Startup funding activity across the Middle East and North Africa showed fresh signs of life in early April, with new rounds emerging across fintech, retail technology, luxury commerce and sports tech even as regional uncertainty continued to weigh on investor sentiment.
In March, the startup financing market in the region experienced a challenging period where only 17 startups raised a total of $48.3 million, representing an 85% fall from February and 62% from the same period in 2025. Startups in the UAE were the most active, raising $36.8 million through eight deals, followed by Saudi Arabia, which raised $10.2 million from four deals.
This decline was particularly impressive considering that MENA startups raised a record-breaking $7.5 billion in 2025, representing a 225% increase year on year. This decline happened as investors adopted a more cautious approach and re-evaluated risks related to the war in Iran.
Against that backdrop, the funding announcements emerging in April offer a more varied picture of where capital is still moving.
Maison Safqa raises $620,000 for luxury flash-sale expansion
Saudi-based Maison Safqa has secured $620,000 in pre-seed funding, with participation from 500 Global through the Sanabil MENA 500 Accelerator Fund as well as regional angel investors.
Founded in 2024 by Lea Mehaweg, Estelle Nasr and Georgia Mehaweg, Maison Safqa operates a flash-sale platform built around premium and luxury brands. The company plans to put the capital toward technology development, brand expansion and offline activations in Riyadh and Jeddah.
It has also set itself a measurable commercial target: $2.5 million in cumulative sales over the next 18 months.
The company is positioning itself around a specific problem in luxury retail. Co-founder and CEO Lea Mehaweg said the GCC luxury goods market generated $12.8 billion in revenue in 2025, while brands continue to face difficulty moving excess inventory without weakening their positioning or margins.
Maison Safqa’s answer is a controlled sales environment designed to help premium brands clear inventory while continuing to reach a targeted customer base.
Lucky closes $23 million Series B
Egyptian fintech company Lucky has completed a $23 million Series B round combining equity and debt.
The round included backing from existing and new investors, including Disruptech Ventures, DPI Venture Capital through the Nclude fund, Suez Canal Bank and OneStop.
Founded in 2019, Lucky offers consumer credit products alongside cashback, instalment plans and flexible financing options. The company plans to use the new capital to expand its credit offering and move further into North Africa.
Part of the investment will also go toward infrastructure, licensing and regulatory readiness as Lucky works toward becoming a platform capable of supporting neo-banking services.
Chairman Mohamed Farouk described the investment as backing for the company’s next phase in consumer credit and digital finance, while CEO Ayman Essawy said the round would allow Lucky to scale while investing further in infrastructure.
Morocco’s ZSystems adds $1.65 million
Moroccan retail technology startup ZSystems has raised $1.65 million in a seed round led by Azur Innovation Management.
MNF Ventures and Witamax also participated, alongside new investor Harambeans Prosperity Fund.
ZSystems was founded in 2022 by Samer Choumar, Meriem Benabad, Youssef Haddouch, Reda Nebri and Youssef Drafate. Its platform connects brands, wholesalers and retailers in an effort to digitise B2B commerce.
The latest financing takes the company’s total funding to $2.7 million. ZSystems said it will direct the fresh capital toward product development, platform expansion and deeper market penetration.
Aramco Ventures joins $36 million Via Separations round
Saudi-based Aramco Ventures has also taken part in a $36 million investment round for US deeptech company Via Separations, alongside Climate Investment and Marathon Petroleum.
Via Separations develops membrane filtration technology for industrial chemical separation. The company intends to use the financing to accelerate deployment of its modular filtration technology in refining and chemical operations.
The transaction is distinct from the MENA startup raises because Via Separations is US-based, but it adds another dimension to the period’s investment activity by showing Saudi venture capital participating in industrial deeptech outside the region.
ElGoat scores $266,000 seed round
At the smaller end of the funding spectrum, Saudi sports tech startup ElGoat has raised $266,000 in a seed round led by Trigon, valuing the company at $2.66 million.
The startup plans to spend the capital on product development, acquiring users and supporting regional expansion.
Founded in March by Mohammed Al-Munajem, ElGoat operates a knowledge-based football prediction platform covering competitions including the English Premier League and Saudi ROSHN League. Its scoring system rewards users based on both basic and more advanced football knowledge.
A market moving carefully, not uniformly
Taken together, the latest rounds do not erase the sharp funding contraction recorded in March. Nor do they establish that regional investment has returned to earlier levels, since no aggregate April funding figure is provided.
What they do show is that transactions are still being completed across very different parts of the startup economy.
A $23 million fintech round sits alongside a $620,000 luxury-commerce raise, a $1.65 million retail technology deal and a $266,000 sports gaming investment. At the same time, Saudi venture capital is participating in a $36 million US industrial technology round.
Also Read: Creedom Raises Rs 4.1 Crore Seed Round to Build AI Tools for Content Creators
