GCC November 2025 VC Funding Flatlines Since 2024 as Deal Pipeline Thins Significantly

GCC startups raised US $4.05 billion year-to-date as of November 2025, essentially flat on 2024 (−0.3%), while the deal count slid to 321 (−31.8% YoY). Average ticket size reached a record US $12.6M (from $8.6M in 2024) as capital concentrated in fewer rounds. November itself was telling: only one mega-round (≥US $100M) landed (i.e. Erad, US$125M debt) and mid-sized checks were scarce, reinforcing a debt-tilted market that favors later-stage proofs over early bets.

The Top 5 November deals totalled about US $214M, with Erad alone contributing ~58%. On a YTD basis, the Top 5 2025 rounds account for ~43% of all capital deployed (US $1.72B of US $4.05B), and ~55% of that Top 5 value is debt—a financing mix that continues to pull the market toward structured capital rather than pure equity.

In November’s Top 5, Saudi Arabia captured roughly 64% of value (Erad and Mnzil), with the UAE taking the balance via three smaller rounds (CratD2C, Cube Protocol, Revibe). That distribution mirrors the YTD leaderboard, where KSA- and UAE-based rounds dominate the large-ticket end of the curve.

Since October, YTD value rose by roughly US $280M (US $3.77B → US $4.05B) across 33 additional deals (288 → 321). The incremental November cohort averaged ~US $8.5M per deal, below the YTD average (US $12.6M), which fits the month’s pattern: one big debt round plus a long tail of smaller checks, and very little in the middle.

Higher-for-longer rates keep equity expensive, exit windows remain narrow outside a handful of national champions, and sovereign-linked capital is plugging growth gaps with debt and quasi-debt. Liquidity isn’t scarce; risk tolerance is—so late-stage, strategically aligned plays are clearing, while seed and early Series A continue to stretch timelines and rely on bridges.

Let’s take a look at the GCC’s top 5 funding rounds in November 2025.

#1 - erad (KSA), FinTech, US $125 Million Debt Financing

Founded by Faris Yaghmour, Salem Abu-Hammour, and Youssef Said in 2022, erad is a Riyadh-headquartered alternative financing platform for SMEs which services customers across retail, F&B, e-commerce, healthcare, and beyond, including well-recognized businesses such as Citron, Wixsana, and House of Pops. The company’s Shariah-compliant platform utilizes proprietary data modelling for risk assessment, enabling it to review applicants and provide financing approval in just 48 hours, one of the fastest in the region, according to the company. Since launch, erad has provided over US $50 million in funding to regional SMEs, addressing the GCC's estimated US $250 billion SME credit gap.

In November 2025, erad raised US $125 million in debt financing led by Jefferies Financial Group, bringing its cumulative funds raised to over US $176 million. The transaction marks Jefferies' first GCC asset-backed financing transaction and will support the firm's plans to grow their presence in the Kingdom. The deal is aimed at accelerating erad's embedded finance solutions across the GCC as the company expands into multiple sectors and products, including embedded finance products, enabling suppliers and business platforms to offer integrated financing at the point of sale. The model is already live with several strategic partners, including suppliers of healthcare and F&B products in Saudi Arabia and the UAE.

#2 - CratD2C (UAE), Blockchain, US $30 Million Unknown Series Round

Founded by Dr. Arogundade Samsondeen in 2019, CratD2C is an innovative blockchain platform that merges Delegated Proof of Stake (DPoS) with a Layer-1 infrastructure to set a new benchmark for security, speed, and scalability. Its main focus is revolutionizing e-commerce by enabling direct, efficient connections between businesses and consumers. This is made possible through a transparent and cost-effective smart contract system built on its DPoS-based blockchain.

In November 2025, CratD2C completed US $30 million in venture financing from Nimbus Capital. The team will use this investment to strengthen CratD2C's global infrastructure, expand its diversified ecosystem, and accelerate the launch of flagship products in its network.

#3 - Cube Protocol (UAE), Artificial Intelligence, US $30 Million Series A

Backed by UAE government initiatives supporting advanced robotics and emerging technology, Cube Protocol is building the next generation of accountable autonomous systems. Cube has quickly distinguished itself by tackling one of robotics’ most persistent challenges: how to make AI‑driven robots both fast and verifiable in real‑world settings. Rather than requiring robots to post all sensory and decision data on a blockchain, Cube’s architecture enables robots to run heavy AI workloads off‑chain and then submit cryptographic proofs of compliant behavior to an on‑chain system for verification and auditability, creating a trust layer that balances speed, cost and transparency. This approach positions Cube at the forefront of enabling scalable, trustworthy autonomous fleets for use cases spanning logistics, manufacturing and service industries. 

In November 2025, Cube Protocol announced a US $30 million Series A round, underscoring strong investor confidence in its vision of verifiable robotic intelligence. The new capital will be directed toward expanding its engineering and research teams, accelerating the deployment of its blockchain‑powered trust layer, and advancing toward broader industry adoption through partnerships and testnet launches as Cube is preparing to scale beyond the Middle East into Europe, Asia, and Africa.

#4 - Revibe (UAE), E-commerce, US $17 Million Series A

Founded in 2022 by Abdessamad Benzakour and Hamza Iraqui, Revibe is a B2C Marketplace for refurbished electronics, with the promise to provide customers like-new devices for 30-70% cheaper than new. Every device sold on Revibe undergoes a 50-point inspection process, comes with a 1-year warranty, and is backed by a customer-first service model that has earned the company thousands of positive reviews. Revibe has experienced exceptional growth over the past year, expanding its reach across the GCC and South Africa. The company’s commitment to quality and sustainability has positioned it at the forefront of the circular-tech movement, making refurbished devices a mainstream choice for consumers.

In November2025, Revibe secured US $17 million in a new funding round led by Partech, bringing its cumulative fundraising to over US $26 million. The new funding will support enhancements to Revibe’s platform and device quality, while accelerating its international expansion across the Gulf and key emerging markets. With this latest round, Revibe plans to continue improving its platform, enhancing product quality, and accelerating its international expansion. The company’s long-term goal: to make renewed electronics the default way people buy devices - affordable, reliable, and sustainable.

#5 - Mnzil (KSA), PropTech, USD 11.7 Million Series A

Founded in 2024 by Abdulmajeed Al-Babtain and Abdulrahman Al-Shaya, Mnzil is a Saudi proptech for labour housing solutions that has rapidly expanded its footprint across more than 13 cities, delivering integrated housing solutions tailored to the needs of companies across multiple sectors. The company now serves over 100 corporate clients, including Smasco, EFSIM, Barq, and Sixt, through an operational network of 60+ fully equipped buildings that meet high standards of comfort and safety, redefining the worker-housing experience in the Saudi market.

In November 2025, Mnzil raised US $11.7 million (SAR 44 million) in a Series A round led by Founders Fund, marking the US fund’s first-ever investment in Saudi Arabia. Along with this deal, Mnzil announced the development of a 22,000-sqm site to build six new workforce-housing buildings, in partnership with local landowners as part of its strategy to expand and upgrade Saudi Arabia’s labor-accommodation infrastructure.