New Delhi, Nov. 28 -- Saudi Arabian proptech Mnzil and the UAE-based startups Revibe and Mastiska led fundraising activity in the Middle East and North Africa (MENA) region this week.

Other startups that raised funding include Saudi deeptech platform Strataphy, Egyptian HR-tech firm bluworks and Saudi regulatory-tech platform STAMP. Besides, Saudi fintech Erad secured funding in a scalable credit facility deal.

Meanwhile, Saudi Venture Capital (SVC) committed $267 million (SAR 1 billion) to joint investments across 17 venture capital, private equity, and private debt funds managed by 11 US fund managers.

Mnzil

Saudi Arabia-based proptech Mnzil secured $11.7 million in a Series A funding round led by the US-based Founders Fund to scale its operational footprint.

While it was Founders Fund's first ever investment in Saudi Arabia, the round also saw participation from COTU Ventures.

Founded in 2024 by Abdulmajeed Al-Babtain and Abdulrahman Al-Shaya, Mnzil offers end-to-end worker-housing solutions.

It aims to use the fresh investment towards the development of a 22,000-sqm site slated for six new worker-housing buildings, in partnership with local landowners to strengthen Saudi Arabia's labour-accommodation infrastructure.

Mastiska

The UAE-based fabless semiconductor startup Mastiska raised $10 million in a seed round backed mainly by GCC sovereign wealth funds to build sovereign AI chips and data-center-class inference accelerators.

Founded in 2024 by Suresh Sugumar, Mastiska develops sovereign AI hardware with model-creation teams in Abu Dhabi and VLSI (Very Large Scale Integration) engineering in India, offering customers full audit access for cybersecurity assurance.

With the new funding, the company plans to build UAE-based sovereign silicon using open-source technologies, launch commercial FPGA cards, and target sovereign customers across the GCC, South Asia, BRICS, and the Global South.

Revibe

Revibe, a UAE-based refurbished electronics marketplace, raised $17 million in a new funding round led by Partech for business expansion. The round also saw participation from e& Capital, Burda Principal Investments, and EQNX, besides existing investors.

Founded in July 2022 by Abdessamad Benzakour and Hamza Iraqui, Revibe offers a business-to-consumer platform for refurbished electronics that are 30-70% cheaper than the brand-new ones. It operates across four countries, including Saudi Arabia, UAE, Kuwait, and South Africa.

It aims to utilize the additional capital towards expanding its product portfolio, improving customer care, enhancing quality control processes with its suppliers, and towards international expansion.

Last year, Revibe had raised $7 million in a Series A round co-led by ISAI and Resonance and featuring Kima Ventures and Edouard Mendy. In 2023, Revibe had raised $2.3 million in a funding round led by Paris-based Resonance and Flat6Labs.

Strataphy

Saudi Arabia-based deeptech startup Strataphy raised $6 million in a seed round led by Outliers VC and Shorooq to expand its engineering and operations teams. The round also saw participation from PlusVC.

Founded in 2025 by Ammar Alali and Ahmed Alhani, Strataphy develops and operates proprietary geothermal cooling systems that reduce energy consumption and costs for data centres, gigaprojects, and cities.

The company plans to use the funding to expand engineering and operations teams and advance deployment across the Kingdom and the UAE.

bluworks

Egyptian HR-tech startup bluworks raised $1 million in seed funding led by A15 and Enza Capital to accelerate its regional expansion plans. Other investors that participated in the round include Beltone Venture Capital, and Acasia Ventures, besides angel investors.

Founded in 2022 by Hussein Wahdan and Farah Osman, bluworks offers workforce management tools for blue-collar employees, covering scheduling, attendance, payroll, real-time salary disbursement, and compliance tailored to Egyptian regulations.

The additional capital will be used to support deeper penetration in Egypt's SME market, and regional expansion across MENA.

The latest round comes a year after bluworks closed a $1 million pre-seed investment round, led by Khawarizmi Ventures and joined by Camel Ventures, Acasia Ventures, and other angel investors.

STAMP

Saudi Arabia-based regulatory technology company STAMP secured $2 million in pre-seed funding from undisclosed investors to scale the business.

Founded in 2021 by Muyasser Albar and Mohammed Zarei, STAMP specializes in regulatory licensing, registrations, incorporation, and post-incorporation services for Saudi authorities, integrating these processes into a unified interface.

With the new funding, STAMP aims to advance its artificial intelligence capabilities and continue building a comprehensive regtech solution.

Erad

Saudi Arabia-based fintech firm Erad secured $125 million in a scalable facility led by Jefferies, with co-investment from Channel Capital.

In September, Erad had secured $33 million in debt financing, led by India's Stride Ventures, to scale its platform.

Founded in 2022 by Salem Abu-Hammour, Faris Yaghmour, Abdulmalik Almeheini, and Youssef Said, Erad provides Shariah-compliant, data-driven financing to SMEs in Saudi Arabia and the UAE.

Erad is now expanding into manufacturing, logistics, distribution, and real estate services with ticket sizes up to SAR 10 million. The new capital will be deployed towards expanding erad's operations in Saudi Arabia and the UAE, and scaling its Shariah-compliant platform.

Last April, Erad raised a $16 million Series A funding round, backed by Y Combinator, Nuwa Capital, and other investors.

Published by HT Digital Content Services with permission from VC Circle.