Venture funding
Aramco’s VC Unit, Sumitomo finance electronics startup
Middle East startups raised $1.5 billion last year, a 29% decline compared to the previous year, according to a Magnitt report
Share
Wa’ed Ventures, Aramco’s venture capital unit, is teaming up with Japan’s Sumitomo conglomerate, to fund a Saudi consumer electronics startup.
The two companies joined Dubai-based Global Ventures in a $30 million financing round for Zension Technologies, which provides warranties, buy-back services and upgrades for mobile phones, Bloomberg reports.
Middle East startups raised $1.5 billion last year, a 29% decline compared to the previous year, according to a Magnitt report
Saudi Arabia attracted almost half of the region’s VC investing in 2024.