New Delhi, Oct. 31 -- Saudi Arabian startups led fundraising activity in the Middle East and North Africa (MENA) region this week. The startups that secured pre-Series A capital include logistics provider Logexa and HR-tech startup Squadio. Besides, insurtech platform Najeeb AI and HR-tech firm Velents AI raised a pre-seed and seed round, respectively.

Meanwhile, Saudi construction-tech platform BRKZ raised $30 million in debt from Stride Ventures to expand its business.

Logexa

Logexa, a Saudi Arabia-based logistics provider, raised $2 million in a pre-Series A funding round, led by SEEDRA Ventures, to scale operations. The round also saw investments from Nour Nouf Ventures and some angel investors.

Founded in 2021 by Hussam Sindi and Hussam Spano, Logexa operates in the shared warehousing and transportation sector. It focuses on optimising underutilised storage and transport capacity in Saudi cities.

The startup aims to deploy the raised capital towards improving the digital platform and launching a marketplace for logistics and storage services.

BRKZ

Saudi construction-tech platform BRKZ has secured up to $30 million in debt capital from Stride Ventures to expand its business.

Earlier this year, BRKZ had closed its Series A extension round at $17 million, which included $8 million raised in March last year and $1 million in venture debt. The Riyadh-headquartered startup had raised $5.5 million in seed capital in 2023.

Founded in 2022 by Ibrahim Manna, BRKZ is a one-stop shop for the construction sector, selling building materials to contractors and builders on its B2B platform. It offers suppliers and materials through its platform, besides providing multiple delivery and payment options.

The startup aims to use the funding to expand its flexible payment and embedded financing solutions, empower contractors and factories to better manage cash flow cycles, and scale operations. It also plans to invest in AI-powered procurement tools, cloud manufacturing models, and international supplier networks across the Far East and India.

Najeeb AI

Saudi Arabia-based insurtech Najeeb AI has raised a pre-seed round from local and regional angel investors of an undisclosed amount to fuel regional expansion.

Founded in 2023 by Ahmed Yasmina and Hammam Homsi, Najeeb AI provides a range of technical solutions for insurance companies and service providers, such as accelerating medical approvals, detecting fraud in medical and vehicle claims, analysing clinical data to support insurance decision-making, and optimizing operations. It integrates AI with insurance technology to drive efficiency and transparency in the sector.

The startup aims to use the funding to develop AI-powered products, enhance integrations with insurers and healthcare networks, and prepare for regional expansion.

Squadio

Saudi Arabia-based HR-tech startup Squadio raised $3 million in a pre-Series A round from at least four venture capital firms to enhance its product offering.

The round saw participation from Wa'ed Ventures, 500 Sanabil MENA, Nour Nouf Ventures, SEEDRA Ventures, and NTDP.

Founded in 2019 by Khaled Senawy, the platform connects companies with vetted global tech talent to build remote-first engineering, design, and product teams.

The company aims to strengthen its AI-powered matching algorithm, enhance operational infrastructure, and expand its presence in MENA, Africa, and Silicon Valley.

In 2022, Squadio had raised a seed round of an undisclosed value from SEEDRA Ventures.

Velents AI

Saudi Arabia-based HR-tech firm Velents AI has raised $1.5 million from angel investors, including executives from Google and BCG, to scale its platform.

It also launched Agent SA, the first fully Arabic-speaking AI employee for businesses across the Middle East.

Founded in 2020 by Mohamed Gaber and Abdulaziz Almuhaydib, Velents originally focused on recruitment automation before expanding into AI-driven digital solutions. The company now supports clients in Egypt and Saudi Arabia, including government ministries, private enterprises, and universities.

It plans to use the new capital to scale its AI infrastructure and product adoption ahead. Velents is also preparing for a new funding round, expected to close in early 2026.

Published by HT Digital Content Services with permission from VC Circle.