Dubai of Tomorrow
Dubai of Tomorrow · The backers
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STV

STV, known in full as Saudi Technology Ventures, is a venture capital firm founded in 2018 and headquartered in Riyadh, Saudi Arabia. It has invested in more than 30 technology companies across the Middle East and North Africa, including Careem, an October 2018 investment that paid off when Uber acquired the Dubai ride-hailing company for $3.1 billion, and Tabby, whose 2025 Series E it joined alongside Blue Pool Capital and Hassana Investment Company. In 2025 it launched a $100 million AI Fund backed by Google to back AI-native startups in the region.

Venture capital  /  Riyadh  /  Since 2018
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Portfolio on the record

2 founders, as stated on their cards.

Dubai of Tomorrow
People Companies Ideas Capital
No.046
Hosam Arab
Co-founder, Tabby
Fintech
From online retail to rethinking how the region pays.
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Dubai of Tomorrow
People Companies Ideas Capital
No.046
Tabby
Founded 2019 · Dubai
$757M+
Total funding as recorded
$6.5B
Sep 2026 Series F · Valued
Recorded 25 Sep 2026
Backers
All 9 backers
Compounding moves
  • 2024Acquired Tweeq, a SAMA-licensed wallet
  • 2025$160M Series E at $3.3B
  • 2026CBUAE wallet and SAMA finance licences
  • 2026$233M Series F at $6.5B
19 sources · HistoryBitcoin proof
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Dubai of Tomorrow
People Companies Ideas Capital
No.033
Magnus Olsson
Co-founder, Careem
Mobility
A Swedish ex-McKinsey consultant, he co-founded Careem with Mudassir Sheikha, stayed through the Uber acquisition and the e& super app carve-out, and now leads the company's AI work.
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Dubai of Tomorrow
People Companies Ideas Capital
No.033
Careem
Founded 2012 · Dubai
$3.1B
Uber acquisition, 2019 · Exit
Recorded 17 Jul 2026
Backers
All 4 backers
Compounding moves
  • 2012Co-founded Careem in Dubai with fellow McKinsey alum Mudassir Sheikha
  • 2019Uber agreed to buy Careem for $3.1B, the region's biggest tech deal
  • 2023e& paid $400M for a 50.03% majority of the spun-out Careem Technologies
  • 2026Uber bought back a 12.5% stake in Careem Technologies from e& for $100M
2 sources · HistoryBitcoin proof
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Syndicate

Firms that share a record with STV.

In your sectors, not yet in your portfolio

Founders on the record in Fintech, Mobility whom STV has not backed, as stated on the cards.

Dubai of Tomorrow
People Companies Ideas Capital
No.032
Abdulla Almoayed
Founder, Tarabut
Fintech
He built MENA's first regulated open banking platform, licensed in Bahrain and Saudi Arabia and headquartered in Dubai, then bought London payments firm Vyne to add account-to-account payments ahead of new UAE and Saudi rules.
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Dubai of Tomorrow
People Companies Ideas Capital
No.032
Tarabut
Founded 2017 · Bahrain
$57M
Total funding as recorded
Dubai
HQ
Recorded 17 Jul 2026
Backers
All 4 backers
Compounding moves
  • 2019Launched Tarabut Gateway out of Bahrain as MENA's first regulated open banking platform
  • 2021Raised $13M seed, then a $12M pre-Series A led by Tiger Global
  • 2023Closed $32M Series A led by Pinnacle Capital, with Visa participating
  • 2024Acquired London A2A payments platform Vyne with SAMA and FCA approval
4 sources · HistoryBitcoin proof
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Dubai of Tomorrow
People Companies Ideas Capital
No.034
Vilhelm Hedberg
Co-founder, ekar
Mobility
He co-founded the Middle East's first carshare operator, which grew from pay-per-minute rentals in Dubai into subscription leasing and peer-to-peer sharing across the Gulf.
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Dubai of Tomorrow
People Companies Ideas Capital
No.034
ekar
Founded 2016 · Abu Dhabi
$17.5M
Total funding as recorded
3
Backers on record
Recorded 9 Aug 2026
Backers
Compounding moves
  • 2016Co-founded ekar in Abu Dhabi as the Middle East's first carshare operator
  • 2019Closed $17.5M Series B led by Polymath Ventures and launched in Riyadh
  • 2022Launched contactless peer-to-peer carshare in Saudi Arabia
  • 2024Stepped back from day-to-day leadership; now chairman of Lynx Holdings
4 sources · HistoryBitcoin proof
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Dubai of Tomorrow
People Companies Ideas Capital
No.041
Tariq Sheikh
Founder, Postpay
Fintech
He built Postpay on interest-free instalments funded through bank debt from Commercial Bank of Dubai rather than repeated equity rounds.
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Dubai of Tomorrow
People Companies Ideas Capital
No.041
Postpay
Founded 2019 · Dubai
$10M
Total funding as recorded
3
interest-free instalments · Model
Recorded 15 Jul 2026
Backers
Compounding moves
  • 2019Founded in Dubai; launched three-instalment interest-free checkout financing
  • 2021Took $10M equity investment from Afterpay and AP Ventures
  • 2022Signed debt financing deal with Commercial Bank of Dubai to fund GCC expansion
2 sources · HistoryBitcoin proof
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Dubai of Tomorrow
People Companies Ideas Capital
No.042
Marwan Hachem
Co-founder, YAP
Fintech
He co-founded YAP with Anas Zaidan as an independent neobank built on partner bank licences, starting with RAKBank in the UAE and extending the model toward Saudi Arabia, Pakistan and Ghana.
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Dubai of Tomorrow
People Companies Ideas Capital
No.042
YAP
Founded 2021 · Dubai
$41M
Total funding as recorded
4
Backers on record
Recorded 15 Jul 2026
Backers
All 4 backers
Compounding moves
  • 2021Launched UAE digital banking platform in partnership with RAKBank
  • 2022Raised $41M led by Aljazira Capital to fund expansion into Saudi Arabia, Egypt, Pakistan and Ghana
  • 2024Reported to have laid off nearly all Pakistan staff, leaving its Pakistan expansion in doubt
4 sources · HistoryBitcoin proof
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Dubai of Tomorrow
People Companies Ideas Capital
No.043
Hasib Khan
Founder, Udrive
Mobility
He introduced pay-per-minute car rental to the region with Udrive, betting that Gulf city residents will pay for cars by the trip instead of owning them.
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Dubai of Tomorrow
People Companies Ideas Capital
No.043
Udrive
Founded 2016 · Dubai
$5M
Total funding as recorded
3
Backers on record
Recorded 15 Jul 2026
Backers
Compounding moves
  • 2016Founded in Dubai as the region's first pay-per-minute car rental service
  • 2021Closed $5M round after a pandemic slump, targeting fleet doubling
  • 2022Expanded to Saudi Arabia with a Riyadh launch licensed by the Transport General Authority
  • 2026Partnered with AGMC to add 100 MINI vehicles to its UAE fleet
3 sources · HistoryBitcoin proof
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Dubai of Tomorrow
People Companies Ideas Capital
No.044
Zuhair Shamma
Co-founder, Zest Equity
Fintech
He co-founded Zest Equity to digitize private market transactions in MENA, building execution rails for secondaries and SPVs on deals under $100 million.
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Dubai of Tomorrow
People Companies Ideas Capital
No.044
Zest Equity
Founded 2021 · Dubai
$8.1M
Total funding as recorded
3
Backers on record
Recorded 9 Aug 2026
Backers
Compounding moves
  • 2021Founded in Dubai with Rawan Baddour as a marketplace for secondary trading of startup shares
  • 2023Raised $3.8M seed led by MEVP with Dubai Future District Fund
  • 2025Raised $4.3M pre-Series A led by Prosus Ventures with Morgan Stanley participation
2 sources · HistoryBitcoin proof
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Chronicles

The stories of the founders STV backed.

Provenance

About the firm, as sourced:

Portfolio as stated on 2 records: No. 046, No. 033. This page is a view of the record. The anchored facts live on each card.