STV Secures Strategic Commitment from SAB for its Emerging Tech & AI Fund
[Riyadh, 21 May 2026] – STV, the largest independent and global top-quartile venture capital firm in the Middle East, today announced a significant investment from Saudi Awwal Bank (SAB), one of the leading banks in the Kingdom of Saudi Arabia, into its Emerging Tech & AI Fund. Since its launch, the Emerging Tech & AI Fund has secured tens of millions in new commitments, including from regional semi-sovereign, endowment, and institutional investors, which have been deployed into the fund alongside Google, the first backer of the fund.
This strategic commitment further strengthens the partnership between STV and SAB, with the bank joining the fund as an investor.
Saeed Assri, Chief Innovation Officer at SAB, commented: “At SAB, we see AI as a strategic enabler of higher productivity, better risk and control management and enhanced customer experience. Our commitment reflects our conviction in the next generation of AI-native companies emerging from the region, and our focus on partnering with leading platforms to drive tangible, scalable impact.”
Osama Alowedi, Chief Investment Officer at SAB Invest, said: “The pace at which AI is reshaping industries leaves no room for hesitation. We are moving decisively with partners like STV to create investment structures within growing industries that enable investors to meaningfully participate in these opportunities.”
Ahmad AlNaimi, General Partner at STV, said:"We are grateful for the continued trust of SAB as we enable the next cohort of regional AI-native champions. The strong support we have received from them and other limited partners validates our conviction that application-layer AI is the engine for the next phase of economic growth in the Middle East and North Africa.”
Since its launch, the fund has made four investments in high-potential, application-layer startups: Sawt, a Saudi-based pioneer in Arabic-native AI voice agents for customer service, becoming one of the fastest-growing B2B startups in the region; Clarity, an agentic AI platform for customer service analytics that serves tier-1 customers locally and globally; Signit, the leading AI legal startup in Saudi Arabia;and Stream the foundational billing and payments layer for Saudi businesses.
The strong traction of these initial investments mirrors a broader global shift. In 2025, the AI application layer captured over $19 billion in enterprise spending, with AI-native ventures outearning incumbents two-to-one and being the first-ever cohort of startups to reach $100 million in revenue within two years. STV is seeing similar dynamics in the region, with pent-up demand allowing application-layer ventures to scale at a pace not seen before, a trend further amplified by more regional startups winning global clients.
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Backing Stream: A Next-Gen Saudi FinTech Player, Built by One of Our Own
STV is participating in Stream's $5.2m seed extension, bringing the company's total seed funding to $9.2m. This one is particularly meaningful: Stream's founder and CEO, Ibrahim Aldlaigan, is a former colleague, and backing our own as they go on to build category-defining companies has become one of the most rewarding patterns in our portfolio.
Most of fintech's innovation over the past decade has focused on how consumers spend. The harder, less glamorous problem sits on the other side of the transaction: how businesses get paid. Saudi Arabia is now one of the most digitised payment markets in the world, with 85% of retail payments being made electronically in 2025, yet the infrastructure underneath recurring billing, subscriptions, memberships, and services, is still largely manual. Most businesses collect upfront because the systems to bill flexibly over time simply do not exist.
Stream is built to close that gap. Founded in 2024 by Ibrahim Aldlaigan, the company is the foundational billing and payments layer for Saudi businesses, automating the entire lifecycle: branded app-free invoices, scheduled and recurring plans, collection through local rails, real-time visibility, and reconciliation. What started with early traction in early childhood education has expanded into school networks, SaaS, and a fast-growing base of vibe coders and freelancers. Customers like Atyab and Riyadh Schools are already running meaningful volume, and the platform is processing millions in monthly payments. The roadmap goes beyond a billing tool: new subscription management APIs let any business compose its own revenue model, and Stream is among the first payments platforms in the region to ship MCP support, designed for a world where AI agents transact on behalf of businesses, positioning themselves strongly to capture the Saudi and regional market.
Our conviction rests on three things. First, the market gap is real and structural. The region's payment rails were built around one-time transactions and upfront collection, not the flexible, recurring, programmable flows that modern businesses need. Whoever builds that layer well becomes deeply embedded in how businesses operate. Second, the product is already pulling demand from segments we did not initially expect, freelancers, vibe coders, SaaS founders, which is a strong signal that Stream is solving a horizontal problem, not a vertical one. Third, and most importantly, Ibrahim. He combines infectious enthusiasm with top-notch product instincts, which together explain how Stream went from a wedge product to a multi-vertical platform with API and MCP surface area in well under two years. We saw all of this firsthand when he was at STV, and watching him build at this pace has only confirmed it.
At STV, we love backing our own. Several of the strongest companies we have invested in over the past few years have been founded by people who once sat on our side of the table, and a number of them have already become category leaders in their respective spaces. Stream is firmly on track to be the next one. We are proud to participate in this round and excited to support Ibrahim and the team as they build the billing and payments layer that Saudi Arabia, and then the wider region, has been waiting for.
Learn more about them here.
Backing Signit’s AI Bets: Building the AI-Native Contract Platform for Saudi Arabia and Beyond
STV is participating in Signit's $15m Series A, alongside Raed Ventures, Seedra Ventures, Takamol Ventures, and Suhail Ventures. This marks another investment from STV's AI Fund, backed by Google and dedicated to supporting AI-native startups building out of the region.
Contracts are the connective tissue of every organization, yet the process of drafting, negotiating, approving, and managing them remains stuck in a patchwork of email threads, Word documents, and shared drives. eSignature solved one step in that chain, but the vast majority of time and money lost on contracts sits before and after the signature.
Founded in 2021, Signit began by solving the most immediate pain point: legally binding digital signatures. As a licensed Trust Service Provider under the Saudi Digital Government Authority (DGA), it built the regulated rails that enable government and enterprise organizations to sign digitally with full legal weight under Saudi law. Today, 700+ customers across government, financial services, healthcare, and enterprise rely on Signit to move their agreements forward.
With this round, Signit is moving into Contract Lifecycle Management (CLM), a natural evolution from its starting point, where it is now the clear frontrunner in the Kingdom. The new platform brings AI into the core of how contracts are created, negotiated, tracked, and managed, giving organizations a single system of record for every agreement. An intelligent contract assistant will let employees find and act on contract information in seconds rather than hours, while the underlying certificate infrastructure continues to deepen Signit's regulatory moat.
Our conviction rests on three things. First, AI will fundamentally reshape how contracts are created, negotiated, and managed, and Signit is applying it at the right layer: not as a bolt-on feature but as a core part of the product. Second, Mohamed El Abbouri, co-founder and CEO, combines sharp product instinct with a deep understanding of what it takes to build trust infrastructure in a government-facing market, a rare combination that has taken Signit from a young startup to the default digital signature provider for some of Saudi Arabia's most important institutions in under five years. Third, the timing is right. Saudi Arabia has declared 2026 the Year of AI, the DGA has built one of the most progressive digital trust frameworks in the region, and enterprises and government entities across the Kingdom are actively looking for AI-native, locally compliant software to run on.
Mohamed and the Signit team represent exactly what the AI Fund was created to support: locally grounded, globally ambitious founders building AI-native companies that solve real pain points. We're excited to back them as they build the default contract platform for enterprise and government in Saudi Arabia and beyond. Learn more about them here.
How STV NICE Enabled Stake Bridge to Series B
When Stake approached us in mid-2025, they were at a critical inflection point. The company had proven product-market fit, demonstrated rapid adoption, and was preparing to scale into new markets.
We took a strong view on the size of the untapped Saudi real estate market, which was gradually opening under the oversight of a capable and agile regulator, the Real Estate General Authority (REGA). This created a compelling opportunity for a platform with the right execution capabilities.
What Stake needed wasn’t just capital, it was a bridge that could move fast, provide meaningful size, and align with its growth plan.
Speed as a Strategic Advantage
In high-growth markets, timing defines outcomes. Stake needed growth capital that could be deployed quickly, avoiding lengthy valuation negotiations and giving the team confidence to accelerate without pausing for extended fundraising cycles.
NICE’s callable equity structure delivered exactly that: a rapid, flexible capital solution tailored to immediate operational and strategic needs.
“Speed mattered for us at that stage,” says Rami Tabbara, Co-Founder of Stake. “The NICE bridge allowed us to keep executing without distraction. We didn’t have to slow down to raise capital — we could stay focused on building and expanding.”
Our funding was large enough to meaningfully extend runway, giving Stake the resources to expand into Saudi Arabia, explore U.S. industrial markets, and continue building its digital real estate platform.
This wasn’t a token check — it was a bridge designed to support the company’s next phase of growth.
Why We Did It
One of the core use cases for NICE is supporting companies as they transition from early traction to institutional-scale growth — without forcing unnecessary dilution or slowing momentum.
For Stake, the bridge achieved three objectives simultaneously:
Extended runway — enabling execution without pressure
Preserved momentum — supporting market expansion and team focus
Maintained balance sheet discipline — keeping future funding options flexible
“Beyond speed, the structure really mattered,” Rami adds. “It gave us flexibility while keeping our balance sheet clean ahead of the Series B.”
The Outcome
Stake went on to close a $31M Series B, cementing its market-leading position and validating the growth trajectory we supported.
This transaction reflects the core philosophy behind NICE: structured, agile, growth-aligned capital that helps ambitious companies scale without compromise.
STV’s 2nd AI Fund Bet: Clarity – Bringing Compliant Agentic AI to Customer Service
STV is co-leading a $12m round of Clarity, formerly Anecdote, alongside Prosus Ventures. This marks the second investment from STV’s newly launched AI Fund, backed by Google and designed to support the next generation of AI-native startups from the region.
Companies today sit on more customer data than ever before: support tickets, surveys, online reviews, call transcripts, and social conversations. However, the feedback loop is broken. Customer experience solutions are static and outdated, which means that leadership teams often only learn what’s happening when it’s too late. Despite billions being invested in customer experience, most organizations still lack a clear, actionable picture of what their customers truly need in real-time.
Clarity is rewriting that playbook. Founded by Abed Kasaji (ex-AI PM at Facebook & Careem) and Pavel Kochetkov (ex-AI Research at Cisco & Careem), the company brings together AI agents, customer support automation, and feedback intelligence in one platform. Every interaction, whether it’s a complaint, a review, or a survey, is captured and analyzed to surface what matters most. Instead of anecdotes, teams get clarity: what customers want, what’s going wrong, and how to act on it.
The results speak for themselves. Since launching in 2023, Clarity has achieved near-zero churn and is growing at 20% month-over-month in 2025 alone, earning the trust of customers like OpenAI, Booking.com, Careem, stc, and Grubhub . With teams now in Riyadh, London, and New York, Clarity is one of the few startups that were born out of the region and are scaling across the globe.
We are proud to back Clarity’s vision through our AI Fund, co-leading their $12m round alongside Prosus Ventures. This partnership will help accelerate Clarity’s expansion in the US and strengthen its leadership across the Middle East, enabling customer-obsessed enterprises to truly understand their users.
For us, Abed, Pavel, and the team represent exactly what the AI Fund was created to support: locally grounded, globally ambitious founders building AI-native companies that solve real pain points. We’re excited to join them as they bring more understanding, more action, and more clarity to customer experience. Learn more about them here.
Saudi’s Tadawul Tech Arm Wamid and STV partner to launch trading platform for private assets in Saudi Arabia
Wamid, the technology arm of Saudi Tadawul Group, and STV, the largest technology investment firm in MENA, today announced an agreement to jointly develop an electronic trading platform that will enable the buying and selling of shares in private companies in the Kingdom of Saudi Arabia.
The two parties are set to design, develop, and implement the unique platform, which aims to unlock new opportunities for investors and private companies, while further deepening Saudi Arabia’s capital markets ecosystem and strengthening the private markets landscape.
Commenting on the signing, Yazeed AlDomaiji, Chief Executive Officer of Wamid, said:
"We are taking important steps to drive digital transformation in the Saudi capital market, creating solutions that expand access and strengthen participation. This new platform will open opportunities for founders and investors alike by establishing a dedicated secondary market for private company shares. We look forward to partnering with STV to make this vision a reality."
Ahmad AlNaimi, General Partner at STV, added:
"This partnership with Wamid represents a milestone for the region’s SME ecosystem. By building a dedicated platform to serve the secondary market for private company shares, we are not only creating liquidity for founders and investors but also strengthening Saudi Arabia’s position as a hub for innovation and capital formation."
This partnership reflects the broader ambition of Saudi Arabia to diversify the economy, empower entrepreneurship, and deepen the financial markets by creating innovative capital market solutions.
Tripling down on Gathern: Backing Saudi’s Hospitality Leader on Its Path to IPO
We are proud to participate in Gathern’s US$72 million Series B round. This milestone not only strengthens Gathern’s market leadership but also marks an important step toward its planned listing on the Saudi Stock Exchange (Tadawul).
When we first invested in Gathern back in 2021, we believed in the thesis that empowering local hosts to open their homes and share authentic experiences with travelers could allow Gathern to build an entirely new category in the Kingdom’s tourism sector.
Since then, the company has grown into the clear leader in alternative hospitality, with 72k+ units across the country and a 44% national market share. Along the way, it has enabled 33k+ local hosts to earn sustainable income, contributed SAR2b+ to the local economy and welcomed 5m+ users from 150+ nationalities, resulting in 500%+ growth over the past 2 years alone.
To take the company to the next level, we are proud to continue backing Gathern by participating in its US$72m Series B round. This funding will fuel its next phase of growth: expanding locally and regionally, attracting more inbound and long-term travelers, and investing in technology to enhance the experience for guests and hosts alike.
With this round, Gathern has also begun preparations for its listing on the Saudi Stock Exchange (Tadawul). The company’s expansion into new products and geographies adds further momentum to its growth story, positioning it as a stronger, more diversified platform ahead of IPO, establishing Gathern as one of the Kingdom’s most prominent tech champions on the public stage.
At STV, we believe the most iconic companies are those that deliver both commercial success and contribute to the Kingdom’s Vision 2030. Gathern embodies this, and we’re excited to stand alongside the team as they scale their vision and prepare for their next chapter as a public company.
Backing Sawt from STV’s Debut AI Fund: Building Arabic-Native Voice AI for the Enterprise
STV is co-leading the seed round of Sawt alongside T2, a leading communications company in Saudi Arabia with 12k+ enterprise and government clients. This marks the first investment from STV’s newly launched AI Fund, backed by Google and designed to support the next generation of AI-native startups across MENA.
Legacy call center solutions in the region have long struggled to keep pace with rising customer expectations. Outdated IVR trees, long wait times, and clunky agent handovers remain common pain points, especially in Arabic-speaking markets. At the same time, enterprises are spending more than ever on customer experience, but the underlying systems remain rigid, expensive, and poorly localized.
Sawt is changing that. From its early beginnings at UC Berkeley, Sawt has rapidly grown into an enterprise-grade AI company powering mission-critical voice solutions. Founded by Abdulmalik Alsaeed, Khaled AlJuraywi (ex-STVer), and Basim Alharbi, the company in a few months moved from prototype to product, and generated meaningful revenues.
We are proud to co-lead Sawt’s seed round through our newly launched AI Fund, alongside T2, a leading communications company in Saudi Arabia with 12k+ enterprise and government clients, as the company gears up for the next phase of growth. Through this partnership, Sawt will be able to accelerate distribution to capture the antiquated customer service market in Saudi Arabia and beyond.
This investment is the first from STV’s AI Fund, a dedicated vehicle for backing AI-native ventures in the region. The fund is backed by Google and reflects our long-term belief in the transformative potential of AI across MENA’s economy. Sawt embodies that vision: locally grounded, globally ambitious, and moving fast. We’re proud to back the team on this journey.
STV NICE Investment in Morni: Bridging to Pre‑IPO
We are glad to announce that STV has invested in Morni, a Saudi-born, tech-enabled automotive services platform that has grown from a roadside assistance app into one of the most integrated and ambitious players in the region’s mobility sector.
This investment was made through our newly launched $100M NICE platform, designed to help category leaders scale efficiently while limiting shareholder dilution. The round also serves as a bridge to Morni’s upcoming Pre-IPO round, marking a defining moment in the company’s growth trajectory.
Founded in 2015, Morni started by tackling a simple but urgent need: on-demand roadside assistance. Since then, the company has grown to operate the most integrated tech-enabled automotive services platform in Saudi Arabia, covering the largest and fastest network of roadside assistance, vehicle auctions, insurance third-party administration, a digitally connected network of 75+ garages, and spare parts dismantling and recycling.
STV is excited about how Morni is disrupting the vehicle ecosystem in Saudi Arabia through a circular infrastructure, built to serve not just drivers, but insurers, partners, and regulators, across the entire vehicle ownership lifecycle.
Salman Alsuhaibaney, Chairman and CEO of Morni, commented, "This partnership with STV comes at a defining moment as we transition to scaled execution. Our tech-enabled solutions are already delivering measurable impacts - as demonstrated by a 5-minute first notification of loss (FNOL) response time. With STV’s support through a swiftly executed NICE structure that enables efficient scaling while preserving strategic flexibility, we will accelerate Saudi Arabia’s mobility transformation and directly contribute to Vision 2030’s road safety and quality of life goals.”
We’re proud to support Salman and the Morni team as they scale into new markets and deepen their capabilities. This partnership marks another step in our broader commitment to backing MENA’s most transformative founders.
Google Backs STV’s $100 Million AI Fund to Enable AI-Native Startups in the Middle East & North Africa
We are proud to announce that Google is backing STV’s new AI Fund, a dedicated fund established to enable the growth of AI-native startups across the Middle East and North Africa. This commitment signals a transformative step towards enabling AI startups at their early stage, and accelerates their growth beyond the region.
The global momentum around artificial intelligence continues to accelerate, with state-of-the-art models and the infrastructure to train them improving at a fast pace. Closer to home, regional governments and technology companies are actively embracing the opportunity, as efforts to localize AI models and infrastructure have picked up significantly recently.
According to our research, 1.5% of the region’s VC funding went to AI in 2024 – a stark contrast to 38% in the U.S. and 13% in India. This discrepancy represents a substantial untapped opportunity for innovation, economic growth, and efficiency gains, with immediate AI-driven cost savings in the GCC estimated at $23b+, with the long-term opportunity being orders of magnitude higher.
Ahmad AlNaimi, General Partner at STV, mentions, “We believe that most of the AI value will accrue at the application layer. As such, our AI Fund will focus on investing in ventures that specialize in application-layer AI, localized AI models, and the necessary supporting infrastructure. By combining our regional expertise with Google’s global AI leadership, we will be able to scale regional startups that can compete on a global level.”
Najeeb Jarrar, Regional Marketing Director for Google in the Middle East & Africa, adds, “At Google, we have always been committed to providing access to the AI opportunity for everyone. This includes work like the MENA AI Opportunity Initiative, announced last year, alongside valuable programs such as our flagship Google for Startups programs. Our commitment to the STV AI Fund allows us to continue supporting entrepreneurs, who are building the future of AI in the region.”
STV, as VC investors, optimism is in our DNA. We're particularly excited about the AI opportunity in the region. We believe this collaboration can spark the first of many cohorts of AI-native ventures and pave the way for the region to become a home base for global technology companies. If you share that vision, join us!
STV Alpha: Building the Next Wave of MENA Ventures
Building a venture is a bold move, as is identifying and backing the next big opportunity. Having access to the right insights, networks, and resources can make all the difference.
STV is launching STV Alpha—a track designed to attract top talent into venture capital and entrepreneurship. Participants will gain firsthand experience in venture investing while having the flexibility to explore building their own ventures.
Joining STV full-time, participants will work on some of the region’s best deals, develop industry expertise, and access unparalleled resources. For those inclined toward entrepreneurship, STV Alpha provides financial stability and strategic backing to support venture-building aspirations.
This track is for high-caliber individuals aiming to shape the future of the ecosystem—whether by investing in promising startups, launching innovative businesses, or both. Key benefits include:
Competitive Salary: A two-year engagement with financial security while exploring venture investing and startup creation.
Access to STV’s Resources: Office space, industry networks, and deep market insights.
Brand Credibility: STV’s backing to accelerate investing and venture-building ambitions.
The Middle East is experiencing rapid growth in venture capital, and STV Alpha is designed to harness this momentum.
Applications are now open, with a strong focus on AI and other transformative sectors. If you have the drive to create an impact in venture capital and entrepreneurship, STV Alpha is your platform to make it happen.
Take the leap with STV Alpha—where venture meets innovation, and ambition finds its path.
Apply now: alpha.stv.vc
STV Announces its $100 Million Non-Dilutive Capital Investment Platform in Partnership with SAB Invest and the Strategic Backing of NTDP
Riyadh, April 2025 – STV, the leading growth investor in the tech sector in MENA, has announced the final close of its inaugural non-dilutive capital vehicle, the STV NICE Fund I. This milestone follows a successful commitment from SAB Invest through its Alternative Financing Fund, a CMA-licensed private fund, as well as several family offices. This initiative, supported by the National Technology Development Program (NTDP), is set to address the financing gap for tech startups in the Kingdom, offering critical Sharia-compliant non-dilutive capital to fuel growth in the rapidly expanding tech sector. The launch of the partnership was announced on 30th April 2025 with the presence of Ms Lubna Alolayan Chairperson of SAB, Abdulrahman Tarabzouni Founder of STV, Ibrahim Neyaz CEO of NTDP, and Ali Almansour Managing Director & CEO at SAB Invest, along with various stakeholders of the banking and investment industries.
The STV NICE Fund I is designed to provide a founder-friendly capital alternative for growth companies, to accelerate their business while avoiding equity dilution. A pioneering development in the region, the fund leverages the innovative Non-Dilutive Investment in Callable Equity (NICE) instrument. This unique structure enables investors to capture high-growth opportunities in the tech sector while generating regular income within a Sharia-compliant framework. The fund has already invested in several tech startups, including Morni, RedBox and Invygo.
This effort also aligns with the Financial Sector Development Program and correlates with the Capital Market Authority's new strategy by developing innovative financing solutions through public-private partnerships. SAB Invest will enable a broader investor base to participate in this unique growth-income, shariah-compliant investment product, which opens the door to building a truly scalable and sustainable funding platform.
Ihsan Jawad, General Partner of STV, commented “This milestone marks a pivotal moment in the evolution of tech investment in the Kingdom. We are very pleased to have developed a funding instrument tailored to the needs of regional startups”
Ibrahim Neyaz, the CEO of NTDP added, “Our strategic backing of Non-Dilutive initiatives will create a sustainable, scalable funding platform to meet the increasing demands of tech startups in the Kingdom. This effort aims to accelerate the growth of these companies, offering access to non-dilutive capital that will foster innovation and contribute to the diversification of the economy.”
Osama Alowedi, Chief Investment Officer of SAB Invest, commented “Our partnership with STV and the strategic backing of NTDP marks a new era of opportunity for investors and startups alike. SAB Invest’s Alternative Financing Fund offers clients steady, Sharia-compliant income while fueling the growth of Saudi tech companies at the heart of the Kingdom’s economic transformation.”
About STV
STV is a leading venture capital firm committed to supporting and accelerating high-growth tech startups. Through innovative funding solutions such as the NICE instrument, STV focuses on empowering entrepreneurs to scale their businesses.
STV is the largest independent technology investment firm in MENA. STV backs and scales the MENA region’s most exciting and disruptive technology companies.
About SAB Invest
SAB Invest is a leading investment firm focused on creating value through strategic partnerships and innovative financing solutions. With a focus on growth, SAB Invest aims to drive sustainable investment opportunities in the Kingdom's burgeoning tech sector.
About NTDP
NTDP is a national program that contributes to developing the technology ecosystem in the Kingdom and increasing its effectiveness by driving sustainable growth using different interventions and support mechanisms complementing efforts made by other stakeholders.
Introducing STV Lens with our new report: The MENA AI Opportunity
STV Lens is a new series of short-form publications designed to complement our STV Insights Reports, enabling us to share timely perspectives on emerging technologies in MENA and the broader VC ecosystem more frequently.
The GCC is uniquely positioned to lead in AI by focusing on the application layer, where true value and differentiation emerge. Here, local companies can leverage their understanding of regional needs, languages, and regulations to create tailored AI solutions that solve real-world problems, unlocking significant equity value and cost savings. This is the moment to harness our data assets, talent, and governance frameworks to build transformative AI products that resonate not only in the region, but globally.
Learn more about the opportunity at the app layer in the full Lens report here.
STV NICE Investment in BuildNow: Redefining the Construction Industry in the Middle East
We are pleased to announce our latest investment in Buildnow, MENA's pioneering Build Now Pay Later platform dedicated to revolutionizing the construction industry's financial landscape. This new funding will enable the company to scale its loan book, empowering SMEs in the construction sector to access its unique BNPL solution.
Our partnership was facilitated through the Non-dilutive Investment in Callable Equity (NICE) structure, underscoring our commitment to supporting high-growth companies with founder-friendly financing solutions.
Founded in 2022 by Abdulla Sheikh, Rahat Dewan, and Hisham Al Saleh, Buildnow has swiftly emerged as a transformative force in the construction sector. By facilitating the exchange of over 125,000 tonnes of raw materials and empowering more than 800 SMEs, Buildnow addresses critical cash flow challenges that have long hindered SME growth in the industry.
The construction sector in Saudi Arabia alone witnesses approximately $42 billion in trade annually, yet SMEs often grapple with delayed payment cycles and restricted access to credit. Buildnow's platform offers a compelling solution by providing:
Speed: Enabling businesses to procure construction materials on credit within 24 hours, significantly accelerating project timelines.
Ease: Offering a fully digital process that eliminates the need for physical visits or cumbersome paperwork, streamlining operations for users.
Flexibility: Granting buyers access to an extensive network of suppliers with payment terms that align with their cash flow, enhancing financial agility.
Our investment in Buildnow through the NICE instrument exemplifies our dedication to providing Shariah-compliant, non-dilutive funding options that empower entrepreneurs to scale their businesses without relinquishing equity. The NICE structure is designed to align with the unique needs of high-growth startups, offering a revenue-linked repayment model that supports sustainable expansion.
Buildnow's mission is to streamline the construction supply chain and bolster SME growth across the region. This investment not only reflects our confidence in Buildnow's innovative approach but also reinforces our broader commitment to fostering technological advancement and economic development in the MENA region.
Congratulations to the entire Buildnow team on this significant milestone. We look forward to witnessing your continued success and the positive impact you will undoubtedly have on the construction industry.
STV Participates in Tabby’s Pre-IPO Round
Just over four years ago, we made our first investment in Tabby, believing in its potential to transform how people shop and manage their money in the Middle East. Since then, we’ve invested in the company’s Series A, B, C, and D rounds, and have supported them through the NICE instrument. Today, we’re proud to back Tabby once again as they raise $160 million in Series E Pre-IPO funding at a $3.3 billion valuation, making it the most valuable fintech company in MENA.
What started as a simple buy now, pay later (BNPL) solution has evolved into something far bigger. Tabby has redefined financial freedom for millions, introducing products that extend beyond checkout. The recently launched Tabby Card is already one of the region’s most popular financial products, allowing consumers to shop anywhere and pay flexibly. The acquisition of Tweeq, a Saudi digital wallet, signals Tabby’s expansion into digital spending accounts and money management—critical steps in becoming a full-fledged financial services platform.
At its core, Tabby continues to do what it does best: helping consumers take control of their finances while driving business growth for over 40,000 merchants, including Amazon, SHEIN, IKEA, and Adidas. With annualized transaction volumes now surpassing $10 billion, Tabby’s scale and impact are undeniable.
With its home market of Saudi Arabia undergoing a rapid shift toward a cashless economy, Tabby is uniquely positioned to accelerate this transition. The company’s products align with the Kingdom’s Vision 2030 objectives, providing innovative payment solutions that empower consumers and businesses alike. By offering longer-term payment plans, spending accounts, and financial management tools, Tabby is shaping the future of finance in the region.
This latest investment isn’t just about growth—it’s about cementing Tabby’s place as the region’s fintech leader. With a strong focus on profitability, operational excellence, and product innovation, Tabby is gearing up for its biggest milestone yet: an IPO. The Series E round provides the capital and momentum to take that next big step.
Congratulations to Hosam and the entire Tabby team—we can’t wait to see what’s next!
Tripling Down on Calo, the Middle East’s Largest Meal Subscription Foodtech Startup
We are thrilled to announce our participation in Calo’s $25 million Series B round, alongside Nuwa Capital and Khwarizmi Ventures. As one of the largest investors, we continue to support Calo, the Middle East’s leading meal subscription foodtech startup, on its journey to revolutionize healthy eating.
Calo’s journey has been remarkable. Founded in late 2019 by Ahmed Alrawi, with Moayed Almoayed joining as co-founder, the company has delivered over 10 million meals, achieved nine-figure annualized revenue, and maintained 100% CAGR from 2020 to 2024. Operating across Saudi Arabia, the UAE, Bahrain, Qatar, and Kuwait, Calo’s personalized meal plans make healthy eating convenient and accessible, catering to a wide range of dietary needs.
This latest funding will empower Calo to solidify its leadership in the GCC, expand AI-driven personalization, launch innovative new products, and expand into retail and global markets. With its first acquisition planned for early 2025 and key strategic hires on the horizon, Calo is preparing for an accelerated growth phase leading up to an IPO in Saudi Arabia.
Our investment in Calo stems from our confidence in Ahmed and his customer-first approach, combined with operational excellence. By leveraging a tech-driven, vertically integrated model, Calo has achieved rapid growth and healthy margins while addressing diverse lifestyles across the region.
With the $500 billion quick-service restaurant market continuing to expand, Calo’s ambition to rank among the top 10 global food brands is well within reach. We’re proud to support Ahmed and the entire Calo team as they reshape the future of healthy eating on a global scale.
Busy? Try Calo here
STV NICE Investment in Invygo: Accelerating the Future of Mobility in the Middle East
STV’s has invested in invygo, the Middle East’s leading car subscription platform, through its novel Non-dilutive Invesment in Callable Equity (NICE) structure. The investment will support invygo’s innovative “Subscribe to Own” model and help the company reach profitability by the end of 2024, as it continues to reshape the region’s automotive market.
We are happy to announce that STV’s NICE Fund I has invested in invygo, the Middle East’s leading car subscription platform, as one of its early deals. This investment is part of invygo’s Series A extension round, which also saw participation from existing investors including Al Rajhi Partners, Arab Bank Ventures, SPV, MEVP, and C5.
Since its inception in 2019, invygo has been transforming the traditional car ownership model by offering accessible and flexible car subscription services. The company has surpassed a $100 million revenue run-rate, a milestone largely driven by the success of its innovative “Subscribe to Own” (STO) model in Saudi Arabia. With this strong growth trajectory, making Saudi Arabia its biggest market, invygo is on track to reach profitability by the end of 2024.
The automotive market in Saudi Arabia is experiencing significant growth, fueled by a youthful population with evolving preferences. Over 70% of the population is under the age of 35, and there’s a growing demand for flexible, subscription-based services that offer convenience and affordability.
invygo’s STO offering provides users with a seamless path to vehicle ownership without the challenges of traditional financing or supply chain constraints. By focusing on strong unit economics and maximizing customer lifetime value, invygo is redefining how people access cars – making mobility as simple as a subscription.
Eslam Hussein, co-founder and CEO of invygo, stated, “We are excited to partner with STV and greatly appreciate the support from the NICE Fund. This non-dilutive, equity-based funding structure not only allows us to scale efficiently while preserving ownership, but it also brings invaluable strategic expertise to our mission.”
As invygo continues to innovate and expand its offerings, we are proud to support their mission to redefine mobility in the Middle East. By harnessing data to optimize vehicle utilization and pricing, invygo has created a scalable model that delivers real value to both customers and partners. We look forward to working closely with the team as they drive toward profitability and reshape the future of mobility in the region.
This 5-year NICE investment, which is based on a revenue-share structure, is one of the first deals out of STV’s NICE Fund I and supports invygo in scaling towards profitability. Due to the light-touch nature of NICE, which does not require any amendments to a company’s shareholders agreement or valuation discussions, the deal was completed in under 11 weeks and was highly time- and cost-effective.
For more information about invygo and their services, visit www.invygo.com.
Tabby’s Acquisition of Tweeq: A Leap Forward for Fintech in Saudi Arabia
The acquisition of Tweeq by Tabby marks a new era for digital finance in Saudi Arabia, with Tabby well-positioned to lead.
At STV, our mission has always been to back bold entrepreneurs who are redefining industries and creating value at scale. When we invested in Tabby at the Series A stage and in Tweeq during its Seed round, we saw in these companies the potential to transform the financial landscape in Saudi Arabia and the broader MENA region. Today, with Tabby’s acquisition of Tweeq, we are proud to see that vision come to life and to witness the impact of our investments on the region’s Fintech ecosystem.
Tabby and Tweeq have both demonstrated extraordinary progress since our initial investments.
Tabby has evolved into the MENA region’s leading shopping and financial services app, empowering over 14 million users to take control of their spending, earn rewards, and save. Partnering with more than 40,000 global and local brands —including bluechip names like Amazon, IKEA, and Samsung— Tabby has redefined how consumers engage with their finances.
Tweeq, founded in 2020, has quickly established itself as a pioneer in the Saudi Fintech space. As one of the first electronic money institutions licensed by the Saudi Central Bank (SAMA), Tweeq offers a mobile-first spending account that serves as a modern alternative to traditional banking, contributing to the growth of a cashless, digital-first economy.
The acquisition of Tweeq by Tabby is a strategic milestone not just for the companies involved but for the entire Saudi Fintech ecosystem. By integrating Tweeq’s digital wallet and money management tools into its platform, Tabby is set to offer a more holistic suite of financial products beyond Buy Now Pay Later. This move strengthens Tabby’s value proposition, allowing it to better serve its growing customer base and lead the next phase of Fintech innovation in the region, while advancing Saudi Arabia’s vision of becoming a global leader in digital finance.
At STV, we remain committed to supporting visionary founders who are shaping the future. We look forward to the continued success of Tabby and Tweeq as they embark on this next chapter together.
Investing in Abyan: Empowering Retail Investors to Shape their Financial Goals
We are co-leading Abyan Capital's $18 million Series A funding round. As Saudi Arabia's leading robo-advisory and savings app, Abyan is revolutionizing the investment landscape for both retail and accredited investors with the approval of the Saudi Capital Market Authority.
In rapidly evolving local capital markets, a significant portion of savers, lacking robust investment expertise, need access to appropriate and streamlined investment and savings solutions. While traditional wealth management services cater to high-net-worth individuals and corporate clients, retail investors have been left behind, needing more tools and seamless access to crucial market segments like money markets, Sukuk, or global Sharia-compliant equities.
Abyan has successfully launched Saudi Arabia's leading mobile-first, robo-advisory application, offering an effortless onboarding process, personalized portfolio allocation, and a seamless deposit and withdrawal experience. Since its launch in August 2022, Abyan has introduced various features and updates to enhance its platform.
The asset management and brokerage market in Saudi Arabia, currently managing SAR 300 billion, is marred by limited accessibility for retail investors and the provision of substandard and expensive products. The robo-advisory model has demonstrated its effectiveness in enabling a broader audience of savers and investors to access suitable portfolios, thereby increasing the penetration of passive investment strategies.
What sets Abyan apart is not only the laser focus on user experience and deep understanding of financial markets but also the team’s exceptional execution capabilities and ability to rapidly innovate and adapt to evolving user demands. Launching the first robo-advisor in the KSA market back in August 2022, Abyan, in less than two years, facilitated investment for 100,000 portfolios, managing over SAR 1.2 billion in deposits across various asset classes.
Leading the charge in the new era of savings and wealth advisory in Saudi Arabia, we are eagerly partnering with Abyan’s Founders, Abdullah Aljeraiwi and Saleh Alaqeel, on their mission to open up investment opportunities for all. We are excited to co-lead this funding round alongside Wa'ed Ventures, the VC arm of Saudi Aramco, with the participation of RZM Investment, which led the company’s seed investment round.
For those eager to explore the future of wealth advisory, download the app here. If you are a talented individual looking to make an impact in the fintech sector, consider joining Abyan's dynamic team apply here.
STV Doubles Down on Salla: Accelerating E-Commerce Innovation in MENA
Salla, the leading SaaS e-commerce enabler in Saudi Arabia, has raised $130 million in a Pre-IPO funding round co-led by Investcorp and Sanabil, and with the participation of STV as the largest investor. This investment represents a milestone in Salla's journey and a testament to the platform's monumental impact on the regional e-commerce ecosystem.
Since our initial investment in Salla in 2020, the company has developed a comprehensive SaaS solution integrated with over 400 applications, empowering merchants to seamlessly build their e-commerce websites, manage inventories, process payments, and fulfill orders, all within a few hours.
Today, the company supports 80,000 active merchants generate over $7 billion in e-commerce sales. This growth not only underscores the escalating demand for e-commerce solutions in the region, but also highlights Salla's pivotal role in the digital economy: by providing a robust, scalable solution, Salla facilitates the transition of traditional businesses to the digital world and supports new entrepreneurs in launching their ventures.
Our decision to double down on Salla reflects our confidence in Nawaf Hariri and his team of over 160 developers focused on technology and product development to continue innovating and scaling, as we see a clear path for the company to become a flagship tech brand on the public market.
We are grateful to be part of Salla’s remarkable growth journey in enabling e-commerce landscape in MENA – congrats team, onwards and upwards!