech Ogram raises new funding for Saudi expansion 

UAE-based human resources tech startup Ogram has secured new funding from Oraseya Capital, the venture capital arm of Dubai Integrated Economic Zones Authority, along with Aditum Investment Management and Everywhere VC, to support its expansion plans in Saudi Arabia.  

Founded in 2017 by Karim Kouatly and Shafiq Khartabil, Ogram is a digital staffing marketplace that allows businesses to book and manage staff on-demand.  

The company, which launched in Greece in 2023, previously closed a $3 million series A funding round in 2022. Ogram is also in the process of closing its series B round and potential merger and acquisition activities by the fourth quarter of the year. 

Kemitt expands into Saudi Arabia after new funding round 

Egypt-based e-commerce platform Kemitt has expanded into Saudi Arabia following an undisclosed funding round.  

Founded in 2018 by Mahmoud Fouad, Mohamed Rashwan, and Mohamed Hedayat, Kemitt connects product and furniture designers with consumers and handles manufacturing, overhead, and last-mile logistics. 

The recent funding will be used to enhance the platform’s user interface, scale logistics and customer service operations in Saudi Arabia, diversify its product portfolio, and establish local partnerships. 

Saudi startup TechMal secures $1m in pre-seed funding 

Saudi-based startup TechMal has raised $1 million in a pre-seed investment round led by Al Majidiya Investment Co., along with other investors.  

Established in 2024, TechMal is a micro-consumer finance company licensed by the Central Bank of Saudi Arabia, offering financing solutions for the residential rental sector.  

The company enables tenants to convert annual or semi-annual rental payments into manageable monthly installments through the Ejar platform. 

Pathfinder raises $325m from Silver Rock Group ahead of NASDAQ listing 

UAE-based retail technology solutions provider Pathfinder has secured a $325 million investment from Silver Rock Group ahead of its planned NASDAQ listing.  

Founded in 2000 by Ahmed Hussain, Kristin MacDermott, and Sadique Ahmed, Pathfinder offers solutions to enhance customer engagement and drive business success.  

Silver Rock Group will provide the funding over the next three years, starting in the fourth quarter of 2024, to support the continuous development and global rollout of the RetailGPT platform. 

UAE fintech Mamo secures $3.4m in funding 

UAE-based fintech startup Mamo has closed a $3.4 million funding round with participation from existing investor 4DX Ventures, the Dubai Future District Fund, and Cyfr Capital.  

Co-founded by Asim Janjua, Imad Gharazeddine, and Mohammad El-Saadi, Mamo supports small and medium-sized businesses by consolidating their payment collection, corporate cards, and expense management needs. 

The newly raised capital will be used to expand Mamo’s product offerings within the UAE and support its regional expansion efforts. 

Zyp Technologies secures $1.5m pre-series A funding led by Shorooq Partners 

Pakistan’s mobility startup Zyp Technologies has raised $1.5 million in a pre-series A round led by UAE-based VC fund Shorooq Partners, with participation from existing investor Indus Valley Capital and several angel investors.  

Founded in 2022 by Hassan Khan and Imran Afzal, Zyp Technologies specializes in electric motorcycles designed for deliveries, equipped with advanced fleet management software.  

The funding will enable Zyp Technologies to deploy more than 60 battery swap stations and launch over 1,000 Zyp Utility Motorcycles in Pakistan over the next 12 months.