Dash Venture Labs: Our Weekly Picks (Issue No. 7)

1) Entrepreneurship/Startups

Amazon supports Saudi entrepreneurs to establish logistics start-ups

Amazon launched the latest iteration of its global Delivery Service Partner program that empowers local entrepreneurs to set up and manage their own logistics businesses delivering Amazon packages. Saudi Arabia is the first country in the region to host the flagship program, which will then be expanded to cover the MENA region at a later stage. Launched in collaboration with Monsha’at, the General Authority for SMEs, it aims to establish more than 30 new local start-ups and create hundreds of job opportunities within the local logistics sector during the program’s first three years.

 Saudi entrepreneurs who join the Delivery Service Partner program can take advantage of various benefits, including a specific delivery volume from Amazon, access to the company’s sophisticated delivery technology, hands-on training, and discounts on a suite of assets and services such as Amazon-branded vehicles, branded uniforms, and comprehensive insurance. Further, Amazon will play an active role in its partnership with each entrepreneur, thereby helping minimize start-up costs by securing the most favorable terms for resources needed to operate a delivery business.

UAE-based expat woman quits 15-year corporate career for entrepreneurship in floristry

UAE-based Indian expat, Sunita Anchan, had been working a full-time corporate job for over a decade before venturing into the highly competitive world of entrepreneurship in Dubai. The founder revealed that the initial investment for her venture, Arpan Flowers, was about close to USD 50,000 (AED 183,649) which was used for setting up the e-commerce portal and initial back office and IT infrastructure. Later, she raised USD 200,000 (AED 734,597) for scaling up its expansion plans within UAE and other GCC regions.

Image source: Gulf News

Emirati firm pens partnership with Queen’s Young Leader for entrepreneurship programs

Dubai-based business consultancy, The Corporate Group, joined hands with Adam Bradford Agency, a social enterprise development firm owned by British entrepreneur and Her Majesty the Queen’s Young Leader Adam Bradford. Cementing the organizations’ long-standing strategic collaborations, this partnership brings the Inspiring Futures campaign into joint ownership between TCG and the Adam Bradford Agency. Together, both parties will host interactive startup events this year through the campaign with thematic focuses on areas such as tourism and sustainable development.

2) Technology

ADQ and Jordan’s MoDEE launch USD 100 million Tech Fund

ADQ, an Abu Dhabi-based investment and holding company, has launched a USD 100 million technology-focused Venture Capital fund with the Ministry of Digital Economy and Entrepreneurship (MoDEE) of Jordan to support high-growth technology companies and the continued growth of the Kingdom’s flourishing digital economy.

The Fund will invest in high-growth companies with proven business models, as well as funds primarily focused on Jordan. As part of accelerating the Kingdom’s digital economy, the Fund will be dedicated to tech start-ups and innovation-led companies specialized in sectors including information technology; telecommunications; financial services; education; food and agriculture; healthcare and life sciences; mobility and logistics, as well as clean energy technologies.

Image source: ADQ Twitter

Dubai tops Middle East in Digital Cities Index

Dubai has ranked first in the Middle East and 18th globally according to a new survey of the most digitalized cities in the world. The inaugural Digital Cities Index 2022 of The Economist, a global benchmark of urban technology, looked at the extent and impact of digitization in 30 cities around the world.

Overall, Dubai earned a score of 63.8, higher than other major cities like Madrid, Tokyo, Kuala Lumpur, and Auckland. Dubai was ranked among the top ten in terms of digital finance as well. The Emirate was also ranked among the top seven cities in terms of digital skills levels and satisfaction with e-government portals. Dubai also earned full marks in its use of IoT-enabled traffic management, along with other cities like Amsterdam, Copenhagen, Frankfurt, Madrid, and Washington DC.

Bahrain's CoinMena receives a provisional license to operate in Dubai

CoinMena, the Sharia-compliant crypto assets trading platform, has secured a provisional virtual assets license to operate in Dubai. The digital assets exchange company, which is licensed and regulated by the Central Bank of Bahrain, has obtained a provisional license from Dubai’s Virtual Assets Regulatory Authority (VARA). The move will allow CoinMena to continue its operations in Dubai while it undertakes the in-depth process of applying for a license, in accordance with official requirements. 

VARA serves as the single custodial entity mandated to license and govern the flourishing cryptocurrency sector in Dubai, including all mainland and Free Zones, excluding the autonomous Financial Free Zone at the Dubai International Financial Centre.

Dubai-based Qashio launches UAE's first corporate card

Qashio, a UAE-based fintech company, has launched the first corporate expense management card and software for business transactions in the country. The platform will enable business owners and financing partners to have more control over their expenses. Through the software program, entrepreneurs will be able to control the card budgets per day, week, or month, and restrict the automated teller machine (ATM) withdrawals. Meanwhile, companies can disburse budgets, issue cards, generate reports, and other services from the Qashio control center. The new solution comes in line with Qashio’s objective to facilitate expenses management and develop comprehensive services to enter the cashless ecosystem.

VaultsPay partners with Wibmo to launch prepaid card platform

VaultsPay, a Dubai-based fintech payment firm, has teamed up with Wibmo, a PayU company, to launch a prepaid card platform to promote financial inclusion in the Middle East and GCC. In line with the UN Sustainable Development Goals 2030, the platform seeks to provide underbanked people with various payment solutions and a secure way to carry out online transactions.

Under the platform, prepaid cards will be issued to facilitate financial transactions for those with no bank accounts and less access to online transactions. In the third quarter (Q3) of 2022, employees across the GCC region will be able to use these cards to withdraw money after depositing their salaries into prepaid accounts.

3) Funding Activity

Saudi Aramco Entrepreneurship Center leads USD 50 million Series B round in Islamic fintech Wahed

US-based Wahed Inc. raised USD 50 million Series B funding round led by Wa’ed Ventures, the venture capital arm at Saudi Aramco Entrepreneurship Center. Other investors in this round include footballer Paul Pogba, who has also joined Wahed as their latest brand ambassador, and strategic family offices and institutions.

The investment round will support the startup’s current growth phase as it plans to launch an ethical neobank on its platform in the near future, allowing users to fulfill their banking and investing needs all on one super-app, without compromising on their values.

Dubai's Cartlow raises USD 18 million in Series A funding round

Cartlow, the reverse logistics platform in UAE and KSA, has raised USD 18 million in a Series A round. The round was led by Cartlow’s strategic partner, AlSulaiman Group (ASG), a Saudi Arabia-based group with investments in various sectors including omnichannel retail, logistics, and e-commerce. Cartlow began as a Re-Commerce platform and grew to become a cloudbased technology platform in UAE and KSA, offering SaaS (Software as a Service) services to major players within the reverse logistics ecosystem.

Dubai’s SmartCrowd closes USD 3 million Bridge Round

Dubai’s digital Real Estate Investment Platform SmartCrowd has closed a USD 3 million Bridge round led by Mad’a Investment Company. The round also saw participation from TriCap Investments and was joined by Amana Capital, the venture capital arm of US-based NRD Capital, along with prominent angel investors in the region.

Dubai’s KOI Ride raises USD 3 million in the latest round

B2B ride-hailing services startup KOI Ride has closed a USD 3 million round with investment from CEG Invest and Taurus Wealth Financial Advisors (DIFC). Along with the equity raise of USD 3 million, the startup has issued a USD 15 million convertible bond secured by a pledge of its shares. A Swiss Private Bank has invested USD 2 million anchor money in the Convertible Bond besides another USD 0.35 million by a Geneva- and Dubai-based asset Management Company.

KOI Ride is a tech start-up company headquartered in Dubai, providing B2B ride-hailing services for the global travel industry. KOI’s proprietary technology is the core for the revolutionary end-to-end ground transport providers, connecting online booking portals with licensed transportation providers around the globe, enabling travelers to book their customized airport transfers, and helping drivers increase their efficiency and earn more.

Egypt’s Khazenly raises USD 2.5 million Seed round

Egypt-based Khazenly, an on-demand digital warehousing and fulfillment platform, raised USD 2.5 million in seed funding, co-led by leading regional venture capitalist, Arzan Venture Capital. The other investors included Fintech-focused funds, Camel Ventures, Averroes Ventures, and various angel investors.

Proceeds will be used to develop Khazenly’s products and services, and quadruple its existing facilities. The geographical expansion will also be supported as Khazenly continues its rapid growth trajectory during 2022. The company plans to continue expanding its portfolio of data-driven products, such as its flagship Mobile Dark Stores, which elevate the merchants’ experience by forecasting the products to be warehoused in line with market demand, while also enhancing shopper experience by ensuring a prompt delivery window.

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