Middle Eastern Startup Ecosystem: Startups to Watch in 2024 – Meet Tabby, Prypco, SallaApp, and Other Rising Tech Stars
The Middle East’s startup ecosystem continues to experience remarkable growth, with innovative solutions emerging across sectors such as fintech, e-commerce, real estate, and healthcare. Countries like the UAE and Saudi Arabia are fostering a vibrant environment for tech startups, attracting significant investments from regional and global investors. As we head into 2024, several key players are set to make waves. Here’s a look at 10 rising tech stars to watch in the Middle East, including Tabby, Prypco, and SallaApp, among others.
- Tabby (Saudi Arabia/UAE): Leading the Buy-Now-Pay-Later Revolution
Tabby, originally headquartered in Dubai but now based in Riyadh, is leading the Buy-Now-Pay-Later (BNPL) revolution in the Middle East. The platform allows customers to split their online purchases into interest-free payments, making online shopping more accessible and convenient. Tabby has partnered with over 3,000 merchants, including both regional and global brands like Adidas, Ikea, and H&M.
In October 2023, Tabby raised $200 million in a Series D funding round, achieving a valuation of $1.5 billion. The funding, led by Sequoia Capital India and other global investors, will be used to expand Tabby’s reach across MENA.
Why It’s a Startup to Watch: Tabby is reshaping how consumers in the Middle East manage their online purchases, with its flexible payment solution and strong merchant partnerships driving growth.
- Nana Direct (Saudi Arabia): Revolutionizing Grocery Delivery
Nana Direct is a Saudi Arabian online grocery delivery platform that offers rapid delivery services, sometimes within 15 minutes. By partnering with local supermarkets and optimizing delivery logistics, Nana Direct has positioned itself as a leader in Saudi Arabia’s fast-growing e-commerce sector.
In February 2023, Nana secured $133 million in a Series C funding round led by Kingdom Holding and Uni Ventures, with participation from several major Saudi holding companies. The funding will help Nana expand its operations across Saudi Arabia and beyond.
Why It’s a Startup to Watch: Nana Direct’s rapid delivery model and solid backing from major investors make it a strong contender in the region’s competitive e-commerce space.
- Vezeeta (Egypt/UAE): Disrupting Healthcare Access
Vezeeta, founded in Egypt and now headquartered in the UAE, is a healthtech platform that enables patients to book medical appointments, consult doctors online, and order medications. Vezeeta serves millions of patients across multiple countries, including Egypt, Saudi Arabia, Nigeria, and Kenya, offering an integrated solution for healthcare access.
Vezeeta has raised at least $73 million since its founding in 2012, with its most recent funding being a $40 million Series D round in 2020. Vezeeta’s telemedicine services and pharmacy delivery are now expanding into more African and Middle Eastern markets.
Why It’s a Startup to Watch: Vezeeta’s role in transforming healthcare access through telemedicine and digital health services makes it a critical player in the MENA healthtech sector.
- Sarwa (UAE): Simplifying Wealth Management
Sarwa is a UAE-based fintech startup that has revolutionized wealth management through its robo-advisory platform. Sarwa provides automated, diversified portfolios to young professionals and first-time investors at a fraction of the cost of traditional financial advisors.
In 2023, Sarwa raised $15 million in Series B funding, led by Mubadala and 500 Startups. The startup continues to expand its product offerings, including cryptocurrency investments and retirement planning tools.
Why It’s a Startup to Watch: Sarwa is democratizing wealth management in a region where personal finance solutions are often seen as inaccessible, positioning itself as a leader in the Middle Eastern fintech space.
- Prypco (UAE): Real Estate Crowdfunding Platform
Prypco, a Dubai-based proptech firm, is revolutionizing how people invest in real estate by allowing users to pool funds and invest in properties with minimal capital. Prypco opens up real estate opportunities for individuals who previously couldn’t access the market, democratizing investment in a traditionally exclusive industry.
In September 2024, Prypco raised $10 million in a seed funding round led by Shorooq Partners with participation from Apparel Group and other investors.
Why It’s a Startup to Watch: Prypco’s unique solution for real estate crowdfunding makes it a key player in the Middle Eastern proptech space, providing access to lucrative property investments in the region’s rapidly growing cities.
- SallaApp (Saudi Arabia): Empowering E-Commerce for SMEs
SallaApp is a Saudi-based e-commerce platform that empowers small and medium-sized enterprises (SMEs) by enabling them to easily create and manage online stores. The platform provides tools for building digital storefronts, managing inventory, processing payments, and handling logistics, making it a one-stop solution for businesses looking to go digital.
In 2023, SallaApp raised $130 million in a pre-IPO investment round led by Bahrain-based Investcorp, with participation from Sanabil Investments and STV. This funding will help SallaApp expand its offerings across Saudi Arabia and beyond.
Why It’s a Startup to Watch: SallaApp’s easy-to-use platform is empowering SMEs to enter the growing e-commerce space, a crucial need as the region embraces digital transformation.
- Stake (UAE): Revolutionizing Property Investment
Stake, another real estate-focused startup based in Dubai, allows users to invest in fractional ownership of properties, opening up the lucrative Dubai property market to retail investors. Stake’s platform simplifies real estate investing by offering individuals a chance to own shares in high-value properties with minimal investment.
In June 2024, Stake raised $14 million in funding to help expand into Saudi Arabia. Stake has attracted over 500,000 users since its launch, enabling more accessible entry into real estate investment.
Why It’s a Startup to Watch: Stake’s innovative approach to property investment is making the UAE’s dynamic real estate sector more accessible to everyday investors.
- Sary (Saudi Arabia): Disrupting B2B E-Commerce
Sary is a Saudi-based B2B e-commerce platform that connects small and medium-sized businesses with wholesalers, providing them with real-time pricing and efficient delivery solutions. Sary’s platform streamlines the procurement process, making it easier for retailers to source goods and manage their supply chains.
Sary has raised a total of $112 million in funding across four rounds, with its largest round raising $75 million.
Why It’s a Startup to Watch: Sary’s role in simplifying procurement for SMEs is critical in a region where the retail sector is growing rapidly.
- SHIFT (Saudi Arabia): Revolutionizing Mobility
SHIFT is a Saudi-based mobility startup offering on-demand vehicle leasing services to both individuals and businesses. The platform allows users to lease vehicles flexibly through a subscription model, offering an alternative to traditional car ownership. SHIFT is expanding its offerings to include electric vehicles, positioning itself as a leader in sustainable transportation.
In September 2024, SHIFT raised $82.8 million from Merak Capital, positioning the company for rapid growth and expansion.
Why It’s a Startup to Watch: SHIFT’s innovative leasing model and focus on sustainability make it a disruptive force in Saudi Arabia’s transportation sector.
- Ogram (UAE): On-Demand Staffing for the Gig Economy
Ogram is a UAE-based platform that connects businesses with on-demand staffing solutions. Operating in the gig economy, Ogram allows companies to hire temporary staff for short-term roles, ranging from hospitality workers to drivers, providing a flexible labor solution.
As of October 2024, Ogram has raised $3.87 million across three funding rounds, with the largest round amounting to $3 million.
Why It’s a Startup to Watch: With the growing demand for flexible staffing solutions, Ogram is set to become a major player in the gig economy, providing businesses with the labor flexibility they need.
The Middle East’s startup ecosystem is thriving, with rising tech stars like Tabby, Prypco, SallaApp, Vezeeta, Nana Direct, Sarwa, Stake, Sary, SHIFT, and Ogram leading the charge. These startups are addressing critical needs across industries, from fintech and real estate to mobility and e-commerce. As 2024 progresses, these 10 startups are poised to continue their growth trajectories, making a significant impact on the region’s tech landscape.
