Funding for healthtech + AI film startups, Congo lists bonds on Nasdaq Dubai, Goanna joins ADGM, Edge backs High Lander

PVP leads Nabta’s funding round

Nabta reached the second close of its USD 3 mn pre-Series A round. The UAE-based preventive healthcare platform for women will use the funding to commercialize and scale up as it moves out of R&D and product development, according to a press release. ADGM-based Phoenix Venture Partners led the round, joined by other VCs, family offices, high-net-worth individuals, and institutional investors. Phoenix reached the third close of its MENA-focused fund in March. The fund targets early-stage startups in healthtech, fintech, and agrifood.

GO DEEPER- We spoke with founder and CEO Sophie Smith in January about building tailored health packages to help women in the region catch problems earlier. She told us then that Nabta was planning a Series A, with an eventual DFM listing in mind.

AI film production platform secures funds

Dubai-based Popcorn AI Studio raised USD 1 mn in pre-seed funding, led by Emirati tech entrepreneur and investor Mohammed Bin Bouta Alharsousi (LinkedIn), according to a press release. The startup will use the money to develop its platform and grow its user base in the UAE, Egypt, and Saudi Arabia.

The pitch: Popcorn wants to make filmmaking possible without a big budget or a large production team. Its single AI platform covers sets, characters, and scene generation, in multiple languages.

BACKGROUND- Abu Dhabi has been keen to attract more filmmaking to the UAE, with incentives like raising its rebate on TV and film productions and setting up a film financing firm. Despite still being relatively new, the UAE has signalled support for the AI film sector by rolling out a USD 1 mn award for AI-generated films. On the flip side, other firms like IPNation and CineNow are wagering that an influx of AI-generated content will make authentic entertainment IP more valuable.

Congo lists bonds on Nasdaq Dubai

Congo has become the first African sovereign to list bonds on Nasdaq Dubai. The Republic of the Congo has secondary-listed two USD bonds worth a combined USD 1.55 bn: USD 700 mn due February 2035 and USD 850 mn due May 2036, both with 9.5% coupons. The bonds already trade in London. The listing takes Nasdaq Dubai’s outstanding debt listings above USD 147.5 bn, with sovereigns making up 43%.

Goanna Capital joins the ADGM crowd

US investment firm Goanna Capital opened its first international office at ADGM, looking to tap Gulf investors for private technology investments, Arabian Business reports. The Palm Beach-based firm, which manages some USD 3.5 bn in assets, set up shop with support from the Abu Dhabi Investment Office. Middle East head Hussain Al Alawi (LinkedIn) will lead the office, with staff relocated from North America, Europe, and Asia.

Some familiar names on its books: Goanna invests directly in private tech companies and buys stakes from existing shareholders, with disclosed exposure to OpenAI, Anthropic, SpaceX, Databricks, and Canva, although the size of its holdings isn’t public. There’s already an appetite for those kinds of investments in Abu Dhabi: MGX has backed OpenAI and Anthropic, while IHC's Judan bought into Alpha Wave Global, an investment manager with exposure to OpenAI, Anthropic, and SpaceX.

And it’s joining a growing crowd: Goanna follows Eurazeo into ADGM this month. The financial center added 11 asset managers in 2Q, bringing its total to 190. Goanna is also hosting its inaugural Frontier Summit in Abu Dhabi on 19-20 October, with some 200 investors, founders, and government officials expected — giving it an early window to build the relationships it came for.

Edge backs High Lander

State defense firm Edge backed Israel-based autonomous aviation software firm High Lander’s USD 16 mn funding raise, according to a press release. The announcement didn’t disclose Edge’s exact investment in the round, which included Israeli VC firms Protego and Kinetica Venture Capital and brought High Lander’s total funding to USD 30 mn.

ICYMI- Edge already backed the firm’s USD 14 mn funding round in 2023, with the state defense player saying at the time that the investment laid the groundwork for ongoing agreements and prospects between the two.

What High Lander does: High Lander develops software for use in applications like drone activity, autonomous aviation, and drone fleet management, and its clients include Israeli national authorities. Funding will go toward international expansion, with a particular eye to the US, as well as platform development for homeland security, defense, and applications for both commercial and military use.