The Top 10 Most Funded Startups in the UAE in 2023
The UAE is increasingly establishing itself as a vibrant hub for innovative technology companies, drawing substantial venture capital investment across diverse sectors. In 2023, the top-funded companies highlight the region's dynamic and multifaceted tech ecosystem, encompassing fintech, social media, augmented reality, and virtual reality gaming. This strategic focus on fostering a favorable business environment and strong governmental support for digital transformation is significantly bolstering the UAE's position as a key player in the global tech landscape.
Infobyte: The Top 10 Most Funded Startups in the UAE (2023)
1. Alpheya
Established: 2023 in Abu Dhabi, UAE
Sector: FinTech
Funding: US $300 million
HQ: Abu Dhabi, UAE
Alpheya offers a complete line of cloud-native, AI-powered wealthtech solutions with a platform that provides client relationship management, financial planning, portfolio construction, trading, and digital portals. Alpheya boasts a unique data model that offers comprehensive, real-time business insights as well as a collection of financial products, models, and research accessible through its platform. Alpheya garnered 1 million users within the first five days of its release and is expected to see an annual growth rate of 37.3% by 2030. Its venture round in 2023 garnered US $300 million from BNY Mellon and Lunate to initiate the servicing of its clients starting in 2024.
2. Telegram Messenger
Established: 2013 in Dubai, UAE
Sector: Messaging, Social Media
Funding: US $210 million
HQ: Dubai, UAE
Telegram Messenger is a cloud-based, cross-platform, encrypted instant messaging (IM) service. Available on Android, iOS, Windows, macOS, Linux, and web browsers through registration on a smart phone, Telegram allows users to exchange messages, share media and files, and hold private and group voice or video calls, as well as public livestreams. In January 2021, Telegram was the most downloaded app in the world, and as of March 2024, the platform has more than 900 million monthly active users worldwide, making it the most popular instant messaging application in parts of Europe, Asia, and Africa. In 2023, Telegram raised US $210 million in debt financing through bond sales from several investors including its founder and chief executive Pavel Durov, bringing its total funds raised to US $3.2 billion. Telegram has been unprofitable to date, so the new funds are intended to bring it closer to the "break-even" point, as Durov claims the app is "closer to profitability in absolute numbers" than competitors like Twitter and Snap.
3. HyperSpace
Established: 2020 in Dubai, UAE
Sector: Developer Platform, Media and Entertainment
Funding: US $55 million
HQ: Dubai, UAE
Founded by Alexander Heller, Desi Gonzales, and Rama Allen, HyperSpace is a permanent ticketed experiential attraction developer aiming to create innovative attractions that blend the digital and physical worlds in the GCC. HyperSpace develops and operates immersive experiences, bridging the gap between digital and physical entertainment. Their latest attraction is a digital theme park called House of Hype covering 60,000 square feet in Riyadh to combine content creation, gaming, music production, and immersive theater. HyperSpace secured US $55 million in series A financing led by Galaxy Interactive in 2023, bringing its total funds to US $66 million, of which the new financing will be used to boost existing offerings while also expanding its global footprint with plans to open a third site in the US.
4. Cadena
Established: 2017 in Dubai, UAE
Sector: Internet, IT
Funding: US $43 million
HQ: Dubai, UAE
Founded by Sid Dhamija and Yusuf Al Hasan, Cadena is a global leader in international business development, providing robust tools and services to streamline the process of overseas revenue growth with a hybrid solution that combines local sales expertise, AI-driven prospecting tools, and CadenaPay invoice factoring, a unique solution focused on getting service providers paid on time. In 2023, Cadena raised US $43 million in its series A funding round led by ADCN for a total funding of US $75.3 million. It also received the “Best Service Provider 2023” award during CSSCOPE 2023 in Hangzhou, China, for supporting overseas growth for Chinese companies.
5. Xpanceo
Established: 2021 in Dubai, UAE
Sector: Augmented Reality, IT
Funding: US $40 million
HQ: Dubai, UAE
Founded by Roman Axelrod and Valentyn Volkov, Xpanceo is a deep tech startup that aims to revolutionize computing through an innovative and intuitive product: smart contact lenses. These lenses seamlessly merge biotechnology and electronics, creating an invisible, weightless interface that offers night vision, health monitoring, and augmented reality content viewing among other advanced features. In 2023, Xpanceo closed its seed round at US $40 million from Opportunity Ventures in Hong Kong, with which the company aims to merge all their gadgets into one, providing users with an infinite screen!
6. Sabre56
Established: 2021 in Dubai, UAE
Sector: Asset Management
Funding: US $35 million
HQ: Dubai, UAE
Founded by current CEO, Phil Harvey, Sabre56 is a digital asset company that specializes in designing blockchain data centers. They consult miners on crypto development and operations, offering services from feasible concept to detailed design. Sabre56 designs and operates advanced blockchain data centers, providing services related to project feasibility, design management, cost consulting, and operations management for blockchain data centers with a focus is on enabling crypto miners to run their mining rigs without having to build the infrastructure themselves. In 2023, Sabre56 raised US $35 million to build its own hosting sites and blockchain data centers in Wyoming, Ohio, and Texas.
7. Tarabut
Established: 2018 in Dubai, UAE
Sector: Banking, FinTech
Funding: US $32 million
HQ: Dubai, UAE
Founded by current CEO Abdulla Almoayed, Tarabut Gateway is a regulated open banking platform that connects a regional network of banks and fintechs via an API to facilitate and distribute personalized financial services. Tarabut Gateway provides real-time access to financial account information, payment initiation and execution, open banking compliance, and consulting services. Recognized as the Open Banking Platform of the Year (2022 and 2023) and among the Top 30 Fintechs in MENA (2022 and 2023) by Forbes, Tarabut has also received the Leaders in Fintech Award by Entrepreneur as well as Arabian Business Achievement Award. In 2023, Tarabut completed a US $32 million Series A funding round led by local investor Pinnacle Capital bringing its total funds raised to US $57 million. The funds were dedicated to expanding its footprint in the Saudi market, focusing on attracting top talent and fostering strategic partnerships within the Gulf state.
8. Zeebu
Established: 2021 in Dubai, UAE
Sector: Blockchain, Enterprise
Funding: US $25 million
HQ: Dubai, UAE
Founded by current CEO Raj Brahmbhatt, Zeebu is the world’s first on-chain invoice settlement platform, specifically designed for the Telecom Carrier industry. Powered by the ZBU Loyalty token, the platform incentivizes and rewards telecom carriers for successful invoice settlements. By utilizing cutting-edge blockchain technology and smart contracts, Zeebu automates settlement processes, offers a unified payment experience, and enables on-chain asset settlements. In 2023, Zeebu raised US $25 million in a presale funding round with participation from investors including Bankai Ventures, and its token listed on the Gate.io exchange.
9. qlub
Established: 2021 in Dubai, UAE
Sector: FinTech
Funding: US $25 million
HQ: Dubai, UAE
qlub develops a fast and secure payment solution for consumers in restaurants through a platform that allows restaurant, pub, and cafe owners to present menus and accept payments seamlessly. It’s all about keeping staff and guests happy with efficient transactions including scanning a QR code, paying through Apple Pay, Google Pay, or any debit/credit card, and even a custom-designed card that customers can tap with their phone to pay their bill. Today, qlub serves over 2,000 restaurants across six countries, including the UAE, KSA, and Singapore. In 2023, qlub closed its second Seed round of US $25 million led by Cherry Ventures and Point Nine, bringing its total funds raised to US $42 million. The company plans to use the funds to fuel growth as well as develop and launch new services for restaurants and customers.
10. Nümi
Established: 2021 in Abu Dhabi, UAE
Sector: Gaming, Virtual Reality
Funding: US $20 million
HQ: Abu Dhabi, UAE
Founded by current CEO Viktor Tumasov, Nümi is an online entertainment ecosystem that caters to influencers, creators, and gamers with a mission is to redefine possibilities within the digital universe built by communities. Nümi’s platform focuses on user-generated content (UGC), gaming, streaming, and more in a space where influencers and creators can collaborate, and gamers can engage with immersive experiences. In 2023, Nümi raised a Seed round of US $20 million led by Venom Ventures. The Venom Ventures Fund is focused on investing in blockchain projects and Web3 DApps with Nümi receiving the initial investment set debut their VR headsets, PCs, and mobile devices by the end of 2024.
