Capital Intelligence · Majlis Research

A Funding Round Is Not a Growth Score

What 30 public-announcement pairs reveal about round sizes and timing, and what they cannot tell us about business performance.

By Majlis Partners Research · October 17, 2026 · Data snapshot: October 17, 2026 · 7 min read

A startup announces a funding round. Later, it announces another. Is that evidence of progress?

It is evidence of another recorded financing event. What happened inside the business is a separate question.

We examined 30 pairs of public funding announcements across 30 GCC-linked companies, comparing disclosed round sizes and the intervals between their cited publications.

These selected announcement pairs are not a regional benchmark or a certified record of consecutive equity rounds. They provide financing context, not a score for business performance.

The sample at a glance

Round sizes and publication intervals in the selected sample
Measure	Selected sample
Eligible comparisons	30
Companies represented	30
Median later-to-earlier round-size ratio	2.84×
Median interval between cited publications	21.93 months
Publication interval range	8.02–57.23 months
Round-size ratio range	0.87×–10.67×
Comparisons with a smaller later round	1

1. A later stage need not mean a larger round

Fuze's cited Seed announcement disclosed $14 million; its Series A disclosed $12.2 million. The later round was smaller. qeen.ai's cited pre-Seed and Seed announcements disclosed $2.2 million and $10 million respectively. Those are different financing paths, not different scores for the quality of the businesses. The Data and sources appendix identifies every company used in the charts.

A round-size ratio divides the later disclosed round total by the earlier one. Above 1×, the later round is larger; below 1×, it is smaller. This is not a valuation multiple, revenue-growth measure or investor return.

Note: A stage label describes a financing category, not what the company has proved with its capital.

Figure 1. Publication intervals and round-size ratios

Interactive scatter plot available with JavaScript. Accessible data is provided below.

Each of the 30 points is one selected announcement pair. Company names and values appear in point details and the accessible table. Months use cited publication dates, not funding close dates. The 1× line marks equal round sizes.

View all 30 comparison records

All selected public funding-announcement pairs; citations and history limitations are in Data and sources
Company and original reference	Months between cited publications	Later/earlier disclosed venture-round size
qeen.aiComparison 01	8.02	4.55×
1001 AIComparison 02	8.28	3.33×
GrowdashComparison 03	10.51	2.40×
UnifyAppsComparison 04	11.30	2.50×
StitchComparison 05	11.53	2.50×
MilkStraw AIComparison 06	11.96	3.33×
AyaComparison 07	13.21	4.38×
CercliComparison 08	13.57	3.00×
LolaComparison 09	14.03	2.31×
RentifyComparison 10	14.45	4.00×
Resquad AIComparison 11	16.92	4.69×
Zetta TechnologiesComparison 12	17.41	8.00×
FuzeComparison 14	19.35	0.87×
StakeComparison 18	21.35	1.75×
WafeqComparison 19	22.50	2.50×
COGNNAComparison 23	24.70	4.09×
CaloComparison 24	24.80	1.92×
KeyperComparison 26	25.76	2.75×
RemotePassComparison 27	26.48	3.16×
RewaaComparison 28	28.06	1.67×
MalaaComparison 30	29.63	10.18×
AlaanComparison 32	30.58	10.67×
TorodComparison 34	31.77	8.50×
Lean TechnologiesComparison 36	33.77	2.05×
InvestSkyComparison 37	36.96	1.18×
AumetComparison 38	37.84	1.71×
ZiinaComparison 39	38.90	2.93×
Merit IncentivesComparison 40	8.77	2.33×
CASHINComparison 47	52.92	10.00×
SkipCashComparison 49	57.23	2.08×

2. Publication intervals are not fundraising duration

The selected publication intervals range from 8.02 to 57.23 months. Their median is 21.93 months. These are gaps between the two cited publications for each company, not the earliest announcement anywhere, time actively fundraising or time until cash reached the business.

Each interval uses the publication dates of the two cited sources. The appendix identifies both publishers and the evidence for their dates.

3. Read the ratio alongside both amounts

Worked examples from the same plotted sample. The complete data is available below
Company	Earlier disclosed round	Later disclosed round	Ratio	Publication interval
qeen.ai	$2.2 million	$10 million	4.55×	8.02 months
Cercli	$4 million	$12 million	3×	13.57 months
Fuze	$14 million	$12.2 million	0.87×	19.35 months
Merit Incentives	$12 million	$28 million	2.33×	8.77 months
SkipCash	$1.92 million	$4 million	2.08×	57.23 months

A large multiple can reflect a small starting round. Neither a large multiple nor a short interval establishes a healthier business, better financing terms or more efficient use of capital. Read the actual amounts alongside the ratio, and assess the company's commercial progress separately.

Figure 2. Counts in ratio bands

Interactive categorical bar chart available with JavaScript. Accessible data is provided below.

These bars count the same 30 announcement pairs as Figure 1. Bands have unequal widths; heights show counts, not probability density. Every selected pair is counted once.

The complete distribution data table follows this chart caption.

Distribution of all 30 retained later-to-earlier ratios
Later-to-earlier round-size ratio	Comparisons
Below 1×	1
1× to <2×	5
2× to <3×	10
3× to <5×	9
5× to <10×	2
10× or above	3
Total	30

4. What should founders take from this?

For founders, the practical question is what the financing must enable. Plan around your milestones, operating costs and uncertainty, rather than assuming that each stage brings a larger cheque.

What did the previous capital enable us to learn or prove?
Which customer and commercial assumptions remain unresolved?
What milestones would strengthen the next investment case?
What would we change if financing arrived later or was smaller than planned?

Check Your Investor Readiness: A planning tool, not a prediction of whether or when financing will be available.

5. What can investors infer?

The round totals do not disclose individual investor contributions, entry valuations, dilution, ownership, liquidation rights or realized returns. A subsequent financing announcement is not proof of investment success; the absence of one is not proof of failure.

Capital is a milestone, not the destination

Note: What did the previous round enable the company to prove, and what must the next round help it demonstrate?

Methodology and limitations

Research snapshot and evidence check: 17 October 2026. Later publications fall between 1 January 2024 and the snapshot. Each selected pair requires positive disclosed venture-round amounts, identifiable stages supported by cited publications, and verified source-specific publication dates. Source support is not a legal equity instrument audit.

Of 51 candidate comparisons screened for this study, 30 meet its inclusion criteria and 21 are excluded because amounts, stages, dates or intervening financing could not be resolved. This screening cohort is not a census of regional funding activity. Exclusion does not imply that a company failed to raise capital.

Screening summary: each excluded candidate has one primary reason
Screening decision	Candidate comparisons
Candidates screened	51
Comparisons retained	30
Excluded: amount or stage basis unresolved	7
Excluded: classification of a dated history event unresolved	3
Excluded: intervening financing or reconstruction unresolved	10
Excluded: both stage evidence and a skipped round unresolved	1
Total excluded	21

The sample contains no Levant-headquartered observation. It covers companies described by regional publishers as GCC-based or GCC-linked, with cross-border bases and headquarters changes disclosed in the appendix. It is not a country ranking.

Requiring two disclosed announcements favors visible, repeatedly funded companies. Startups without a later reported round are not a denominator here. These data cannot estimate the chance of raising again, survival, failure, market-wide round-size frequencies or investment performance; no progression rate is calculated.

Public histories can omit private financing, notes and extensions, so the selected publications do not establish time to the next equity round or a period without financing. Known intervening financing is not silently skipped: supported replacement endpoints are used, otherwise affected pairs are excluded pending clarification. Case-specific history limitations appear in the appendix.

Exact source stages are shown separately from normalized categories, with any separate or retrospective stage evidence linked in the appendix. Stage names do not certify operating maturity. USD amounts follow the cited publisher; no new FX conversions are made. Mixed debt/equity totals, investor cheques, cumulative funding and unallocated combinations of rounds are not treated as single venture-round amounts.

Months = calendar-day publication gap / 30.44 days. Ratios = later round total / earlier round total. All figures use the same 30 selected records, calculated at full precision and rounded only for display. For an even-sized sample, a median is the average of the two middle observations.

Research and educational content only; not investment advice or an invitation to invest.

Data and sources

Expand the appendix for all 30 comparisons: company names, both publications and their date evidence, disclosed amounts, exact and normalized stages, calculations and case-specific history limitations. It covers this article's sample only.

View data and sources for all 30 retained comparisons

Evidence checked 2026-10-17. Scroll the table horizontally on smaller screens. Normalized categories are not exact source quotations. Supported endpoints do not certify a complete consecutive-equity history.

Bounded source appendix: only comparisons used in both charts and all statistics
Company and reference	Earlier round	Later round	Interval and ratio	Pair selection and history evidence	Remaining limitations
qeen.aiComparison 01UAE	$2.2 million (USD 2,200,000) Exact source stage: pre-Seed Normalized stage: Pre-Seed Wamda published 2024-06-05 Wamda pre-Seed announcement 05 June, 2024 This publisher's publication-date evidence	$10 million (USD 10,000,000) Exact source stage: Seed Normalized stage: Seed Wamda published 2025-02-04 Wamda Seed announcement 04 February, 2025 This publisher's publication-date evidence	8.02 months 4.55×	Linked announcements; complete history not certified The later Wamda announcement links the earlier $2.2m pre-Seed and reports $12.2m cumulative funding in its summary. Pair-selection / history evidence: wamda.com	The later release body rounds the cumulative total to $12m. Calculations use the separately disclosed round totals, not either cumulative figure.
1001 AIComparison 02UAE / London	$9 million (USD 9,000,000) Exact source stage: Seed Normalized stage: Seed Wamda published 2025-10-21 Wamda Seed announcement 21 October, 2025 This publisher's publication-date evidence	$30 million (USD 30,000,000) Exact source stage: Series A Normalized stage: Series A Wamda published 2026-06-30 Wamda Series A announcement 30 June, 2026 This publisher's publication-date evidence	8.28 months 3.33×	Linked announcements; complete history not certified The later Wamda announcement explicitly links the October 2025 $9m Seed before reporting the $30m Series A. Pair-selection / history evidence: wamda.com	The company has a cross-border GCC/London base. The comparison does not establish an exclusively GCC headquarters or complete financing history.
GrowdashComparison 03UAE	$750,000 (USD 750,000) Exact source stage: pre-seed Normalized stage: Pre-Seed Wamda published 2023-07-17 Wamda pre-seed announcement 17 July, 2023 This publisher's publication-date evidence	$1.8 million (USD 1,800,000) Exact source stage: Seed Normalized stage: Seed Wamda published 2024-06-01 Wamda Seed announcement 01 June, 2024 This publisher's publication-date evidence	10.51 months 2.40×	Additional public-history support; not a legal audit The endpoint articles disclose both amounts and stages. Tracxn's public funding summary identifies the $750k and $1.8m financings as two rounds. Pair-selection / history evidence: wamda.com Pair-selection / history evidence: tracxn.com	Tracxn groups both as Seed and dates the later event 3 June; this analysis preserves Wamda's exact stage labels and 1 June publication date.
UnifyAppsComparison 04UAE-linked / New York	$20 million (USD 20,000,000) Exact source stage: Series A Normalized stage: Series A Wamda published 2024-11-13 Wamda Series A announcement 13 November, 2024 This publisher's publication-date evidence	$50 million (USD 50,000,000) Exact source stage: Series B Normalized stage: Series B Wamda published 2025-10-23 Wamda Series B announcement 23 October, 2025 This publisher's publication-date evidence	11.30 months 2.50×	Linked announcements; complete history not certified The later Wamda publication links the $20m Series A; issuer releases report $31m after that round and $81m after the $50m Series B. Pair-selection / history evidence: wamda.com Pair-selection / history evidence: unifyapps.com Pair-selection / history evidence: unifyapps.com	Wamda describes the company as UAE-based, while issuer releases use a New York dateline. Inclusion is GCC-linked regional coverage, not a claim of GCC incorporation or exclusive headquarters.
StitchComparison 05Saudi Arabia	$10 million (USD 10,000,000) Exact source stage: Seed Normalized stage: Seed Wamda published 2025-05-28 Wamda Seed announcement 28 May, 2025 This publisher's publication-date evidence	$25 million (USD 25,000,000) Exact source stage: Series A Normalized stage: Series A Business Wire published 2026-05-14 Business Wire Series A announcement Article-specific visible publication date This publisher's publication-date evidence	11.53 months 2.50×	Linked announcements; complete history not certified The Saudi Stitch issuer release reports $25m Series A and $35m cumulative funding, consistent with its earlier $10m Seed publication. Pair-selection / history evidence: businesswire.com	This is stitch.co, not the South African payments company stitch.money. Cumulative arithmetic supports the comparison but does not certify that no undisclosed financing exists.
MilkStraw AIComparison 06UAE	$600,000 (USD 600,000) Exact source stage: pre-seed Normalized stage: Pre-Seed Wamda published 2025-01-07 Wamda pre-seed announcement 07 January, 2025 This publisher's publication-date evidence	$2 million (USD 2,000,000) Exact source stage: Seed Normalized stage: Seed Wamda published 2026-01-06 Wamda Seed announcement 06 January, 2026 This publisher's publication-date evidence	11.96 months 3.33×	Linked announcements; complete history not certified The later Wamda article explicitly recaps and links the $600k pre-Seed a year earlier before reporting $2m Seed. Pair-selection / history evidence: wamda.com	The company blog has different publication dates. The interval here consistently uses the two cited Wamda publication dates.
AyaComparison 07Saudi Arabia	$1.6 million (USD 1,600,000) Exact source stage: Seed Normalized stage: Seed Wamda published 2025-03-10 Wamda Seed announcement 10 March, 2025 This publisher's publication-date evidence	$7 million (USD 7,000,000) Exact source stage: Series A Normalized stage: Series A Wamda published 2026-04-16 Wamda Series A announcement 16 April, 2026 This publisher's publication-date evidence	13.21 months 4.38×	Linked announcements; complete history not certified The later Wamda Series A article explicitly links the March 2025 $1.6m Seed and states the new $7m round. Pair-selection / history evidence: wamda.com	The source reports both SAR and USD. The USD amount is the publisher's reported equivalent; no fresh FX conversion is applied.
CercliComparison 08UAE	$4 million (USD 4,000,000) Exact source stage: Seed Normalized stage: Seed Wamda published 2024-09-03 Wamda Seed announcement 03 September, 2024 This publisher's publication-date evidence	$12 million (USD 12,000,000) Exact source stage: Series A Normalized stage: Series A Wamda published 2025-10-21 Wamda Series A announcement 21 October, 2025 This publisher's publication-date evidence	13.57 months 3×	Linked announcements; complete history not certified TechCrunch's Series A report explicitly links the prior $4m Seed. The dated CB Insights history places its other dated financing entries in 2023, before this pair. Pair-selection / history evidence: wamda.com Pair-selection / history evidence: techcrunch.com Pair-selection / history evidence: cbinsights.com	The database also contains undated investor placeholders; they do not locate or establish a separate intervening financing. Complete sequence is not certified. Wamda's dates, not TechCrunch's different coverage dates, define this interval.
LolaComparison 09Bahrain	$1.3 million (USD 1,300,000) Exact source stage: Pre-Seed Normalized stage: Pre-Seed Wamda published 2025-02-24 Wamda Pre-Seed announcement Lola secures $1.3 million pre-seed to accelerate GCC expansion plans • 24 February, 2025 This publisher's publication-date evidence	$3 million (USD 3,000,000) Exact source stage: Seed Normalized stage: Seed Wamda published 2026-04-27 Wamda Seed announcement Lola closes $3 million seed to scale across GCC • 27 April, 2026 This publisher's publication-date evidence	14.03 months 2.31×	Linked announcements; complete history not certified The later Wamda Seed announcement explicitly links the February 2025 $1.3m pre-Seed and reports a new $3m Seed. Pair-selection / history evidence: wamda.com	The source describes Bahrain origins and Saudi expansion. Market labels are contextual, not a legal incorporation audit.
RentifyComparison 10UAE	$500,000 (USD 500,000) Exact source stage: Pre-Seed Normalized stage: Pre-Seed Separate or retrospective stage evidence Wamda published 2025-04-08 Wamda Pre-Seed announcement 08 April, 2025 This publisher's publication-date evidence	$2 million (USD 2,000,000) Exact source stage: Seed Normalized stage: Seed Wamda published 2026-06-22 Wamda Seed announcement 22 June, 2026 This publisher's publication-date evidence	14.45 months 4×	Linked announcements; complete history not certified The later publication identifies the $500k 2025 raise as pre-seed, links it and reports $2.5m cumulative funding after the $2m Seed. Pair-selection / history evidence: wamda.com	The earlier article does not label the stage in its opening summary; the later article supplies the pre-seed description. Closing dates are not inferred.
Resquad AIComparison 11Saudi Arabia	$320,000 (USD 320,000) Exact source stage: Pre-Seed Normalized stage: Pre-Seed Rasmal published 2024-08-19 Rasmal Pre-Seed announcement "datePublished":"2024-08-19T10:34:32+00:00" This publisher's publication-date evidence	$1.5 million (USD 1,500,000) Exact source stage: Seed Normalized stage: Seed Wamda published 2026-01-16 Wamda Seed announcement 16 January, 2026 This publisher's publication-date evidence	16.92 months 4.69×	Additional public-history support; not a legal audit The later Wamda article links Asas's pre-Seed for the Resquad AI platform; CB Insights lists two dated financings corresponding to the selected periods. Pair-selection / history evidence: wamda.com Pair-selection / history evidence: cbinsights.com Pair-selection / history evidence: wamda.com	The earlier legal recipient is parent company Asas. Database amounts and dates differ from the publications; only the cited Rasmal/Wamda published amounts and dates are calculated.
Zetta TechnologiesComparison 12Saudi Arabia	$1.5 million (USD 1,500,000) Exact source stage: Pre-Seed Normalized stage: Pre-Seed Wamda published 2024-03-13 Wamda Pre-Seed announcement 13 March, 2024 This publisher's publication-date evidence	$12 million (USD 12,000,000) Exact source stage: Not specified Normalized stage: Series A Separate or retrospective stage evidence Wamda published 2025-08-25 Wamda Not specified announcement 25 August, 2025 This publisher's publication-date evidence	17.41 months 8×	Stage corroborated by a separately cited publisher The later Wamda article recaps the $1.5m pre-Seed and reports the $12m investment. Enterprise explicitly identifies that later financing as Series A. Pair-selection / history evidence: wamda.com Pair-selection / history evidence: enterpriseam.com	Wamda does not label the later stage. Its exact field remains 'Not specified'; the normalized Series A category is separately sourced to Enterprise, not inferred from round size.
FuzeComparison 14UAE	$14 million (USD 14,000,000) Exact source stage: Seed Normalized stage: Seed Wamda published 2023-09-20 Wamda Seed announcement 20 September, 2023 This publisher's publication-date evidence	$12.2 million (USD 12,200,000) Exact source stage: Series A Normalized stage: Series A Wamda published 2025-05-01 Wamda Series A announcement 01 May, 2025 This publisher's publication-date evidence	19.35 months 0.87×	Additional public-history support; not a legal audit CB Insights' public Fuze history reports $26.2m over two rounds corresponding to the $14m Seed and $12.2m Series A. Pair-selection / history evidence: wamda.com Pair-selection / history evidence: cbinsights.com	This is fuze.finance, not the US communications company or Moroccan investor also called Fuze. Public reporting is not a legal instrument audit.
StakeComparison 18UAE	$8 million (USD 8,000,000) Exact source stage: Pre-Series A Normalized stage: Pre-Series A Wamda published 2022-08-30 Wamda Pre-Series A announcement 30 August, 2022 This publisher's publication-date evidence	$14 million (USD 14,000,000) Exact source stage: Series A Normalized stage: Series A Wamda published 2024-06-10 Wamda Series A announcement 10 June, 2024 This publisher's publication-date evidence	21.35 months 1.75×	Linked announcements; complete history not certified The Series A announcement explicitly links Stake's $8m 2022 pre-Series A; independent MENAbytes coverage also recaps it. Pair-selection / history evidence: wamda.com Pair-selection / history evidence: menabytes.com	This comparison ends in June 2024. Subsequent financing is outside the selected interval; the pair is not a complete record of Stake's funding history.
WafeqComparison 19UAE	$3 million (USD 3,000,000) Exact source stage: Seed Normalized stage: Seed Wamda published 2023-01-25 Wamda Seed announcement 25 January, 2023 This publisher's publication-date evidence	$7.5 million (USD 7,500,000) Exact source stage: Series A Normalized stage: Series A Wamda published 2024-12-10 Wamda Series A announcement 10 December, 2024 This publisher's publication-date evidence	22.50 months 2.50×	Linked announcements; complete history not certified The later Wamda publication calls the $3m early-2023 Seed Wafeq's last round and links the selected earlier announcement. Pair-selection / history evidence: wamda.com	The wording supports the public comparison, not the absence of undisclosed financing or a complete legal equity history.
COGNNAComparison 23Saudi Arabia	$2.25 million (USD 2,250,000) Exact source stage: Seed Normalized stage: Seed Wamda published 2023-11-12 Wamda Seed announcement 12 November, 2023 This publisher's publication-date evidence	$9.2 million (USD 9,200,000) Exact source stage: Series A Normalized stage: Series A Wamda published 2025-12-03 Wamda Series A announcement 03 December, 2025 This publisher's publication-date evidence	24.70 months 4.09×	Linked announcements; complete history not certified The later Wamda publication explicitly recaps and links COGNNA's $2.25m 2023 Seed before reporting $9.2m Series A. Pair-selection / history evidence: wamda.com	Exact source stages and the publisher's USD totals are retained; later stage does not establish operating maturity or returns.
CaloComparison 24Bahrain-founded / Saudi Arabia HQ	$13 million (USD 13,000,000) Exact source stage: Pre-Series A Normalized stage: Pre-Series A Wamda published 2022-12-06 Wamda Pre-Series A announcement Calo raises $13 million pre-Series A round • 06 December, 2022 This publisher's publication-date evidence	$25 million (USD 25,000,000) Exact source stage: Series B Normalized stage: Series B Wamda published 2024-12-30 Wamda Series B announcement Calo raises $25 million Series B, eying Saudi IPO by 2027 • 30 December, 2024 This publisher's publication-date evidence	24.80 months 1.92×	Linked announcements; complete history not certified The 2022 publication reports $13m and $26.5m cumulative funding. December 2024 coverage reports $25m Series B; TechCrunch reports about $51m cumulative. Pair-selection / history evidence: wamda.com Pair-selection / history evidence: techcrunch.com	Stage terminology changes from Wamda's pre-Series A to Series B; no intervening round is invented to fill the label gap. The planned 2025 extension is not included in the December 2024 $25m endpoint. Prior cumulative totals are rounded differently across reports.
KeyperComparison 26UAE	$4 million (USD 4,000,000) Exact source stage: pre-Series A Normalized stage: Pre-Series A MENAbytes published 2024-05-16 MENAbytes pre-Series A announcement "datePublished":"2024-05-16T11:33:37+00:00" This publisher's publication-date evidence	$11 million (USD 11,000,000) Exact source stage: Series A Normalized stage: Series A Wamda published 2026-07-09 Wamda Series A announcement 09 July, 2026 This publisher's publication-date evidence	25.76 months 2.75×	Linked announcements; complete history not certified MENAbytes explicitly separates $4m pre-Series A equity from $30m Sukuk financing. The later Wamda article reports a new $11m Series A. Pair-selection / history evidence: wamda.com	The earlier amount is $4m equity, separate from the $30m Sukuk facility in the mixed $34m headline. The Sukuk is not counted as equity; complete funding history is not certified.
RemotePassComparison 27UAE-linked / London	$5.5 million (USD 5,500,000) Exact source stage: Series A Normalized stage: Series A Wamda published 2024-03-05 Wamda Series A announcement 05 March, 2024 This publisher's publication-date evidence	$17.4 million (USD 17,400,000) Exact source stage: Series B Normalized stage: Series B RemotePass published 2026-05-20 RemotePass Series B announcement Article-specific visible publication date This publisher's publication-date evidence	26.48 months 3.16×	Additional public-history support; not a legal audit The issuer newsroom provides the $5.5m March 2024 Series A and $17.4m May 2026 Series B; the later page links the earlier announcement. Pair-selection / history evidence: newsroom.remotepass.com Pair-selection / history evidence: newsroom.remotepass.com	The earlier Wamda report describes a UAE business; the later issuer release has a London dateline. Do not substitute a migrated company blog's 2026 date for the 2024 publication.
RewaaComparison 28Saudi Arabia	$27 million (USD 27,000,000) Exact source stage: Series A Normalized stage: Series A Wamda published 2023-08-29 Wamda Series A announcement 29 August, 2023 This publisher's publication-date evidence	$45 million (USD 45,000,000) Exact source stage: Series B Normalized stage: Series B Wamda published 2025-12-30 Wamda Series B announcement 30 December, 2025 This publisher's publication-date evidence	28.06 months 1.67×	Linked announcements; complete history not certified The later Wamda Series B publication explicitly recaps and links the $27m 2023 Series A before reporting $45m. Pair-selection / history evidence: wamda.com	The Series A appeared on different publishers on different days. This interval uses Wamda's publication dates on both sides.
MalaaComparison 30Saudi Arabia	$1.7 million (USD 1,700,000) Exact source stage: Seed Normalized stage: Seed Wamda published 2022-03-16 Wamda Seed announcement 16 March, 2022 This publisher's publication-date evidence	$17.3 million (USD 17,300,000) Exact source stage: Series A Normalized stage: Series A Wamda published 2024-09-03 Wamda Series A announcement 03 September, 2024 This publisher's publication-date evidence	29.63 months 10.18×	Linked announcements; complete history not certified The later Wamda Series A publication explicitly recaps and links the March 2022 $1.7m Seed; the dated CB Insights venture entries correspond to those periods. Pair-selection / history evidence: wamda.com Pair-selection / history evidence: cbinsights.com	The Seed URL slug abbreviates the amount but the article says $1.7m. Use the article, not its URL. The later $17.3m is Wamda's reported USD equivalent.
AlaanComparison 32UAE	$4.5 million (USD 4,500,000) Exact source stage: pre-Series A Normalized stage: Pre-Series A Wamda published 2023-01-17 Wamda pre-Series A announcement 17 January, 2023 This publisher's publication-date evidence	$48 million (USD 48,000,000) Exact source stage: Series A Normalized stage: Series A Wamda published 2025-08-05 Wamda Series A announcement 05 August, 2025 This publisher's publication-date evidence	30.58 months 10.67×	Linked announcements; complete history not certified The later Wamda article explicitly links the $4.5m pre-Series A. The earlier article separates that round from the prior $2.5m Seed. Pair-selection / history evidence: wamda.com Pair-selection / history evidence: reuters.com	The later Wamda publication is dated 5 August 2025. The interval uses the cited publisher's dates. Cumulative funding is not used as a round denominator.
TorodComparison 34Saudi Arabia	$1.33 million (USD 1,330,000) Exact source stage: Seed Normalized stage: Seed Wamda published 2022-06-20 Wamda Seed announcement 20 June, 2022 This publisher's publication-date evidence	$11.3 million (USD 11,300,000) Exact source stage: Series A Normalized stage: Series A Zero to One published 2025-02-11 Zero to One Series A announcement "datePublished":"2025-02-11T15:59:44+03:00" This publisher's publication-date evidence	31.77 months 8.50×	Endpoints supported; complete sequence not established Wamda identifies the $1.33m Seed and Zero to One's dated LEAP report identifies the $11.3m Series A. An investor release independently supports the earlier Seed. Pair-selection / history evidence: zto.sa Pair-selection / history evidence: impact46.sa	The later article does not explicitly recap the earlier round; complete sequence is not established. This is included only as a source-supported announcement pair, not as proof of consecutive equity rounds.
Lean TechnologiesComparison 36Saudi Arabia	$33 million (USD 33,000,000) Exact source stage: Series A Normalized stage: Series A Wamda published 2022-01-20 Wamda Series A announcement 20 January, 2022 This publisher's publication-date evidence	$67.5 million (USD 67,500,000) Exact source stage: Series B Normalized stage: Series B Wamda published 2024-11-13 Wamda Series B announcement 13 November, 2024 This publisher's publication-date evidence	33.77 months 2.05×	Linked announcements; complete history not certified The later Wamda article explicitly links the $33m Series A and reports $67.5m Series B. The reviewed public history's next dated entry is after this endpoint. Pair-selection / history evidence: wamda.com Pair-selection / history evidence: tracxn.com	The later Wamda publication is dated 13 November 2024. Subsequent Series B extensions are outside the selected comparison.
InvestSkyComparison 37UAE	$3.4 million (USD 3,400,000) Exact source stage: pre-Seed Normalized stage: Pre-Seed Wamda published 2023-01-11 Wamda pre-Seed announcement 11 January, 2023 This publisher's publication-date evidence	$4 million (USD 4,000,000) Exact source stage: Seed Normalized stage: Seed Wamda published 2026-02-09 Wamda Seed announcement 09 February, 2026 This publisher's publication-date evidence	36.96 months 1.18×	Additional public-history support; not a legal audit The later Wamda article links the earlier $3.4m pre-Seed and reports $7.4m cumulative after $4m Seed. Both reviewed histories list the two selected venture periods. Pair-selection / history evidence: wamda.com Pair-selection / history evidence: cbinsights.com	Older angel/accelerator entries predate the earlier endpoint. History-provider stage categories differ; exact publication stage labels are preserved.
AumetComparison 38Saudi Arabia	$7 million (USD 7,000,000) Exact source stage: Pre-Series A Normalized stage: Pre-Series A Wamda published 2023-03-18 Wamda Pre-Series A announcement Saudi Arabia’s Aumet raises $7 million pre-Series A round • 18 March, 2023 This publisher's publication-date evidence	$12 million (USD 12,000,000) Exact source stage: Series A Normalized stage: Series A Wamda published 2026-05-13 Wamda Series A announcement Aumet closes $12 million Series A led by Emkan Capital • 13 May, 2026 This publisher's publication-date evidence	37.84 months 1.71×	Linked announcements; complete history not certified The later Wamda Series A article explicitly recaps and links the $7m March 2023 pre-Series A and separately reports the $12m financing. Pair-selection / history evidence: wamda.com	The press release also uses 'funding milestone'; the $12m round interpretation follows the publisher's explicit Series A summary, not a cumulative-funding calculation.
ZiinaComparison 39UAE	$7.5 million (USD 7,500,000) Exact source stage: Seed Normalized stage: Seed Wamda published 2021-06-07 Wamda Seed announcement Wamda participates in Ziina’s latest $7.5 million funding round • 07 June, 2021 This publisher's publication-date evidence	$22 million (USD 22,000,000) Exact source stage: Series A Normalized stage: Series A Wamda published 2024-09-03 Wamda Series A announcement Ziina pockets $22 million in Series A round • 03 September, 2024 This publisher's publication-date evidence	38.90 months 2.93×	Linked announcements; complete history not certified TechCrunch's Series A coverage explicitly links Ziina's $7.5m 2021 Seed and reports the subsequent $22m Series A. Pair-selection / history evidence: wamda.com Pair-selection / history evidence: techcrunch.com	Use Wamda's June 2021 and September 2024 publication dates here, not closing dates or TechCrunch's different coverage dates.
Merit IncentivesComparison 40Saudi Arabia / UAE-linked	$12 million (USD 12,000,000) Exact source stage: pre-Series B Normalized stage: Pre-Series B GlobeNewswire published 2024-05-20 GlobeNewswire pre-Series B announcement May 20, 2024 03:00 ET This publisher's publication-date evidence	$28 million (USD 28,000,000) Exact source stage: Series B Normalized stage: Series B Wamda published 2025-02-11 Wamda Series B announcement Merit Incentives secures $28 million Series B • 11 February, 2025 This publisher's publication-date evidence	8.77 months 2.33×	Pair supported by dated financing announcements The issuer's 20 May 2024 release discloses $12m pre-Series B. Wamda's February 2025 publication reports $28m Series B and recaps the earlier pre-Series B. Pair-selection / history evidence: wamda.com Pair-selection / history evidence: globenewswire.com	The interval uses the dates of these two cited publications, not funding close dates. This comparison does not describe Merit's complete financing history.
CASHINComparison 47Saudi Arabia	$1.6 million (USD 1,600,000) Exact source stage: Seed Normalized stage: Seed Wamda published 2021-09-19 Wamda Seed announcement Saudi fintech CashIn secures $1.6 million Seed round • 19 September, 2021 This publisher's publication-date evidence	$16 million (USD 16,000,000) Exact source stage: Series A Normalized stage: Series A Wamda published 2026-02-16 Wamda Series A announcement Saudi fintech CASHIN raises $16 million Series A led by Impact46 • 16 February, 2026 This publisher's publication-date evidence	52.92 months 10×	Linked announcements; complete history not certified The later Wamda Series A article explicitly links the $1.6m 2021 Seed and reports SAR60m / $16m in the new round. Pair-selection / history evidence: wamda.com	The source-provided USD equivalents are used. They are reported round figures, not independently obtained cash-flow or legal-equity records.
SkipCashComparison 49Qatar	$1.92 million (USD 1,920,000) Exact source stage: seed Normalized stage: Seed Wamda published 2021-04-29 Wamda seed announcement SkipCash raises $2 million seed round • 29 April, 2021 This publisher's publication-date evidence	$4 million (USD 4,000,000) Exact source stage: Series A Normalized stage: Series A Wamda published 2026-02-04 Wamda Series A announcement Qatar’s SkipCash raises $4 million Series A • 04 February, 2026 This publisher's publication-date evidence	57.23 months 2.08×	Linked announcements; complete history not certified The later Wamda Series A article explicitly links the 2021 Seed. The earlier release body specifies QAR7m / USD1.92m, while its headline rounds the USD amount to $2m. Pair-selection / history evidence: wamda.com	The denominator uses the publisher's explicit $1.92m body figure, not a new FX conversion. The July 2026 strategic investment is after this pair's endpoint.