Global giants and national players have announced investments in technology from data centers to startups worth more than USD 13 bn in the first two days of Leap 2024 and co-located AI-focused event Deepfest. Day one saw Amazon and DataVolt lead the way as investors promised nearly USD 12bn worth of investment. Yesterday saw companies unveil some USD 835 mn to launch seven new investment funds while six startups said they have raised a combined USD 53 mn in funding.

Here’s everything you need to know about day two:

#1- Bahrain’s Investcorp and SVC are setting up a USD 500 mn fund to back local firms in their various growth stages, SVC is contributing USD 35 mn.

#2- Bahrain’s Oasis Capital is establishing a new USD 100 mn fund to support early-stage business owners in the Middle East. “Fund II” is Oasis’s second investment fund in the Kingdom.

#3- Takamol Ventures is launching a USD 50 mn investment arm to take positions in early-stage tech startups in the Middle East and Africa.

#4- US-based Plug and Play is setting up a USD 50 mn fund to invest in the region’s tech-driven startups. The US-headquartered VC’s fund will similarly cater to players across the entire MENA region.

#5- Local accelerator X by Unifonic is launching a USD 15 mn fund with appetite for software-as-a-service startups in MENA.

#6- Merak Capital is set to operate a USD 80 mn gaming and esports accelerator and investment fund with contributions from Ignite, Saudi Esports, Social Development Bank and the National Development Fund. Meanwhile, Impact 46 will be managing yet another USD 40 mn esports fund with participation from all the same players — excluding Merak.

STARTUP FUNDING-

#1- Fintech Moyasar raised USD 21 mn in seed funding from online food delivery platformJahez Group to further expand its operations in MENA and grow its product offering.

#2- Homegrown BNPL BuildNow secured USD 9.4 mn in seed funding to support the supply chains of SMEs in the construction, manufacturing and trading industries. The round was co-led by Raed Ventures and Khwarizmi Ventures with participation from international VCs and local angel investor Abdullah Elyas. (Buildnow statement).

#3- Local procurement company BRKZ lined up USD 8 mnin series A funding to boost its tech services in the construction sector. The round saw contributions from Wa’ed Ventures, Beco Capital, and London-based VC 9900.

#4- B2B marketplace Lawazem bagged some USD 8 mn from Merak Capital in a pre-series A round. Proceeds are earmarked to finance the local and regional expansion of its operations.

#5- US-based cross-border team onboarding service RemotePass closed a USD 5.5 mnseries A funding round, according to a statement. The round saw participation from Endeavor, Khwarizmi Ventures, Oraseya Capital, Flyer One Ventures, Access Bridge Ventures, A15, and Swiss Founders Fund.

#6- Riyadh-based football live coverage application fanZ raised USD 1.5 mn in pre-seed fundingto enhance its sports and fintech application, according to a statement. The round was co-led by 500 Global and 2A Ventures.

MEANWHILE- The Kingdom and the UK signed a MoU to collaborate on tech R&D and boost research ties, according to a statement by the UK Science, Innovation and Technology Ministry. They will work together to provide “deep science and tech breakthroughs” for food security, and clean energy, according to the statement.

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