MENA’s Most-Funded Startups 2023
MENA startups have had a tough year, with funding drying up amidst a global economic downturn. However, several GCC-based startups have successfully attracted new investments, with buy-now-pay-later platforms Tamara and Tabby securing 2023’s largest round
Tamara
Funding in 2023: $740 million Investors: Goldman Sachs, Shorooq Partners , SNB Capital, Sanabil Investments, Pinnacle Capital, Impulse, other investors. Founders: Abdulmajeed Alsukhan, Turki Bin Zarah, Abdulmohsen Albabtain
Headquarters: Saudi Arabia
Date of establishment: 2020
Tamara provides buy-now-pay-later (BPNL) solutions to over 10 million users across Saudi Arabia, the U.A.E. and Kuwait. It works with more than 30,000 merchants. The fintech startup joined the unicorn club in December 2023 after securing $340 million in Series C equity funding round, led by SNB Capital and Sanabil Investments. Tamara has raised a total of $500 million in equity funding and $400 million in debt financing since its inception in late 2020. It plans to launch new products and services, going beyond BNPL.
Tabby
Funding in 2023: $258 million Investors: Wellington Management, BluePool Capital, STV, Mubadala Capital, PayPal Ventures, Arbor Ventures, Sequoia Capital India, Endeavor Catalyst, and other investors. Founders: Hosam Arab, Daniil Barkalov
Headquarters: Saudi Arabia
Date of establishment: 2019 Shopping and financial services startup Tabby allows customers in Saudi Arabia, the U.A.E., and Kuwait to split payments into several installments. With a user base of over 10 million, it works with more than 30,000 brands, including SHEIN, IKEA, Samsung, and Noon. It manages over $6 billion in annualized transaction volume, with 20% of transactions conducted via Tabby Card. In November 2023, Tabby raised $200 million in equity funding ahead of its planned IPO in Saudi Arabia and joined the unicorn club with a valuation of $1.5 billion.
Floward
Funding in 2023: $156 million Investors: Aljazira Capital, Rainwater Partners, STV, and other investors.
Founders: Abdulaziz Al Loughani, Mohamed Al Arifi
Headquarters: GCC
Date of establishment: 2017 Floward offers same-day delivery of fresh-cut flowers, gifts, and products such as cakes, chocolate, accessories, and perfumes. It currently operates in over 40 cities across nine countries in the MENA and the U.K. In February 2023, Floward raised $156 million in a Series C funding round led by Aljazira Capital, Rainwater Partners, and STV ahead of its planned IPO.
Nana
Funding in 2023: $133 million Investors: Kingdom Holding Company, Uni-Ventures, Sultan Holding Company, Al-Jasser Holding, Red Diamond Company, Dallah Al-Baraka Group, Al-Jammaz Group, and other investors.
Founder: Sami Alhelwah Headquarters: Saudi Arabia
Date of establishment: 2016 Nana allows shoppers in Saudi Arabia and Egypt to buy groceries online through 150 dark stores. As of February 2023, its app has been downloaded over 10 million times. It raised $133 million in a Series C funding round in February 2023 to fuel expansion plans and add more diversified services. As of November 2023, it had fulfilled over 45 million orders and delivered over three million items.
HyperSpace
Funding in 2023: $55 million Investors: Galaxy Interactive, SEGA Ventures, TO Ventures, APIS Venture Partners, R Holdings, Instant Ventures, Winston Fischer, and other investors. Founders: Alexander Heller, Desi Gonzalez, Rama Allen Headquarters: Saudi Arabia, U.A.E. Date of establishment: 2021 HyperSpace builds and operates techenabled entertainment attractions. It opened its first entertainment park at Dubai’s Wafi Mall, AYA, in 2022, followed by House of Hype Riyadh, a 60,000 square-foot park across 34 experience zones at Riyadh Boulevard in 2023. HyperSpace has raised $66 million since its establishment, with Riyadh Season—a government-backed entertainment initiative under the sovereign wealth fund—providing most of the $55 million of debt and equity.
Sary
Funding in 2023: $50 million Investors: Derayah, Raed Ventures, VentureSouq, Sanabil Investments, STV, Wafra, MSA Capital, Rocketship. vc, Endeavor.
Founders: Mohammed Aldossary, Khaled Alsiari
Headquarters: Saudi Arabia
Date of establishment: 2018
B2B e-commerce platform Sary connects micro, small, and mediumsized enterprises with manufacturers and financial services providers. It serves over 100,000 businesses in Egypt, Saudi Arabia, and Pakistan. In January 2023, the company secured $50 million, bringing its total funding to $160 million.
XPANCEO
Funding in 2023: $40 million Investors: Opportunity Ventures (Asia) Founders: Valentyn S. Volkov, Roman Axelrod
Headquarters: U.A.E.
Date of establishment: 2021 Deep-tech startup XPANCEO develops invisible and weightless smart contact lenses with AR vision features using