Iraq's InstaBank, along with Saudi firm Ninja, and Egypt's AgriCash secure financing
The Middle East and North Africa (MENA) region's tech startup ecosystem is experiencing a surge in growth and investment, with several notable companies raising significant funds in recent times. Although detailed funding information for Ninja, InstaBank, Flawless, AgriCash, and Byzanlink was not readily available in the latest sources, the MENA startup environment remains a vibrant and thriving space.
One of the standout startups is Ninja, a quick-commerce platform based in Saudi Arabia. The company recently secured a substantial $250 million in a pre-IPO round, bringing its valuation to $1.5 billion. Founded in 2022 by Saud Al Qahtani and Canberk Donmez, Ninja delivers groceries and daily essentials across Saudi Arabia, Bahrain, Qatar, and Kuwait.
Another notable entrant is InstaBank, a next-generation digital bank based in Iraq. The bank raised $15 million in funding, including a $3 million commitment from UAE-based venture capital fund EQIQ. InstaBank plans to utilize the additional capital to expand operations and prepare for a public listing on the Saudi Exchange (Tadawul) by 2027.
Flawless, a Saudi Arabian digital startup, raised $1.5 million in pre-seed funding for its AI-powered career guidance platform. The startup combines generative AI and social psychology insights to deliver tailored career recommendations to individuals navigating professional transitions.
AgriCash, an Egypt-based agri-fintech startup, recently closed an undisclosed seed funding round. Founded by Diaa Youssef and Mostafa El-Sehli in 2024, AgriCash offers farmers AI-powered agronomic insights, crop insurance, buy now, pay later (BNPL) financing, and access to markets. Its innovative Business-to-Business-to-Consumer (B2B2C) model offers interest-free access to agri and livestock supplies for up to 12 months, with credit ceilings of EGP 3 million.
Byzanlink, a UAE-based real-world asset (RWA) tokenization platform, secured $1 million in private funding. Founded by Anbu Kannappan in 2024, Byzanlink builds infrastructure to tokenize traditional financial assets, offering institutional and retail investors broader access, enhanced transparency, and operational efficiency through blockchain rails. The company plans to utilize fresh capital to fuel product development, expand ecosystem integrations, and strengthen regulatory alignment.
The MENA tech startup ecosystem is experiencing strong funding momentum across the region. In the first half of 2025, Egyptian startups alone attracted $228 million in venture capital and debt financing, reflecting a 130% increase year over year. The broader MENA region has seen growth in tech funding rounds, especially in the technology sector, with total regional deals hitting $289 million across 44 deals in May 2025.
Edtech startups in MENA are experiencing a 169% increase in funding in Q1 2025 compared to the previous year, showcasing a growing investor appetite for scalable education technology models in the region. Crypto startups also represent a notable segment in the MENA tech ecosystem, constituting about 15% of active ventures as of April 2025.
The Founder Institute's MENA 2025 accelerator program continues to foster emerging startups, providing structure and investor access at the pre-seed stage across the region. For specifics on the funding rounds of Ninja, InstaBank, Flawless, AgriCash, and Byzanlink, it may be helpful to monitor dedicated startup funding databases or announcements from regional venture capital firms actively investing in the MENA technology space. The MENA startup environment remains a promising and exciting landscape for innovation and investment.
- The quick-commerce platform Ninja, based in Saudi Arabia, recently secured a significant $250 million in a pre-IPO round, demonstrating the involvement of finance and technology in the MENA region's thriving startup environment.
- InstaBank, a next-generation digital bank based in Iraq, has raised $18 million (comprising the $15 million funding and EQIQ's $3 million commitment) and plans to expand operations and prepare for a public listing, showing a growing interest in investing in the technology sector of the MENA region.
