Pre-Seed

Seed

Others

Series A

Unknown Series Round

Debt Financing

Grant

Riyadh

Series F

Fares Bardeesi

Marvin Liao

Asher Siddiqui

Waleed A. Alballaa

If you're ready to take your business to the next level with Sukna Ventures, we want to hear your pitch.

Investment in Startup

Find detailed insights on Sukna Ventures: funding sectors, portfolio trends, and more. Explore Lucidity Insights.

Sukna Ventures

Fintech

Finance

Software Dev/Test

Education

Support & Management Services

Art-Media-Entertainment

Foodtech

Gaming & E-Sports

Technology

AI/IoT

Sukna Ventures is an early-stage venture capital fund located in Riyadh that specializes in supporting ventures with significant impact and focus on digital transformation initiatives.

Paradigm

Energy

Betterment

Classera

Abu Dhabi

OCTA

Digital Payments

Financial Services

Software

Enterprise Software

OCTA is an a modern platform designed to optimize the collection process through automation, enabling businesses to manage contracts, streamline invoice payments, access financing, and simplify debt recovery.

Cairo

Pre-Series A

MoneyHash

Payment

Payments

MoneyHash aims to streamline the development and management of payments, acting as a dedicated payment team by offering a versatile cloud platform so businesses worldwide can focus on their core operations.

Mozn

Business Intelligence

Analytics

Big Data

Machine Learning

Artificial Intelligence (AI)

Mozn is a Saudi technology company committed to advancing digital humanity through the harnessing of artificial intelligence to build enterprise AI-powered products – FOCAL, the end-to-end Risk and Compliance platform and OSOS, the leading Arabic Gen AI platform – along with tailored AI solutions designed to meet the unique needs of enterprises across various sectors.

InfiniLink

Artificial Intelligence

Data Center

Semiconductor Manufacturing

InfiniLink is a semiconductor startup building chips focused on high-speed connectivity. We are developing ultra-high-speed SerDes and Optical Transceiver chiplets using the latest Silicon and Si-Photonics technologies.

Loco

Dubai

SimpliFi

Mission to democratize payments by building the leading Cards as a Service (CaaS) platform for MENA and Pakistan.

Dawul

Social Network

Dawul is a platform that allows investors to share details of the financial status of their portfolios with other investors.

Earn Alliance

Blockchain

Gaming

Web3

FlexxPay

Information Technology

Digital & ICT

Information Systems

FlexxPay is an online platform for employers who can access their earned salaries & commissions instantly, before the regular payday.

WideBot AI

Chatbot

Generative AI

WideBot with its AI-generative model, ‘AQL’ Large Language Model (LLM), is here to empower governments and enterprises with AI-powered solutions to optimize operations, enhance customer experience, and drive innovation across the MENA region.

Flend

Financing Platform

Small and Medium Businesses

Loan

Flend is Egypt’s first tech enabled, data driven financing solutions platform dedicated to SMEs.

Boston, Massachusetts

Proteinea

Biotechnology

Proteinea is a TechBio employing proprietary AI models and computational tools to engineer next-gen antibodies with improved efficacy, safety and convenience.

Subsbase

Apps

SaaS

Consulting

Subsbase is a MENA-based SaaS platform that helps businesses of all sizes manage subscriptions and recurring revenue with automated billing, localized payment integrations, and flexible plans.

Insured Nomads

Anari AI

Marn.io

Staffing Agency

Recruiting

Marn is an hourly work solutions platform connecting Saudi businesses with thousands of Saudi job seekers in Retail, hospitality, F&B, and Hajj industries.

Qwasar Silicon valley

Docket

AKA Virtual

Marn

Provides easy-to-use cloud POS solutions to clients who manage SMEs to get you all they want, to manage their store, and more.

DigiPlay Gaming

RoyalePlay Games

Tradespace

43 Angels

Funding

Better Tomorrow Ventures

Competera

E-Commerce

Bounty (TryBadge)

Marketing

Conterra

Cybersecurity

Security

Developer APIs

FanVestor

Lumikai

Marque Ventures

Defense & Security

Pollen VC

Streamline (GMDH Inc.)

SuperCharger Ventures

ThriveCoin

Crypto

Communities

Treasury

Vectr

Product Design

Wolf3D

Augmented Reality

Virtual Reality

Elevatix

Elevatix is an ML-powered revenue-growing solution for monetizing mobile games. The platform delivers smart segmentation and personalized IAPs tailored to each player.

Revly

Developer Tools

Revly is an online platform integrating advertisements and data insights on delivery apps.

Riyad-based social trading platform Dawul announced on Tuesday that it has raised $5 million in a seed round led by RAED Ventures with participation from Impact46, Seedra Ventures, Derayah Venture and Sukna Ventures.

Dawul platform is the leading platform specialized in social trading. Established in 2020, it acquired a permit from the Saudi Capital Market Authority to conduct financial technology experiments by the end of the same year, and  was officially launched in July 2021. Dawul is built to help beginner investors keep looking for automated ways to execute trades or, what’s even better, follow professional traders and their portfolios and investment strategies. This way, they can obtain details of the traders’ operations directly and in real time.

Dawul also introduced the “investment funds” product, which allows users to view the data of investment funds in the Saudi market, and to see all updates and analysis related to their own preferred funds. All this is through alerts and notifications that are sent periodically to help beginners in making decisions regarding the buying and selling of stocks, and the building of their investment portfolios in a transparent and safe manner.

Dawul plans to take advantage of this investment round by expanding its offers of social trading-related products, as well as expanding its network in the Middle East and North Africa. The platform aims to target the American and British market with its services,  while focusing its efforts on recruiting talent in the fintech industry.

“We are excited to move forward with this fund and we expect to be the first choice for traders in the region based on our value, upgrading the investor experience, and improving transparency in the financial sector,” said Mr. Mansour Al-Harbi, Founder and CEO of Dawul, in response to this funding round.

Co-founder of RAED Ventures Mr. Talal Alasmari commented on this funding round: “There are enormous opportunities behind the concept of social trading which have not yet been applied in the region. We are pleased to be investing in Dawul platform which is the first to introduce this concept to the Saudi market through a safe and transparent platform, and with the support of the Capital Market Authority to raise awareness among investors. We believe in the ability of the Dawul team to expand and serve  the whole MENA region.”

“The initiatives from public and private sectors on the importance of investment, along with the people’s awareness of the value of investments, there is a gap of knowledge in the investment field and its risk. Dawul’s fills the gap by empowering experts in the investment field to share their experience. We bet on the vast experience of Mansour Al-Harbi driving the social trading platform Dawul forward” Mohammed Alnasyan from Impact46 commented on the investment.

Saudi’s Social Trading Platform Dawul raises $5 Million in seed round with participation from Impact46

OCTA, a fintech startup focused on revolutionising accounts receivable management for small and medium-sized enterprises (SMEs), today announced the close of its $2.25 million pre-seed round.

UAE’s OCTA raises $2.25 million pre-Seed

OCTA, a UAE-based fintech platform streamlining financial operations for SMEs, has announced the closing of a $20 million credit facility from the Sukna Fund for Direct Financing (SFDF).

Sukna Fund provides $20 million credit facility to OCTA

THUWAL: Business development funding to the tune of $1.1 million has been dished out to 11 innovative startups as part of a Saudi-led enterprise program. Following founder presentations, the global judging panel, including investors from Sukna Ventures, Falak Investment Hub, and HALA Ventures, selected 10 startups to each receive $100,000.

Saudi uni, bank select 11 startups for $1.1m in funding

Following founder presentations, the global judging panel including investors from Sukna Ventures, Falak Investment Hub, and HALA Ventures, selected 10 startups to receive $100,000 in funding each. Chosen startups are: Lablabee, Widebot, Osool, Cubex, etc

KAUST awards $1.1 million in funding to 11 startups

Investments FlexxPay raises $3 million in equity and debt to help employees access their earned salaries before payday By Zubair Naeem Paracha Posted on February 14, 2021 - Like & Follow Us Follow @MENAbytes Share Tweet Share WhatsApp Email 0 Shares Dubai-headquartered fintech FlexxPay has raised $3 million in a pre-Series A round comprised of equity debt, it announced today. The investors include JIMCO (Jameel Investment Management Company), European VC Target Global, Wamda, DIFC FinTech Fund, March Holding, Arzan VC, Saudi’s Sukna Ventures, Nuwa Capital, and VentureSouq. A part of this round was announced in December 2019. It looks like they’ve now closed the Pre-Series A, taking their total funding to date to $4.5 million. Its seed round of $1.5 million was closed in July 2019. The latest funds will be used to further enhance its platform and grow its client base. FlexxPay had started in 2018 by offering its services to employers in the United Arab Emirates but later also expanded to Saudi and now plans to launch its platform in Bahrain as well. It partners with corporates to enable their employees to access a portion of their already earned salaries, commissions, pensions, and end of service benefits, through its online platform. “Companies benefit largely from increased employee motivation and productivity while they see a significant decrease of reported sick leaves due to reduced financial stress on employees. HR departments’ workload is reduced by around 20% by eliminating time spent processing salary advance requests,” noted its statement. It doesn’t charge any interest and claims that its solutions are Shari’a compliant. The startup makes money by charging the employees a small transaction fee to use the service. The corporates don’t pay anything for using it and the advances are paid by FlexxPay so there’s no impact on the cash flow of employers. The statement by FlexxPay did not share any numbers but said that its services are used by clients from different industries including telecom, retail, logistics, financial services, and real estate. Michael Truschler, co-founder and CEO of FlexxPay said, “The continued support of our existing investors and the addition of new investors is invaluable to FlexxPay’s growth and evolution. We are solving a real-world problem for employers and their employees. Financial stress directly impacts the bottom line of a company’s P&L and is one of the main factors for employees being less productive and reporting sick. Giving people access to what they have already earned is just the right thing to do. They’ve earned it, they deserve it.” Khaled Talhouni, Managing Partner at Nuwa Capital said, “We invested in FlexxPay to back an exceptional team with a strong background of building a business in the past and has developed a very scalable solution that benefits both, the companies and the employees.” The similar platforms operating in the United States and Europe have raised hundreds of millions of dollars in VC so it is a somewhat validated model. NowPay, Khazna, and Finja also offer similar services to corporates and their employees in Egypt and Pakistan. Author Recent Posts Zubair Naeem Paracha Founder at MENAbytes A tech and startup enthusiast based in Lahore, Pakistan. Zubair apart from leading MENAbytes is also building Qraar, a career discovery and development platform for millennials in MENA. He can be reached on Linkedin, Twitter or zubair [at] menabytes [dot] com. Latest posts by Zubair Naeem Paracha (see all) E&’s big bold bet on tech - May 2, 2023 Ameer Sherif appoints a new CEO for Wuzzuf and Forasna, moves on to focus on VC, public policy - September 29, 2021 Marham raises $1 million seed to grow into a healthcare superapp for Pakistan - August 3, 2021 Post Views: 19,610 Related Items:Bahrain, Saudi Arabia, United Arab Emirates Recommended for you Saudi B2B ecommerce platform Sary merges with Bagladesh’s ShopUp to form Silq, raises $110 million Saudi quick commerce startup Ninja, by HungerStation’s founder, in talks to raise at $1B+ valuation: report Saudi gaming studio Lobah raises $12 million

FlexxPay raises $3 million in equity and debt to help employees access their earned salaries before payday

INVESTMENT NEWS Saudi-Based Fintech Tabby Raises $160 Million Series E Feb 12, 2025 INVESTMENT NEWS Saudi Edtech ULA Raises $28 Million Series B to Advance AI Education Feb 12, 2025 MENA ECOSYSTEMS Suhail Ventures Launches $50 Million Investment Fund for Startups Feb 11, 2025 MENA ECOSYSTEMS Palm Ventures Launches $30 Million Fund for Startups in AI Sectors Feb 19, 2025 INVESTMENT NEWS UAE-Based Blum Raises $5M to Expand Telegram-Based Crypto Trading Feb 17, 2025 INVESTMENT NEWS Egyptian Startup Qme Raises $3M for AI-Powered Customer Solutions Feb 17, 2025 MENA ECOSYSTEMS Orange Corners to Assist Startups in Seven Egyptian Governorates Feb 14, 2025 INVESTMENT NEWS RasMal Raises $4.8 Million at LEAP 2025 to Expand Fintech Solutions Feb 13, 2025 MENA ECOSYSTEMS Elon Musk’s Tesla is Bringing the Las Vegas Loop to Dubai Feb 13, 2025 INVESTMENT NEWS UAE-Based Merit Incentives Raises $28M Series B For Global Expansion Feb 12, 2025 INVESTMENT NEWS Saudi-Based Fintech Tabby Raises $160 Million Series E Feb 12, 2025 INVESTMENT NEWS Saudi Edtech ULA Raises $28 Million Series B to Advance AI Education Feb 12, 2025 MENA ECOSYSTEMS Suhail Ventures Launches $50 Million Investment Fund for Startups Feb 11, 2025 MENA ECOSYSTEMS Palm Ventures Launches $30 Million Fund for Startups in AI Sectors Feb 19, 2025 INVESTMENT NEWS UAE-Based Blum Raises $5M to Expand Telegram-Based Crypto Trading Feb 17, 2025 INVESTMENT NEWS Egyptian Startup Qme Raises $3M for AI-Powered Customer Solutions Feb 17, 2025 INVESTMENT NEWS Copied Fintech Startup Flexxpay Raises $3 Million to Expand its Financial Wellness Services Across MENA Led by JIMCO and Target Global with participation from seven other investors, the financial wellness platform will use its Pre-Series A round to grow its corporate client base across MENA. Staff Writer Feb 14, 2021 Already boasting regional reach from operations out of KSA and UAE, fintech trailblazer, Flexxpay, is looking to grow its corporate client base across MENA and expands its tech platform, after raising $3 million is Pre-Series A funding. Arriving as a mixture of equity and venture debt, the round was led by JIMCO and Target Global, with participation from a whole host of investors, including Wamda, DIFC FinTech Fund, March Holding, Arzan VC, Sukna Ventures, Nuwa Capital and VentureSouq. Launched in 2018 by Michael Trüschle and Charbel Nasr, the ‘financial wellness platform’ aims to provide an alternative to the traditional corporate payment cycle, allowing employers to offer their employees salaries and commissions in advance. This sense of flexibility and the ease of doing it all through an app is made all the more unique by the fact that it charges small transaction feeds, rather than interest. News of expansion for Flexxpay should come as no surprise. The Dubai-based startup signalled its intent in January, 2021, when it announced the launch of a new telesales and innovation centre in Lebanon. Seen as an important move for strategic growth, the centre adds to on-ground sales forces in UAE, KSA and Bahrain. Like only the most impactful innovators in the fintech sectors, the co-founding duo look beyond the tech and see Flexxpay as tackling a much more intangible issue. “We are solving a real-world problem for employers and their employees,” said Trüschle, who also serves as the CEO of Flexxpay. “Financial stress directly impacts the bottom line of a company’s P&L and is one of the main factors for employees being less productive and reporting sick. Giving people access to what they have already earned is just the right thing to do. They’ve earned it, they deserve it.” This mindset has put Trüschler and Nasr in good stead, with Flexxpay's eclectic roster of clientele covering a range of sectors, including insurance, telecoms, retail, logistics, financial services and real estate. With the likes of PayActiv and Dailypay gaining more and more traction in the US with similar models and services, and the likes of Wagestream and Hastee doing likewise in the UK, there’s no reason Flexxpay can’t eventually look beyond the borders of the MENA region for its next move. Learn more about Flexxpay here. Previous Article Egypt’s ITIDA Teams Up with Visa to Launch New Fintech Mentorship Programme Next Article Startup Investment Forum Invites Startups from Across the World to Explore Opportunities in KSA Related Articles MENA ECOSYSTEMS Dec 20, 2024 Egyptian Fintech Unicorn MNT-Halan Expands to the UAE The UAE’s market potential is underscored by its 3.7 million underbanked expatriates, with monthly income of over Dhs10 billion. INVESTMENT NEWS Jun 25, 2024 Egypt-Based Fintech Connect Money Secures $8 Million in Seed St The investment will support the company's efforts to expand its platform, with a focus on North Africa. Trending This Month LE 60 Million Agreement Signed to Support 1,700 Micro-Enterprises Jan 22, 2025 Fincart Closes Pre-Seed Round to Transform E-Commerce Logistics Jan 28, 2025 Paymob and Woo Partner to Expand Digital Payments for MENA Merchants Jan 30, 2025 UAE-Based Fintech Startup Pluto Secures $4.1Million Pre-Series Jan 26, 2025 Join Startup Scene communities on social media Instagram Facebook Youtube Twitter

Fintech Startup Flexxpay Raises $3 Million to Expand its Financial Wellness Services Across MENA

Wamda participates in FlexxPay’s $3 million pre-Series A round Wamda • 14 February, 2021 Arabic Wamda, the Middle East region's leading startup ecosystem enabler, has invested in Dubai-based Shari’a compliant employee benefit platform FlexxPay’s $3 million pre-series A round. The round saw participation from JIMCO, Target Global, DIFC FinTech Fund, March Holding, Arzan VC, SuknaVentures, Nuwa Capital and VentureSouq. Founded in 2018, FlexxPay enables employees to access already-earned income such as salaries, commissions, pensions and end of service benefits via its platform, reducing the time and effort spent on regular human resources (HR) processes. It also allows users to set up a savings plan. According to its release, HR departments’ workload is reduced by around 20 per cent by eliminating time spent processing salary advance requests. The startup is currently operational in the UAE and KSA, with plans to launch in Bahrain next month and expand to the rest of the Middle East and North Africa (Mena) region in the near future. “The continued support of our existing investors and the addition of new investors is invaluable to FlexxPay’s growth and evolution. We are solving a real-world problem for employers and their employees. Financial stress directly impacts the bottom line of a company’s P&L and is one of the main factors for employees being less productive and reporting sick. Giving people access to what they have already earned is just the right thing to do. They’ve earned it, they deserve it,” said Michael Truschler, co-founder and CEO of FlexxPay. FlexxPay will use the funds to invest in technology as well as grow its corporate client base in the region. FlexxPay extends its services to clients from diverse sectors such as insurance, telecoms, retail, logistics, financial services and real estate. The startup also has a growing presence in the US and Europe, servicing clients such as UAE-based Earnin, PayActiv and Dailypay and UK-based Wagestream and Hastee. The startup has so far raised $4.5 million in total. Author: Wamda FlexxPay Employee benifit programmes HRtech wamda pre-Series A

Wamda participates in FlexxPay’s $3 million pre-Series A round

Subsbase, a platform for subscription and recurring revenue management, received investment in 2023. The funding round details such as the amount and specific investors were not disclosed.

Sᵛ - Sukna Ventures | Subsbase

Marn, a Riyadh-based HRTech startup, raised $1 million in post-seed funding led by Sukna Ventures, with participation from Almajdia Investment and several angel investors. The funding will be used to expand Marn's team and customer base, and to create more job opportunities. Marn aims to integrate recruitment and employee management solutions with fintech, insurance, and professional training to become a comprehensive platform for businesses and employees.

Marn Closes $1 Million in Post-Seed Round   | The SaaS News

Marn.io, a Saudi flexible work platform founded by Mohammad AlSabeeh and Albaraa AlGhefaili, has raised Seed funding to enhance its AI-driven recruitment solutions. The platform aims to integrate recruitment with fintech, insurance, and training solutions, serving over 300 companies and creating 50,000 job opportunities. Investors include Sukna Ventures, with plans to expand flexible work in Saudi Arabia, targeting 1.5 million flexible workers by 2030.

Marn raises $1 million post-Seed round

Marn, a Saudi Arabia-based start-up operating in the labour market, has closed a funding deal with a group of home grown venture capitals and investors, its chief executive said.

The investment is to be used for upgrading the start-up’s technology platform, hiring employees and boosting marketing activities.

Saudi labour market start-up Marn closes first funding deal

Sukna Ventures

Funding Deals, by Startup Growth Stage

Funding Deals, by Region

No. of Portfolio Companies

Total No. of Investments Globally, by Year

We Invest in Startups in the Following Stages

Statistics

Sectors we invest in

Top 13 sectors we invest in

Portfolio Companies
or Investments

Executive Team Members

About

Legal

Social Media

Sukna Ventures

Funding Deals, by Startup Growth Stage

Funding Deals, by Region

No. of Portfolio Companies

Total No. of Investments Globally, by Year

We Invest in Startups in the Following Stages

Statistics

Sectors we invest in

Top 13 sectors we invest in

Portfolio Companies or Investments

Executive Team Members

About

Legal

Social Media

Portfolio Companies
or Investments