• EXITS MENA has launched a joint venture with prominent Saudi investors in Saudi Arabia to enhance the MENA entrepreneurial ecosystem and support startups and SMEs.

• The venture is led by Ammar Ahmed Shata, founder of Gotrah Ventures, who will serve as non-executive chairman.

• The startup provides a cash-in/cash-out platform, API integration, stablecoin settlement, and SMS wallet services.

EXITS MENA, a fintech arrangement platform for startups and small and medium-sized enterprises (SMEs) in the MENA region, has announced establishing a new strategic joint venture in Saudi Arabia.

Founded in 2022 by Mohamed Aboulnaga, Ahella El Saban, and Ayman El Tanbouly, EXITS MENA aims to facilitate M&As and investments in companies by offering a seamless and fully integrated online solution on its platform and a full-fledged financial advisory service.

EXITS MENA Expands Operations in Saudi Arabia through Strategic Joint Venture

The startup, which closed a US$1.25 million pre-seed funding round a year ago, has now expanded into Saudi Arabia in a joint venture backed by a partnership with a group of esteemed Saudi investors led by Ammar Ahmed Shata, the founder of Gotrah Ventures, who will also act as the non-executive chairman of the new joint venture.

This strategic move represents a significant milestone for EXITS MENA, solidifying its commitment to addressing the gaps in the entrepreneurial ecosystem across the MENA region. By establishing an on-ground presence in Saudi Arabia, EXITS MENA aims to leverage the Kingdom’s dynamic market environment to foster growth and drive innovation among startups and SMEs.

“Our expansion into Saudi Arabia marks a significant milestone in our journey to be the leading catalyst for investment and growth in the MENA region’s entrepreneurial ecosystem. With Mr. Ammar’s industry expertise and the creation of this joint venture, we are confident in our ability to bridge the gaps in the entrepreneurial ecosystem and drive substantial growth and investment in the Kingdom,” said Mohamed Abuelnaga Nagaty, Ahella El Saban, and Ayman El Tanbouly.

“This expansion will enable us to provide unmatched support to startups and SMEs, empowering them to navigate the complexities of the market and achieve their business objectives. Additionally, we recognize the critical importance of secondary share sales in providing liquidity for founders and early investors. By facilitating these transactions, we help startups and SMEs progress towards successful exits, ensuring sustainable growth and rewarding outcomes for all stakeholders involved.”

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Saudi Joint Venture Impact

This strategic move signifies the beginning of a new phase for EXITS MENA and the MENA fintech startup scene. By establishing a joint venture in Saudi Arabia, EXITS MENA is poised to leverage the Kingdom’s evolving market landscape to nurture growth and spur innovation among local startups and SMEs.

The joint venture is underpinned by a partnership with notable Saudi investors spearheaded by Ammar Ahmed Shata, the visionary behind Gotrah Ventures, who will serve as the non-executive chairman of the new entity.

“Our collaboration with EXITS MENA marks a significant stride towards fostering innovation and driving the growth of startups and SMEs in Saudi Arabia. This joint venture is more than just an investment; it’s a commitment to creating a vibrant ecosystem that empowers businesses to realize their full potential,” stated Ammar Shata.

By combining innovative tech automation with a comprehensive suite of financial advisory services, EXITS MENA ensures a streamlined and efficient deal-making process. The platform has already successfully closed nine deals in the past year and a half, with a pipeline of over 40 mandates amounting to nearly $180 million in deal value.

Pre-Seed Funding Milestone

EXITS MENA has firmly established itself as a pivotal player in the fintech investment in Saudi Arabia and the broader MENA region. The startup’s successful pre-seed funding round of US$1.25 million a year ago marked a critical juncture in its growth trajectory.

This funding has fueled its expansion efforts, enabling the startup to set its sights on Saudi Arabia and establish a robust on-ground presence.

“Our recent pre-seed funding milestone has laid the groundwork for our expansion into Saudi Arabia. With substantial backing from our partners, we are well-positioned to drive growth and innovation in the MENA fintech startup ecosystem,” remarked Mohamed Abuelnaga Nagaty, Ahella El Saban, and Ayman El Tanbouly.

“Our objective is to offer unparalleled support to startups and SMEs, helping them navigate market complexities and achieve their business goals. We also recognize the importance of secondary share sales in providing liquidity for founders and early investors, facilitating successful exits and sustainable growth for all stakeholders involved.“

Conclusion

In conclusion, MENA’s expansion into Saudi Arabia through its strategic joint venture showcases its dedication to bridging gaps in the entrepreneurial ecosystem and fostering growth across the MENA region.

By leveraging Saudi Arabia’s dynamic market environment,  MENA is set to drive substantial growth and investment, offering unmatched support to startups and SMEs. This milestone, backed by significant pre-seed funding and a commitment to innovation, positions MENA as a critical player in the fintech investment landscape in Saudi Arabia and the broader MENA region.