Iowa and Lean Technologies Attract Top U.S. Investors in the Middle East

Riyadh: Saudi startups Iowa and Lean Technologies have set new benchmarks for innovation and international investment in the Middle East in 2024.

Operating in the retail and fintech sectors, these companies have played a crucial role in the region’s entrepreneurial ecosystem by securing significant funding and achieving major milestones.

Iowa: The Future of Eyewear

With its headquarters in both the UAE and Saudi Arabia, Iowa has had a remarkable 2024, surpassing 150 stores in the Middle East and securing its largest funding round yet—$100 million, led by U.S.-based General Atlantic.

In an interview with Arab News, Iowa’s co-founder and co-CEO, Anas Boumediene, emphasized the importance of these achievements:
“The investment from such a leading international equity firm underscores the strength of our business model.”

Looking ahead, Iowa aims to expand rapidly with a goal of reaching 250 stores by the end of 2025.

Customer feedback is at the core of Iowa’s success. The company’s first step in addressing market competition is listening to its customers. Based on their insights, Iowa has invested in advanced technological solutions to enhance the customer experience, including:
✔️ AI-assisted eye exams
✔️ A virtual feature that allows customers to try on glasses online

Boumediene added:
“These innovations bridge the gap between online and offline experiences, making eyewear shopping easier and more convenient.”

Iowa follows a Gulf-centric approach in terms of design and pricing, differentiating itself from global competitors who cater to European and U.S. market trends.
“Our designs and pricing reflect regional preferences, unlike global brands that follow Western trends,” Boumediene explained.

Lean Technologies: The Power of Fintech

Lean Technologies, one of the leading fintech infrastructure startups in the Middle East, has had a milestone year in 2024, marked by significant growth and impact.

In an interview with Arab News, Lean Technologies CEO Hisham Al-Falih shared:
“This year, we achieved two major milestones. The first was our Series B funding round, where we raised $67.5 million. It was led by General Catalyst, with participation from Bain Capital Ventures, Stanley Druckenmiller, and Aabar Ventures—some of the top investors in the industry.”

Looking Ahead

Both Iowa and Lean Technologies are strategically planning to build on their successes and reach new heights in 2025.

📌 Source: CorporateNews24 | Jubayer, Mehrab