Saudi Arabia-based logistics startup Sirdab has raised $10 million in Series A funding, co-led by PIF-backed Elm and existing investor BECO Capital. Other backers include Y Combinator, COTU Ventures and D Global Ventures. Founded in 2022 by Naif Alzahri and Abdulrahman Alnamlah, Sirdab provides a technology platform enabling businesses to access and manage warehousing and transportation services through a single system. The company has grown revenue 20x since graduating from Y Combinator's Winter 2023 batch whilst reaching profitability. Sirdab serves over 850 businesses, including government entities and publicly listed companies, through a network spanning 120-plus warehouses and 60-plus transportation providers. The funding will support expansion across Saudi Arabia and the GCC, network growth and platform development, including AI capabilities for matching businesses with capacity.

Dubai-based fintech startup Ziina has secured $22 million in Series A funding led by Altos Ventures, with participation from Fintech Collective, Avenir Growth, Activant Capital, Y Combinator, FJ Labs, MEVP, and Jabbar Internet Group. The round comes as global fintech funding dropped from $144.2 billion in 2021 to $40.7 billion last year. Ziina serves the UAE's 560,000 small and medium-sized enterprises, which comprise 94% of all businesses and contribute 60% of GDP. The company received a Stored Value Facility license from the UAE Central Bank in 2023, allowing it to hold customer funds. The startup will use the funding to develop products including ZiiCard, a digital wallet-linked card with expense tracking and payment splitting features. Ziina plans to expand into Saudi Arabia and Jordan.