--- url: 'https://qubit.capital/blog/mena-seed-weekly-funding-roundup-week-4-march-2026' title: 'MENA Seed Weekly Funding Roundup (Mar 16-23, 2026): $18.5M Raised Across 3 Deals' author: name: Sahil Agrawal url: 'https://qubit.capital/blog/author/sahil' date: '2026-03-23T09:42:21+05:30' modified: '2026-03-27T15:13:09+05:30' type: post summary: 'Three MENA seed deals raised $18.5M this week, spanning Shariah-compliant microfinance, Bitcoin stablecoin infrastructure, and AI business intelligence.' categories: - Weekly Funding Roundup image: 'https://qubit.capital/wp-content/uploads/2026/03/featured-mena-seed-64548.webp' published: true --- # MENA Seed Weekly Funding Roundup (Mar 16-23, 2026): $18.5M Raised Across 3 Deals Three seed-stage startups across Saudi Arabia and the UAE pulled in a combined $18.5M this week. Two $7.5M rounds anchored the total, with fintech dominating: one bet on Shariah-compliant consumer lending, the other on moving stablecoins onto Bitcoin’s network. A smaller AI-powered business intelligence play out of Riyadh rounded out the week. The through-line here is infrastructure. Each company is building plumbing for its respective market, whether that’s regulatory-compliant lending rails, blockchain settlement layers, or enterprise data pipelines. Investors are backing teams that hold hard-to-get licenses or deep protocol expertise, signaling that in MENA’s maturing startup ecosystem, defensibility matters more than speed. Weekly Funding Roundup MAR 16-23, 2026 $18.5M TOTAL RAISED 3DEALS CLOSED 100%SEED $6.2MAVG DEAL SIZE MENATOP REGION BY STAGE Seed$18.5M100% BY SECTOR MuhlahFintech$7.5M UtexoFintech / Blockchain$7.5M InfobrimAI / Business Intelligence$3.5M Table of Contents - [1. Muhlah Raises $7.5M For Shariah-Compliant Consumer Microfinance](#1-muhlah-raises-$7-5m-for-shariah-compliant-consumer-microfinance) [Deal Overview](#deal-overview) - [Investor Profile](#investor-profile) - [Company and Leadership](#company-and-leadership) - [Problem and Opportunity](#problem-and-opportunity) - [Product and Technology](#product-and-technology) - [Use of Proceeds and Vision](#use-of-proceeds-and-vision) - [Market Context](#market-context) - [2. Utexo Raises $7.5M For Bitcoin Stablecoin Infrastructure](#2-utexo-raises-$7-5m-for-bitcoin-stablecoin-infrastructure) [Deal Overview](#deal-overview-1) - [Investor Profile](#investor-profile-1) - [Company and Leadership](#company-and-leadership-1) - [Problem and Opportunity](#problem-and-opportunity-1) - [Product and Technology](#product-and-technology-1) - [Use of Proceeds and Vision](#use-of-proceeds-and-vision-1) - [Market Context](#market-context-1) - [3. Infobrim Secures Angel Round at $3.5M Valuation For AI Business Intelligence](#3-infobrim-secures-angel-round-at-$3-5m-valuation-for-ai-business-intelligence) [Deal Overview](#deal-overview-2) - [Investor Profile](#investor-profile-2) - [Company and Leadership](#company-and-leadership-2) - [Problem and Opportunity](#problem-and-opportunity-2) - [Product and Technology](#product-and-technology-2) - [Use of Proceeds and Vision](#use-of-proceeds-and-vision-2) - [Market Context](#market-context-2) - [Lessons For Founders](#lessons-for-founders) ## 1. Muhlah Raises $7.5M For Shariah-Compliant Consumer Microfinance ### Deal Overview - **Stage:** Seed - **Sector:** Fintech - **Geography:** Riyadh, Saudi Arabia - **Round size:** $7.5M (SAR 28.25M) - **Valuation:** Not disclosed ### Investor Profile BIM Ventures and Japan’s SBI Group co-led the round. BIM incubated Muhlah through its venture studio, so this is a continuation of an existing relationship rather than a cold check. SBI Group brings capital markets experience across Asia. The two firms signed a strategic MOU in May 2024 for joint fund management. AlSuhaimi Holding Group and Fakhr Investment Holding also participated. ### Company and Leadership [Muhlah](https://www.muhlah.com) was founded in 2024 by Abdulaziz AlRammah and spun out of BIM Ventures’ studio. The company secured its SAMA (Saudi Central Bank) consumer microfinance license in September 2025, placing it among just 11 licensed operators in the country. ### Problem and Opportunity Saudi Arabia’s non-bank consumer finance market grew 10% last year, but access to small-ticket, Shariah-compliant credit remains limited. Traditional banks move slowly on digital-first lending products. Millions of consumers need structured financing that complies with Islamic finance principles, and the licensed supply side is thin. ### Product and Technology Muhlah runs a fully digital, mobile-first platform offering small consumer loans structured as murabaha or taqseet arrangements, avoiding riba (interest). The company plans to scale through off-balance-sheet and partner-backed Shariah-compliant funding structures rather than lending exclusively from its own balance sheet. ### Use of Proceeds and Vision Funds go toward expanding financing capacity, building out Shariah-compliant funding structures, and scaling operations across Saudi Arabia. The company is positioning itself within Vision 2030’s Financial Sector Development Program, which targets broader consumer credit access and financial inclusion across the Kingdom. ### Market Context With only 11 licensed consumer microfinance companies in Saudi Arabia, the market is far from saturated. Competitors include Lendo, Raqamyah, STC Pay, and traditional banks like Al Rajhi and SNB. SBI’s involvement could open Japanese capital market access, a channel none of the domestic competitors have. ## 2. Utexo Raises $7.5M For Bitcoin Stablecoin Infrastructure ### Deal Overview - **Stage:** Seed - **Sector:** Fintech / Blockchain - **Geography:** Dubai, UAE - **Round size:** $7.5M - **Valuation:** Not disclosed ### Investor Profile Tether led the round, which is significant: the largest stablecoin issuer (with $300B+ in market cap) is backing the company building its Bitcoin settlement rails. Franklin Templeton’s participation adds traditional finance credibility. Big Brain Holdings, Portal Ventures, Maven11 Capital, and Fulgur Ventures filled out the syndicate. ### Company and Leadership [Utexo](https://www.utexo.com) was founded in 2025 by Viktor Ihnatiuk (CEO) and Chris Hutchinson. The idea started during meetings with Tether representatives in Prague back in 2023. This seed is the company’s first institutional funding. ### Problem and Opportunity USDT stablecoin transactions flow primarily on Tron (~50%) and Ethereum (~30%). Bitcoin captures almost none of this volume despite being the most secure blockchain. Financial institutions and exchanges want Bitcoin-native stablecoin settlement but lack the infrastructure to process it. ### Product and Technology Utexo provides enterprise-grade APIs and SDKs that let financial institutions, wallets, and exchanges process USDT natively on Bitcoin. The stack combines Lightning Network for sub-second execution with RGB protocol for privacy-preserving asset issuance. Clients integrate without overhauling their existing compliance or custody systems. ### Use of Proceeds and Vision The team will expand technical infrastructure beyond the UAE, accelerate onboarding of financial institutions, and scale developer tooling for broader adoption. The long-term play is positioning Bitcoin as the premier global settlement rail for stablecoins, directly competing with Ethereum and Tron’s dominance. ### Market Context Stablecoin market cap hit $306B in 2025, up 49% year over year, with projections exceeding $2 trillion by end of 2026. Regulatory tailwinds in the Gulf favor Bitcoin as a neutral network. Utexo’s structural advantage is having Tether as both investor and distribution partner, a combination no competitor can easily replicate. ## 3. Infobrim Secures Angel Round at $3.5M Valuation For AI Business Intelligence ### Deal Overview - **Stage:** Angel / Seed - **Sector:** AI / Business Intelligence - **Geography:** Saudi Arabia - **Round size:** Undisclosed (at $3.5M valuation) - **Valuation:** $3.5M ### Investor Profile Investor names were not publicly disclosed for this angel round. At a $3.5M valuation, this is an early-stage bet on the team and concept rather than proven traction. ### Company and Leadership [Infobrim](https://www.infobrim.com) is building out of Saudi Arabia with a focus on AI-native business intelligence. Founding team details are limited in public reporting. ### Problem and Opportunity Enterprise data sits scattered across dozens of sources. Traditional BI tools require heavy integration work and specialized analysts to extract value. Saudi enterprises, many undergoing rapid digital transformation under Vision 2030, need faster paths from raw data to actionable intelligence. ### Product and Technology Infobrim is building an AI-native BI lakehouse architecture that connects enterprise data sources into a unified analytics layer. The approach aims to reduce the gap between data ingestion and business decision-making by using AI to automate query generation and insight extraction. ### Use of Proceeds and Vision At this early stage, funds will likely go toward product development and initial customer acquisition. The company is positioning at the intersection of two tailwinds: Saudi Arabia’s enterprise digitization push and the global shift toward AI-powered analytics. ### Market Context The global BI market exceeds $30B annually and is growing as enterprises adopt AI-driven analytics. Saudi Arabia’s digital transformation spending continues to accelerate. Infobrim faces competition from established players like Tableau, Power BI, and Looker, but local market knowledge and Arabic-language capabilities could carve out a niche in the Kingdom. ## Lessons For Founders - **Licenses are moats.** Muhlah’s SAMA license puts it in a club of just 11 companies. If your market has a hard regulatory gate, getting through it early is one of the strongest defensibility signals you can send to investors. - **Your lead investor can be your distribution channel.** Utexo’s round was led by Tether, the very company whose product it settles. When your investor is also your largest potential customer or partner, the capital comes with built-in go-to-market. - **Venture studios compress early risk.** Muhlah launched with compliance, governance, and operational frameworks already in place because BIM Ventures built it from inside the studio. Founders who can’t access a studio should still aim to derisk regulatory and operational basics before raising. - **MENA seed rounds are reaching global scale.** Two $7.5M seeds in one week signals that the region’s investor base is comfortable writing larger early checks when the regulatory or technical moat is clear. Founders don’t need to relocate to raise competitive rounds.