Shorooq Partners Lead Saudi’s First NFT Marketplace

The Kingdom of Saudi Arabia’s first and leading NFT marketplace Nuqtah, has successfully closed their Pre-Seed round led by Shorooq Partners and joined by strategic angel investors. 

As a local first platform, Nuqtah enables local creatives to publish and sell their work seamlessly and will serve as a global platform for buyers keen on acquiring the latest NFTs by renowned and emerging MENA artists. Nuqtah plans to build on the thriving NFTs space, and utilize the underlying blockchain technology to spearhead innovation in other verticals such as media and entertainment. The Company founded by Salwa Radwi plans to become the de-facto platform for the Saudi and MENA digital creative economy. 

As venture spaces across MENA continuously develop new technologies and take the leap into the future of next-gen technologies, industries of digitization like FinTech, E-commerce, and Transport & Logistics have been taking the lead and the lion’s share of investment. This year, 71 transactions in FinTech and 67 in E-commerce startups across MENA by October marked a steady 15% and 12% YoY growth for the two industries respectively. Since October, we have been observing ample Investor openness to futuristic technologies, where funding rounds in Crypto were closed by CoinMENA and BitOasis, investments in open banking were highlighted in Tarabut Gateway’s $12M Pre-Series A and FinTech Galaxy's $2M SEED. This outlook for the future of Tech is surely represented in VC investments across MENA, where even earlier today the XR (Extended Reality) startup HyperSpace has announced its $11M SEED round to create Blockchain-powered technologies building physical spaces with metaverse (digital & AR) integrations. 

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