2024: Shorooq's Year of Investments and Milestones

As the year 2024 draws to a close, I reflect with immense pride and gratitude on what has been an extraordinary year for Shorooq. This year has been a milestone in our journey, marked by bold strides, meaningful partnerships, and transformative investments. We’ve not only reaffirmed our commitment to innovation and ecosystem building but also taken steps to redefine our identity as a multi-dimensional investment firm—a partner that offers more than just capital. Together with our founders, investors, and partners, we have laid the foundation for a future brimming with potential, growth, and impact.

‍

Shorooq: Rebranding as a Multi-Dimensional Investment Firm

‍

2024 was the year Shorooq evolved into a multi-dimensional investment firm, cementing our role as a true partner to the founders and businesses we back. This rebranding reflects our deep conviction that investment is about more than just financial support—it’s about offering a suite of services, resources, and expertise that empower entrepreneurs to thrive. Whether it’s through venture capital, credit, or strategic partnerships, our multi-dimensional approach ensures that we meet the unique needs of the companies and ecosystems we serve.

‍

This evolution aligns with our broader vision: to create bridges across the Middle East, North Africa (MENA), and Asia, fostering innovation and driving long-term value in high-growth, high-impact sectors.

‍

‍

Strategic Partnership with Hanwha Life

‍

Among the defining moments of 2024 was our strategic partnership with Hanwha Life, a global leader in financial services and life insurance. Announced during Abu Dhabi Finance Week(ADFW), this alliance underscores our commitment to connecting the vibrant markets of Asia and the Middle East. Together, we aim to unlock new growth opportunities through targeted investments in fintech, platforms, software, and deep tech.

‍

As Minsik Shin, Chief Investment Officer of Hanwha Life, stated: “Our partnership with Shorooq is a testament to our commitment to expanding into high-growth regions like the Middle East, which will play a pivotal role in shaping the future of financial innovation and alternative investments.” This partnership is more than a transaction—it’s a shared vision of connecting ecosystems and creating enduring value.

‍

Dominance in Credit through Nahda Fund

‍

Shorooq’s Nahda Fund has cemented our leadership in the credit space this year. Recognizing the immense demand for non-dilutive capital among startups and growth-stage companies, Nahda Fund has provided tailored financial solutions that empower entrepreneurs to scale their businesses while retaining ownership.

‍

A significant milestone for Nahda Fund was our investment in Abhi Finance, a cutting-edge financial platform that is redefining payroll financing and employee benefits in Pakistan. Abhi Finance’s innovative solutions are providing liquidity to employees and businesses alike, addressing a critical market gap in the region. This investment not only highlights the versatility of venture debt as a financing tool but also our commitment to backing impactful solutions that drive financial inclusion and empowerment.

‍

With Nahda Fund, Shorooq is bridging the gap between equity and debt, offering founders access to capital on their terms. Whether through Abhi Finance or our broader venture debt strategy, we are redefining what it means to be a partner in growth.

‍

Pioneering Innovations in Real-World Assets (RWA) and Blockchain

‍

This year, we made a significant entry into the global real-world asset (RWA) market through our investment in MANTRA Chain, a blockchain protocol leading the tokenization revolution. MANTRA Chain has emerged as the global leader in democratizing access to physical assets such as real estate, commodities, and luxury goods. By enabling seamless digitization and trading of RWAs, MANTRA Chain is unlocking trillions of dollars in opportunities and making asset ownership more accessible and inclusive.

‍

Our investment in MANTRA Chain reflects Shorooq’s commitment to leveraging cutting-edge technology to solve real-world problems. As the RWA market evolves, we are proud to support a platform at the intersection of decentralized finance (DeFi) and traditional asset management.

‍

Empowering AI and Climate Innovation

‍

Shorooq’s  focus on transformative sectors such as AI and climate tech remained steadfast in 2024. Our $20 million Series A investment in Intelmatix, a Saudi-based AI company, represents a leap forward in advancing enterprise decision intelligence. By democratizing AI through its EDIX platform, Intelmatix is empowering businesses to enhance productivity and make data-driven decisions without the need for specialized technical expertise.

‍

On the climate front, we backed 44.01, an Oman-based company that is reshaping the fight against climate change through its innovative carbon capture technology. By turning CO2 into rock, 44.01 is delivering a permanent and scalable solution to reduce global emissions. These investments highlight our belief in the power of technology to drive both economic growth and sustainable impact.

‍

‍

Backing Seamless Connectivity and Digital Economies

‍

This year, Shorooq’s made significant strides in empowering connectivity and digital infrastructure. Through our investment in Roamless, we are redefining global telecommunications with seamless, cost-effective solutions that enable uninterrupted communication across borders. Roamless is ensuring that individuals and businesses can stay connected in an increasingly globalized world.

‍

We also invested in Prypco, a platform revolutionizing the real estate sector in the MENA region. By digitizing the process of renting, buying, and selling properties, Prypco is creating a more transparent, accessible, and efficient marketplace. This investment aligns with our commitment to fostering digital economies that empower individuals and businesses alike.

‍

‍

Fintech as a Cornerstone: Pemo and Lean Technologies

‍

Fintech has remained central to Shorooq’s portfolio strategy in 2024. Our continued investment in Pemo, a UAE-based spend management platform, demonstrates our dedication to empowering small and medium-sized enterprises (SMEs) with tools to enhance financial efficiency. By simplifying corporate spending and expense management, Pemo is enabling SMEs to scale with confidence.

‍

We also maintained our strong support for Lean Technologies, which is building the financial infrastructure of the future. Lean’s seamless API integrations are enabling businesses to offer advanced financial services, driving the next wave of fintech innovation in MENA. These investments underscore our belief in the transformative power of fintech to drive financial inclusion and regional economic growth. Worth noting, that Lean secured a $67.5M in Series B Funding Led by General Catalyst.

‍

‍

Strengthening the Ecosystem with Key Partnerships

‍

2024 has been a year of ecosystem dominance for Shorooq. Beyond deploying capital, we have served as active partners in building the MENA and Asia startup ecosystems. From mentoring founders to fostering cross-border collaborations such as the one we had with London Stock Exchange on the Exit market in MENA, we have consistently worked to unlock synergies that drive innovation, economic growth, and value creation. As we move forward, Shorooq will remain at the forefront of ecosystem building, bridging markets and catalyzing opportunities.

‍

‍

Looking Ahead

‍

As I reflect on this extraordinary year, I am reminded of the collective effort that has fueled our success. From the visionary founders we’ve partnered with to the steadfast support of our limited partners, every milestone achieved in 2024 is a testament to collaboration, ambition, and trust. This year, we redefined ourselves as a multi-dimensional investment firm, not only solidifying our position as a market leader but also shaping the industries and ecosystems that will define the future.

‍

As we look toward 2025, our mission remains clear: to bridge global investment corridors, support visionary entrepreneurs, and drive meaningful, long-term impact across sectors. The opportunities ahead are limitless, and with the continued trust and partnership of our stakeholders, we are poised to embrace the future with energy, ambition, and optimism.

‍

To our founders, LPs, and the entire Shorooq family—thank you for believing in our vision. Together, let’s continue building a brighter, more innovative, and more sustainable future.

‍