Rua Growth Fund Research
Investment Thesis
Rua Growth Fund is a Riyadh-based venture capital firm dedicated to backing visionary founders driving technological innovation in Saudi Arabia and the wider MENA region. The fund was formed through a strategic partnership between Osool & Bakheet Investment Company (OBIC) — Saudi Arabia's first CMA-licensed asset manager and first independent brokerage — and iMENA Group, the founders of arabia.com and MENA's first venture fund, Ideavelopers. Combined, the two partners bring over 100 years of experience across investments, technology, operations, and entrepreneurship. Rua's stated mission is to bridge the funding gap for promising startups and yield meaningful returns for entrepreneurs and investors while accelerating the Kingdom's tech revolution, aligned with Saudi Arabia's Vision 2030 push for a digital economy.
Sector Focus
Rua Growth Fund concentrates on three core sectors:
- Online marketplaces
- FinTech
- Enterprise solutions & SaaS
Portfolio evidence also shows activity in AI/deep-tech (Intelmatix), HR tech (ZenHR), customer experience/AI agents (Lucidya), EdTech (Ula/Ultimate Learning Academy), mobility/subscription (Carasti), proptech/rental (Ejari), and loyalty/customer engagement (Bonat) — reflecting a broad enterprise-software and tech-enabled-services mandate rather than a narrow vertical focus.
Stage Focus
The fund targets early and growth-stage technology companies, most commonly writing Series A and Series B checks alongside co-investors, though it has also backed growth rounds (ZenHR).
Check Size
Check size is not publicly disclosed. Observed round sizes the fund has participated in or led range from roughly $6M (Lucidya Series A, 2022) to $30M (Lucidya Series B, 2025), with the fund itself targeting a fund size of approximately SAR 200M (~$53M).
Lead Tendency
Mixed. Rua has led rounds directly (Lucidya's 2022 $6M round, ZenHR's 2022 $10M growth round, Ula's 2025 $28M Series B) and has also participated as a syndicate member in larger rounds led by others (Intelmatix's 2024 $20M Series A led by Shorooq Partners; Lucidya's 2025 $30M Series B led by Impact46; SiFi's 2026 $20M Series A led by Ra'ed Ventures).
Recent Activity
Rua has been active through 2025 and into 2026, with roughly 4-5 new investments per year:
- July 2025: Participated in Lucidya's $30M Series B (largest AI funding round in MENA to date), led by Impact46
- February 2025: Led Ula's (Ultimate Learning Academy) $28M Series B for AI-powered EdTech expansion
- July 2024: Participated in Intelmatix's $20M Series A, led by Shorooq Partners
- February 2026: Participated in SiFi's (Simplified Financial Solutions) $20M Series A, led by Ra'ed Ventures
As of August 2026, the fund has made 16 total investments, concentrated primarily in Saudi Arabia (7) and the UAE (3), consistent with an actively deploying posture.
Portfolio Highlights
Notable portfolio companies include Lucidya (Arabic-native AI customer experience platform, MENA's largest AI round in 2025), ZenHR (cloud HR platform serving 12+ markets, Endeavor Outliers 2023 cohort), Intelmatix (deep-tech AI/analytics firm named a 2025 WEF Technology Pioneer — the first Saudi/MENA AI company so recognized), Ula/Ultimate Learning Academy (AI/AR/VR-powered EdTech), Carasti (car subscription platform), Ejari (rental/proptech platform), Bonat (loyalty and customer engagement platform), and SiFi (AI-powered corporate spend management platform serving 3,500+ Saudi businesses).
Team
- Turki Aljoaib, Co-founder and Managing Partner — sits on portfolio company boards (e.g., ZenHR)
- Dr. Khaldoon Tabaza, Partner — affiliated with iMENA Group
- Mazin Al Dawood, affiliated with OBIC (reported as CEO/GP in third-party sources)
- Anas Elayyan, Partner, SaaS-focused
- Suhaib Bseiso — listed on team page
- Sarah Barkawi — listed on team page
Decision Process
Partnership-led; the firm operates as a joint venture between two established investment institutions (OBIC and iMENA Group), suggesting an investment committee or partnership-style decision process rather than a solo-GP model.
Founder Preferences
Rua favors technical and domain-expert founders building tech-enabled businesses with regional (Saudi/MENA) relevance — evidenced by backing MIT-trained deep-tech founders (Intelmatix), enterprise SaaS operators (ZenHR), and AI-native product teams (Lucidya).
Geographic Focus
Primarily Saudi Arabia, with expansion into the broader MENA region (UAE, Jordan). The fund emphasizes market access through major Saudi corporates and structured exit pathways via strategic acquirers or public listings on Nomu/Tadawul.
Headquarters
Riyadh, Saudi Arabia (Mezzanine Floor, Bahrain Tower, King Fahad Road).