Startup Funding Surge Reinforces Saudi Arabia’s Role in MENA’s Tech Ecosystem
Saudi Arabia and the broader Middle East and North Africa (MENA) region have seen a wave of significant startup funding rounds in recent weeks, underscoring the Kingdom’s growing influence in technology investment and digital transformation across key sectors.
In a standout development, Saudi-based quick-commerce startup Ninja has secured $250 million in a funding round led by Riyad Capital, raising its valuation to $1.5 billion and cementing its status as the Kingdom’s latest tech unicorn.
Founded in 2022 by Saud Al Qahtani and Canberk Donmez, Ninja provides fast delivery of groceries and daily essentials across Saudi Arabia, Bahrain, Qatar, and Kuwait, catering to a rising regional demand for tech-enabled convenience services.
The fresh injection of capital will support Ninja in scaling its logistics infrastructure, expanding into new markets, and preparing for an anticipated public listing on the Saudi Exchange by 2027.
The transaction also reinforces Riyad Capital’s position as a key institutional backer of MENA startups and highlights Saudi Arabia’s emergence as a venture capital hub, aligned with the Kingdom’s economic diversification goals under Vision 2030.
PetroApp Raises $50 Million to Advance Fleet and Fuel Digitization
In another major development, PetroApp, a Saudi-based digital platform for fuel and fleet management, has raised $50 million in a funding round led by Jadwa Investment through its GCC Diversified Private Equity Fund, with additional backing from Bunat Ventures.
Founded in 2018 by Abdulaziz Al-Senan, PetroApp offers a cashless payment system tailored for corporate and government fleets, designed to streamline fuel expenses and reduce fraud.
Beyond payment solutions, the platform provides value-added services, including oil changes, car washes, and tire replacements, helping fleet operators manage vehicle maintenance more efficiently.
The company plans to use the new funding to enhance its technology infrastructure, scale nationwide operations, and further support Saudi Arabia’s push toward digital transformation in key industrial sectors.
