Founding MENA #6
Welcome to the Founding MENA newsletter - bringing you the top stories from across the region every week.
I hope you find the newsletter insightful, but I’m always open to feedback and suggestions. Let’s get into it!
💰 Investment Rounds
- 🇸🇦 SiFi raised $20M in Series A led by Ra’ed Ventures. See more here.
- 🇸🇦 Safqah Capital raised $15.2M in a seed round led by Shorooq. See more here.
- 🇦🇪 Smart Bricks raised $5M in pre-seed led by a16z Speedrun. See more here.
- 🇦🇪 omnispay raised $2M in pre-Series A led by Infinity Value Capital Group. See more here.
- 🇦🇪 QuicKart raised $1.5M in seed led by Orbit Ventures. See more here.
- 🇪🇬 Tactful AI raised $1M in pre-Series A co-led by Foras AI and M Empire. See more here.
- 🇸🇦 Routech Express raised $1M in pre-seed led by Qewam Fund. see more here.
- 🇦🇪 ThrowMeNot raised $550K in pre-seed led by Sheikh Ahmed bin Mana Al Maktoum. See more here.
📰 Startup News
A16Z enters the GCC with a bang!
When Andreessen Horowitz led a $5 million pre-seed round for Dubai-based Smart Bricks this week, it wasn’t just another funding announcement.
It was a watershed moment that signals MENA’s transition from an emerging tech market to a globally competitive innovation hub.
a16z has backed Facebook, Airbnb, Coinbase, GitHub, and Stripe. The firm manages $35 billion and has led investments in 32 unicorns since 2020, more than any other VC globally.
Smart Bricks is the first MENA-based startup to secure a16z Speedrun backing. The accelerator is hyper-selective, backing only 60 companies per cohort from thousands of global applications.
Mohamed Mohamed, founder of Smart Bricks, isn’t your typical Dubai founder. He’s ex-Blackstone, ex-Goldman Sachs, former VC at Atomico and Greycroft, and led AI strategy at BCG and McKinsey.
Smart Bricks is building autonomous AI systems that compress 3-6 month real estate investment processes into minutes, turning a trillion-dollar asset class into computable infrastructure.
But here’s what matters most: Smart Bricks chose to build from Dubai, not relocate to Silicon Valley. The company is proving that MENA-based startups can compete at the highest levels without geographic compromise.
While global VC funding collapsed 45% in 2024, MENA showed relative stability with only a 6% decline. More importantly, the number of active investors in MENA rose 20%, and international investor participation jumped 69%.
Three fundamental shifts made this possible:
- The UAE invested heavily in AI infrastructure with institutional commitment, targeting AI to contribute 14% of GDP by 2031.
- MENA now produces world-class founders with global operational experience, not just “me-too” transplants of Western business models.
- Sovereign wealth funds and family offices are actively co-investing alongside global VCs, creating unique scaling environments.
a16z isn’t alone. QED Investors and Breyer Capital co-led SiFi’s $20M Series A this week too.
For global VCs still on the sidelines, the question isn’t whether to deploy capital in MENA. It’s whether you’re already too late.
Read more here.
Ascentium acquires Clara Technologies
Ascentium acquired Clara Technologies this week to expand its Middle East footprint.
Founded in 2018, Clara is a regtech and corporate service provider operating in ADGM and DIFC, serving startups, SMEs, law firms, VCs, accelerators, and government-related entities with incorporation, governance, and compliance services.
Deal terms were undisclosed.
Ascentium is building a global business services platform and saw Clara as the market leader in a critical jurisdiction. ADGM and DIFC are the UAE's premier common law financial centres.
Clara holds regulatory standing, trusted client relationships, and tech-enabled operations that make it an ideal addition to Ascentium's global platform.
The UAE has positioned ADGM and DIFC as offshore financial centres competing with Singapore, Hong Kong, and London for international capital flows.
As Clara becomes part of a Singapore-headquartered platform, it signals that the region's regtech infrastructure is maturing and attracting cross-border consolidation.
For founders operating in ADGM/DIFC, this acquisition means their corporate service provider now has global reach, making compliance and governance more seamless as they scale.
Read more here.
🔦 Spotlight
Egypt is fighting to become a MENA startup factory
Egypt just launched its first unified framework to support startups, backed by a $1 billion financing initiative!
The "Egypt Startup Charter" was unveiled at the 13th RiseUp Summit, following over a year of consultations between 15 government entities and 250+ ecosystem stakeholders under the Ministerial Group for Entrepreneurship.
The government is targeting 5,000 startups and 500,000 new jobs by 2031. The $1B financing will be mobilised through government funding, guarantees, and co-investment with venture capital funds and private sector partners.
What's in the Charter:
- Egypt's first official startup definition (unlocking access to incentives and facilitation measures).
- Unified Startup Guide consolidating all government services, permits, and licenses in one place.
- Scale-up program to help late-stage startups attract large investments, pursue IPOs, and create new unicorns.
- Entrepreneurship Policy Observatory to monitor implementation and measure impact.
Egypt is Africa's 3rd most populous country (118M people) and 2nd largest economy ($380B GDP).
The market has already produced 2 unicorns, MNT-Halan and Fawry, both in fintech and serving Egypt's 70%+ underbanked population.
The ecosystem has 8,000+ startups, with standout companies like:
- MNT-Halan – raised $400M in 2023 (the largest MENA round that year)
- Fawry – processing 9M daily transactions
- Paymob – serving 350,000+ merchants
- Vezeeta – revolutionising healthcare access across MENA
This isn't just another government initiative. This is Egypt backing its startup ecosystem with capital, regulatory clarity, and a roadmap to scale.
Dr. Rania A. Al-Mashat (Minister of Planning & Chair of Ministerial Group for Entrepreneurship): "The Egypt Startup Charter is not merely a theoretical document, but rather a flexible, executable tool that evolves continuously."
Egypt is declaring it's playing the long game.
Read more here.
📰 Other News
Qatar doubles down on its startup ecosystem
Qatar’s Prime Minister H.E. Sheikh Mohammed bin Abdulrahman Al Thani announced the expansion (taking the total programme to $3B) alongside a new 10-year residency programme for entrepreneurs, founders, investors, and senior executives.
The original $1B Fund of Funds (launched February 2024) has already anchored 12 major VC firms in Doha, focusing on technology and healthcare sectors.
Since the launch of the programme:
- Startup registrations doubled year-over-year
- Applications exceeded 6,000
- Startup incentives increased 8x
Qatar is also providing dedicated computing credits for Qatar-based startups to accelerate growth, pairing capital with technical infrastructure.
For context: QIA manages nearly $580B in assets. In January, QIA committed $25B to Goldman Sachs-managed funds and co-investment opportunities, signalling Qatar’s strong push into global tech and venture capital.
The new 10-year entrepreneur residency programme follows similar moves across the GCC:
- Saudi Arabia offers lifetime residency for $1M+ property buyers
- Dubai has been offering golden visas for years
- Oman launched the Golden Residency in August 2025
Qatar is systematically building a venture capital ecosystem from scratch, not just writing checks, but anchoring major VC firms in Doha and creating residency pathways for founders and investors.
The $3B Fund of Funds gives Qatar leverage to influence where global capital flows in MENA tech.
For founders: Qatar is now a legitimate option if you’re raising institutional capital. With 12 anchored VC firms, dedicated computing infrastructure, and 10-year residency, the barrier to entry just dropped significantly.
Watch for deal flow announcements from Qatar-based VCs in 2026. The $2B expansion will start deploying soon.
Read more here.
MGX is reportedly planning to invest in Anthropic
Abu Dhabi's MGX is nearing a deal to invest hundreds of millions into Anthropic's $20B+ mega-round.
According to reports, MGX is in advanced discussions to join what started as a $10B funding round but has now more than doubled due to overwhelming investor demand.
The round could value Anthropic at $350B, nearly double its previous valuation just months ago.
Anthropic last raised $13B with the Qatar Investment Authority as a major backer. This new round has already secured $1B+ commitments each from Coatue Management, GIC, and ICONIQ.
MGX has systematically built one of the most aggressive AI investment portfolios globally in just two years:
- Stakes in OpenAI
- Stakes in xAI
- $40B data centre deal with BlackRock
Now potentially Anthropic.
This is strategic positioning across the entire AI value chain; foundational models (OpenAI, Anthropic, xAI) plus infrastructure (data centres).
MGX's potential participation signals the UAE isn't just watching the AI race; it's embedding itself at every level.
No final decisions yet and deal terms could still shift. But if this closes, it's another data point in the UAE's thesis: control the AI stack, control the future.
Read more here.
That’s all for this week, thanks! Sam
First published 16 Feb 2026 on Substack
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