Technology news and insights in the Middle East, South Asia, and Africa
Technology News and insights in the Middle East, South Asia, and Africa
Technology news and insights in the Middle East, South Asia, and Africa
Technology News and insights in the Middle East, South Asia, and Africa
The Oman Investment Authority (OIA) has invested in Elon Musk’s xAI, acquiring an undisclosed stake. This move is part of OIA’s strategy to diversify its portfolio and invest in advanced technologies. xAI aims to lead AI innovation, with significant developments like its Grok-2 platform and upcoming Grok-3 model.
Revibe, the leader in guarantee-backed refurbished tech in the MENA region, raised $7 million in a Series A round co-led by ISAI and Resonance. The funds will support expansion into emerging markets and enhance customer care. Revibe has sold over 80,000 devices, saving $14M for customers and significantly reducing CO2 emissions.
Morocco’s z.systems raised $1 million in funding to reshape the region’s FMCG retail landscape. The platform, designed to modernize B2B trade and distribution, offers streamlined solutions for small retailers. z.systems plans to expand beyond FMCG into other sectors like construction and electronics, empowering mom-and-pop stores with better efficiency.
Astra Tech has secured $500 million in financing for its fintech subsidiary, Quantix, to expand its consumer lending platform and Ultra app, which has over 150 million users globally. The funding will help enhance the app’s financial services and integrate more features, supporting growth in the UAE fintech sector.
The “Abikhdmh” app has raised SAR 3 million in Seed funding to enhance its e-transaction services and expand into areas such as flight bookings, business services, and recruitment solutions. This investment will strengthen its platform and contribute to Saudi Arabia’s Vision 2030 by advancing digital transformation in the country.
Enakl, a Morocco-based urban mobility startup, raised USD 1.4M in pre-seed funding to expand its sustainable transport solutions in emerging markets. The investment, led by Catalyst Fund, will support the startup’s efforts to improve urban mobility through AI-driven technologies and collective transport options, particularly in Casablanca.
Nowlun, a digital freight forwarding platform in the MENA region, has raised $1.7 million in seed funding to fuel its expansion and technology development. The platform offers competitive ocean freight rates, real-time shipment tracking, and streamlined cargo management, revolutionizing the logistics industry with cutting-edge technology.
WorldLink Communications has secured a €10 million investment from Finnfund to expand its fiber broadband network and build a Tier 3 data center in Nepal. This investment will help bridge the digital divide, enhance connectivity, and contribute to the country’s digital transformation. WorldLink is also planning an IPO.
Sylndr, an Egypt-based online used car marketplace, has secured $7.5 million in capital financing to fuel its growth. The funding, facilitated by EFG Hermes, will support Sylndr’s mission to revolutionize Egypt’s automotive industry by offering more accessible financing options and expanding its inventory.
Jazz has invested over Rs33 billion in Pakistan’s digital ecosystem in 2024, focusing on sectors such as telecom, fintech, and data centers. These efforts have resulted in 25% revenue growth, strengthening its role in the country’s digital transformation. The company also contributes Rs97 billion to Pakistan’s national economy.