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Welcome to another edition of 🔍 Startup Researcher - Middle East, your essential digest delivering the latest news and premium insights on startups and venture capital across the region 🌍
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📰 Important News
- Arab Therapy entered Saudi Arabia with a telemedicine license and VMS investment to scale digital mental health services, build an Arabic AI assistant, and expand partnerships across the Kingdom.
- SPICE launched in Saudi Arabia as a premium dining and restaurant-tech platform that offers non-dilutive Dining Capital to drive bookings and loyalty while reshaping growth for operators.
- ASICS and the Saudi Sports for All Federation awarded the first Innovation Pitch winners, promoting digital sportstech to boost activity and explore investment opportunities.
💸 Top Funding Rounds
- Alaan closed a $48 million Series A round led by Peak XV to expand in Saudi Arabia and scale AI-driven spend management for MENA enterprises.
- Builtop raised $11 million seed to scale Saudi digital construction procurement, expand trade credit, and deploy AI tools under Vision 2030.
- Bonat secured $6 million in Series A funding led by Tali Ventures to advance product, expand personalized campaigns, and grow across GCC.
- Stream raised $4 million seed led by Outliers VC, with BYLD and angels, to scale automated B2B billing and collections across MENA.
- Doos secured a strategic investment from Jahez Group to speed curated quick commerce in Saudi, improving discovery, UX, and ultra-fast delivery.
💰️ Notable Exits
- Zid acquired Egypt’s Zammit, marking its official entry into North Africa and combining technology and local expertise to accelerate e-commerce growth and regional expansion.
🏦 About Investors
- Bahrain launched a $185 million SMEs Fund with BDB, Tamkeen, and banks, to boost entrepreneurship, provide Sharia-compliant financing, and advance Economic Vision 2030.
- The Lab Ventures closed its $33.5 million Fund II, backed early-stage B2B software across Spain and MENA, and deployed operational support and LP networks to scale portfolio companies.
🚀Startup of the Week
Introducing our Startup of the Week 🏆
Alaan
Alaan, founded in 2021 in the UAE by Parthi Duraisamy and Karun Kurien, is building a finance operations platform around its SuperCard, AI-powered spend controls, automated receipt matching, VAT extraction, and streamlined accounting for businesses across MENA. The company secured a $48 million Series A led by Peak XV Partners with participation from Y Combinator, 468 Capital, Pioneer Fund, and notable operators, bolstering a leadership team led by CEO Parthi Duraisamy. Recently, Alaan accelerated its Saudi Arabia expansion, doubling transaction volumes for months while broadening partnerships and hiring across sales, customer success, and compliance. Serving thousands of teams, Alaan’s mission is to simplify business finance, deliver real-time control and visibility, and free FP&A from reconciliation to focus on analysis.
💼 Investor of the Week
Introducing our Investor of the Week 🏆
Bahrain’s SMEs Fund
Bahrain’s $185 million SMEs Fund, launched in 2025 at Gateway Gulf Forum, is a national vehicle backed by the Ministry of Industry and Commerce, the SME Development Board, Tamkeen, and leading banks, and managed by Bahrain Development Bank. Built to finance thousands of small and medium businesses across priority sectors, the Sharia-compliant fund offers profit support of up to 50 percent and flexible terms to close credit gaps. Recent moves include signed agreements with NBB, BBK, Al Salam Bank, and applications opening on November 10, 2025. Guided by H.E. Abdullah Fakhro, Dalal Al Qais, and Maha Mofeez, the fund positions itself as Bahrain’s public-private bridge to scale entrepreneurship and advance Economic Vision 2030.
🤑Opportunity Radar
Call for Applications: The Y Combinator Winter 2026
Y Combinator is now accepting applications for its Winter 2026 Batch, running January to March in San Francisco. Early-stage founders can gain access to funding, expert mentorship from YC General Partners, and an unparalleled global startup network. Applications are due by November 10 at 8 PM PT, with decisions provided by December 10. Apply now to join this immersive program and accelerate your startup’s growth.
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