New Delhi, July 4 -- The Middle East and North Africa (MENA) region welcomed a new tech unicorn this week, as Saudi Arabia's quick-commerce platform Ninja hit a $1.5-billion valuation following a major funding round-fueling its IPO ambitions. While Ninja raised a nine-digit sum, Iraq's InstaBank (officially Al-Fawr Digital Bank) raised an eight-digit seed round.
Other key startups that raised capital included Saudi Arabia's digital firm Flawless, Egypt's agri-fintech startup AgriCash, and UAE-based real-world asset (RWA) tokenization platform Byzanlink.
Meanwhile, in a private equity deal, Jadwa Investment led a $50-million investment in Saudi digital fuel and fleet management platform PetroApp via its GCC Diversified PE Fund.
Ninja
Saudi Arabia's quick-commerce platform Ninja raised $250 million in a pre-IPO round by Riyad Capital, bringing its valuation to $1.5 billion, and officially making it the region's latest unicorn.
Founded in 2022 by Saud Al Qahtani and Canberk Donmez, Ninja delivers groceries and daily essentials across Saudi Arabia, Bahrain, Qatar, and Kuwait.
The startup plans to utilize the additional capital to expand operations and prepare for a public listing on the Saudi Exchange (Tadawul) by 2027.
The latest round comes over two years after Ninja raised pre-seed funding led by Bunat Ventures, alongside regional and US-based VC firms and Saudi family offices.
Flawless
Saudi Arabian digital startup Flawless, which offers AI-powered career guidance, raised $1.5 million in pre-seed funding from angel investors to expand operations.
Founded by Shaimaa Alghamdi, Flawless began as a blog in 2023 and evolved into a full-fledged startup in 2024. It combines generative AI and social psychology insights to deliver tailored career recommendations to individuals navigating professional transitions.
It aims to use the investment towards enhancing the platform's technology, improving user experience, and expanding the team..
InstaBank
Iraq's InstaBank (officially Al-Fawr Digital Bank), a next-generation digital bank, has raised $15 million in funding, backed by investors such as UAE-based venture capital fund EQIQ.
EQIQ has committed $3 million to InstaBank in the funding round.
Founded in 2025 by Iraqi-American banker Hussain Qaragholi, InstaBank offers AI-powered solutions and customer-first design, with a focus on financial inclusion and scalable services.
Qaragholi also founded Phoenix Finance Partners and spent over two decades at Merrill Lynch, Citigroup, and most recently at Deutsche Bank, where he served as managing director in London.
AgriCash
AgriCash, an Egypt-based agri-fintech startup, raised an undisclosed seed funding round, led by Alex Angels.
The round also saw participation from regional investors.
Founded by Diaa Youssef and Mostafa El-Sehli in 2024, AgriCash is a digital financing platform offering farmers AI-powered agronomic insights, crop insurance, buy now, pay later (BNPL) financing, and access to markets.
It aims to use the fresh capital to scale operations across Egypt, expand into regional markets, and enhance its AI-driven infrastructure.
AgriCash's BNPL model offers interest-free access to agri and livestock supplies for up to 12 months, with credit ceilings of EGP 3 million.
The startup targets EGP 500 million in business volume by 2025 and plans to introduce livestock financing in 2026.
Byzanlink
UAE-based real-world asset (RWA) tokenization platform Byzanlink secured $1 million in private funding, backed by investors such as Outlier Ventures, to accelerate product development. Other participants in the round included NTDP Saudi Arabia, Smart IT Frame, Sensei Capital, and some angel investors.
Founded in 2024 by Anbu Kannappan, Byzanlink builds infrastructure to tokenize traditional financial assets, offering institutional and retail investors broader access, enhanced transparency, and operational efficiency through blockchain rails.
It plans to utilize fresh capital to fuel product development, expand ecosystem integrations, and strengthen regulatory alignment.
Published by HT Digital Content Services with permission from VC Circle.