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Welcome to another edition of 🔍 Startup Researcher - Asia, your essential digest delivering the latest news and premium insights on startups and venture capital across the region 🌏️
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📰 Important News
- UAE issued its first-ever online gaming and sports wagering license to Play971, marking a major regulatory shift for the country’s commercial gaming sector.
- MoneyHash partnered with Mastercard to expand Merchant Cloud access across MEA, enabling merchants to connect to Mastercard Gateway via a single unified API.
- Saudi Arabia’s STC and Humain formed a joint venture to build AI-optimized data centers with up to 1 GW capacity, advancing Vision 2030 goals.
- UAE digital bank Zand became the first Middle East bank to secure ISO 27001 and ISO 27701 certifications, strengthening information security and privacy.
- IFZA’s inaugural Scale360 accelerator graduated 14 startups with live pilots, UAE market entry underway, and HQ relocations in motion.
💸 Top Funding Rounds
- Noon raised $500 million from investors including Saudi PIF and its founder as the Saudi-UAE e-commerce platform prepares for a potential IPO.
- Premialab, a global provider of data and analytics for quantitative investing, announced a $220 million strategic growth investment from KKR.
- Hub71 startup Planys Technologies landed $12 million to scale its underwater robotics business globally with a stronger focus on the Middle East.
- Relik secured seed funding from investors including KBW Ventures to scale its AI-powered authentication platform for art and collectibles.
- Q Fund announced its backing of QPioneers’ first funding round, supporting an AI-powered platform for managing and operating startups.
💰️ Notable Exits
- Saudi delivery company Mr Mandoob is targeting a stock market listing in the first half of 2026 after its valuation exceeded $213 million.
- Travis Kalanick’s CloudKitchens is reconsidering a Middle East IPO in 2026, and exploring private placement options instead.
🏦 About Investors
- Singular Link launched a $100 million global AI fund targeting mature infrastructure models and applications.
- Propeller launched Kernel Camp, an eight week deeptech and AI infrastructure residency in Silicon Valley for MENA founders starting April–May.
- Hub71 announced a new strategic partnership with Ireland’s Venturewave Capital to expand cross-border growth.
- ITHCA Group rebranded its Idea Stage Fund to OTF SCALE and launched the Gateway accelerator to help Omani startups expand into Saudi Arabia.
- MGX took a 15% stake in the TikTok US deal alongside Oracle and Silver Lake, creating a majority American entity with ByteDance retaining 19.9%.
🚀Startup of the Week
Introducing our Startup of the Week 🏆
Noon
Founded in 2016 in Dubai by Mohamed Alabbar, Noon has grown into one of the Middle East’s most important e-commerce platforms, operating across Saudi Arabia, the UAE, and Egypt. The company runs an online marketplace, alongside food delivery and grocery services, positioning itself as a regional alternative to global giants. Backed by major investors including Saudi Arabia’s Public Investment Fund (PIF), Noon has raised billions to date, most recently securing $500 million as it prepares for a potential IPO. Led by Alabbar as founder and chairman, Noon is doubling down on scale, logistics, and platform depth, reinforcing its role as a homegrown digital commerce champion for the region.
💼 Investor of the Week
Introducing our Investor of the Week 🏆
OTF SCALE
OTF SCALE is an early-stage technology fund backed by ITHCA Group, repositioned from the former Idea Stage Fund to deepen its regional ambition. Operating as a venture-style fund focused on AI, fintech, software,and digital services, OTF SCALE has completed 36 investments, with 11% of portfolio companies securing follow-on funding. Its recent launch of the Gateway accelerator, supported by NTDP and Al Jabr Company, marks a decisive push into Saudi market access. Led by CEO Eng Saeed bin Abdullah Al Mundhiri, the fund differentiates itself as a cross-border bridge, pairing capital with hands-on market entry support to turn Omani startups into regional contenders.
🤑 Opportunity Radar
Call for Applications: The Startup Innovation Challenge 2026
Applications are now open for the Startup Innovation Challenge 2026 by Energie AG Oberösterreich, a global opportunity for startups building solutions in energy, AI, and sustainability. Apply by 4 January 2026 to compete for up to $50,000 in PoC funding, hands-on collaboration with an energy utility, and access to technical experts and real-world data; collaboration is primarily remote, with optional engagement in Austria. The program targets early- to growth-stage startups and professional teams ready to pilot validated solutions, with Pitch Day scheduled for March 2026. Apply now to partner with an established energy group and accelerate your path to enterprise deployment.
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