Dash Venture Labs: Our Weekly Picks (Issue No. 10)

1.Entrepreneurship/Startups

UAE to offer government workers one-year paid leave to start a business

The UAE will now offer citizens working in government a full-year paid leave in a bid to encourage more citizens to start their own businesses. Those who will take the leave will be paid half of their salaries for the one-year duration. The announcement came just days after the Gulf nation revealed a reformed social welfare programme for its local population.

UAE, South Korea launch joint cooperation programme to support entrepreneurship, SMEs

The UAE and South Korea signed a joint cooperation programme to support entrepreneurs and SMEs. The programme comprises 11 federal and local authorities concerned with entrepreneurship and SMEs in the country. During the 11-month programme, the two sides will discuss their cooperation in entrepreneurship and SME development. The programme participants will also analyse the business environment in the two countries in terms of policies, incentives, development frameworks and means of financing.

du invites SMEs to its new HQ to support the UAE’s entrepreneurship system

UAE-based du invited UAE entrepreneurs to showcase their business offerings at its new HQ in Dubai Hills. The initiative will support entrepreneurial projects led by Emirati youth and provide them with the facilities necessary to achieve commercial success and growth. In line with its transformation ethos, du’s new HQ is well-equipped to help enable SMEs to unlock new potential and enhance their contribution to the local economy through facilities and networking opportunities. du’s support for the startups will encourage entrepreneurship and enable a new generation of businesses to scale and grow.

Khalifa Fund’s the ‘Venturist Entrepreneurship Summer Camp’ returns with its fourth edition

Khalifa Fund for Enterprise Development launched the fourth edition of its distinguished Venturist Entrepreneurship Summer Camp 2022. The upcoming camp will be the first of its kind, as it returns to a physical, in-person camp, following 3 virtual camps which commenced in 2020. The Venturist Entrepreneurship Summer Camp aims to inspire innovative young students between the ages of 10 and 18, while equipping them with knowledge by offering a mix of workshops and private sessions led by renowned speakers who will share their expertise across various business verticals.

2. Technology

UAE Trade Ministry announces incentives to attract digital companies

The UAE’s Ministry for Foreign Trade plans to attract hundreds of digital companies to set up offices in the country within the next year. The ministry plans to introduce a series of incentives will be introduced to attract 300 businesses within six to 12 months. The incentives include a streamlined visa process, faster access to the financial and banking system and attractive commercial and residential leasing.

Shipsy’s AI powers logistics ecosystem

UAE-based Shipsy enables digital transformation across the logistics ecosystem. Its AI-powered platform and mobility suite seamlessly connects cross- border and local logistics by automating operations and ensuring intelligent third-party logistics (3PL) management. Shipsy’s intuitive platform provides complete visibility of first, middle and last-mile operations, unlocks operational efficiency, and leverages real-time analytics to make informed decisions. Shipsy has over 170 customers across industries across manufacturing, retail, express parcel service providers, and on-demand delivery providers (including restaurants/food chains/grocery delivery providers).

EWallet rebrands as e& money, a financial super app

e& (formerly Etisalat Group) announced that eWallet is undergoing a major transformation into a new fintech company called e& money. As the fintech arm of e& life (one of the specialist business pillars of e&), e& money aims to revolutionise the customer experience through its innovative financial super app marketplace. The fintech company will open more doors to digital financial systems that will serve banked, unbanked and under-banked customers in the UAE.

EPG and Hub71 partner to accelerate the digital transformation of the logistics sector in the UAE

Emirates Post Group (EPG) and Hub71 established a strategic partnership to provide tech startups in the Emirate with greater opportunities to collaborate with EPG and advance the logistics sector using next-generation technologies. The partnership will focus on active collaborations with startups based at Hub71 and will facilitate meetings and introductions between EPG and founders who are driving smart businesses focused on increasing efficiency and productivity within the logistics industry. As part of the agreement, EPG will also provide mentorship for startup founders and support the development of Proof of Concepts (POCs). EPG-backed startups will also gain the ability to join Hub71’s vibrant community.

Talabat UAE, Motoboy sign MOU to pilot electric bikes

Talabat UAE and Motoboy Delivery Services signed an MoU to pilot electric delivery bikes in Dubai. The pilot will test the performance of electric bikes in real-world delivery scenarios. Through the MOU and initial pilot, talabat is exploring alternative delivery solutions, highlighting its commitment and ambition towards a more sustainable ecosystem for the MENA region. The pilot also builds on talabat’s commitment to the UAE Net Zero by 2050 Strategic Initiative, promoting dynamic economic growth alongside positive environmental impact.

Dubai's Careem acquires money transfer platform Denarii in FinTech push

Dubai-based ride-hailing and online commerce platform, Careem, acquired start-up Denarii as it aims to expand its reach in the FinTech sector. Under the terms of the partnership, the Careem Pay digital wallet will use Denarii's money transfer platform to connect customers and Careem captains with remittance services from licensed providers.

Al Masaood to introduce plug-and-play solar stations in GCC

Al Masaood Power Division signed a distribution agreement with leading French innovation company Sunstream International to spearhead the future of solar panel solutions in the GCC. The agreement is aimed at creating the widest and the most sustainable range of patented containerised, towable and movable solar stations, which can be used in the agriculture, oil and gas, mining, and road construction sectors across the region. It also encourages the firms to generate green and local electricity even in hazardous, remote, and challenging conditions.

3. Funding Activity

Startups in MENA raised USD 324 million in June 2022, propelling H1 to USD 1.7 billion

Startups in the MENA region raised USD 323.7 million across 66 deals in June 2022, an 84% increase in value and 57% in deal volume M-o-M. Deal volume was pushed up due to the graduation of cohorts from three different accelerator programmes. Early-stage companies led in terms of deal count but, the overall funding value was largely driven by late-stage and high-growth companies such as UAE-based agritech Pureharvest, whose USD 180.5 million round solely made up 55.7% of the funding value.

Country-wise, UAE startups raised USD 278.8 million across 16 deals, accounting for 86% of the total amount raised. Lebanese app toters’ USD 18 million led by the International Finance Corporation (IFC), March Holding and B&Y Ventures. Egypt came in third with USD 8.6 million raised across 15 deals, followed closely by Tunisia with USD 8.5 million raised across nine deals, thanks primarily to Flat6Lab’s accelerator graduates. Saudi Arabia, Qatar, Palestine and Morocco startups secured the remaining USD 9.5 million.

UAE’s FinTech YAP raises USD 41 million

UAE-based digital banking focused FinTech YAP raised USD 41 million in a funding round led by Saudi Arabia’s Aljazira Capital, Abu Dawood Group, Astra Group, and Audacia Capital. YAP offers users a simple interface with a complete view of consumer spending analytics and easy ways to transfer money and pay bills. With no minimum balance required, the app also provides customers with real-time notifications of purchases, withdrawals, and transfers.

YAP’s product development pipeline includes a new multicurrency offering, products for children and households, equity trading, loans and buy-now-pay-later options through the YAP Store, the YAP Financial Marketplace, and the YAP Hub. Further, the company has received regulatory approval in Pakistan and Ghana to offer similar services and plans to launch in Egypt soon.

UAE's Supy raises USD 8 million in SEED funding

UAE’s B2B food marketplace, Supy, raised USD 8 million in a SEED round led by BECO Capital with significant participation from existing investors including Valia Ventures and COTU Ventures. The round was also joined by new investors including Global Ventures, AMK Investment Office, and a number of other strategic investors.

The company plans to invest in further bolstering its tech, strengthening its product offering, scaling out it’s KSA presence, and launching its bespoke settlement and payment solution to help suppliers seamlessly reconcile invoices while allowing restaurants to better manage their payables and cash flow.

Pakistan's 24SEVEN secures USD 6 million Pre-Series A

Pakistan-based E-commerce and Retail startup 24SEVEN closed a USD 6 million Pre-Series A round. The round was led by SOSV with participation from Betatron Venture Group, Newlin VC, Verity Capital, Argo’s Quest, several notable Pakistani and international family offices, and several angel investors. 24SEVEN will be utilizing the funds to expand its community commerce platform: Apni Dukan.

Saudi edtech startup AlGooru raises USD 1.8 million in seed funding

Saudi Arabia-based edtech, AlGooru, raised USD 1.8 million in a seed funding round with participation from Saudi venture capital firms, RAZ Group, RZM Investments, 100 Ventures, and RAY Investments. The company provides an educational platform for students to easily connect with a pool of private tutors. The company is planning to utilize its funding by widening its offerings as well as expanding further in the Kingdom.

Web design tech startup Bhatia raises USD 400,000

UAE-based Bhatia Labs raised USD 400,000 in its SEED round via Eureeca Holdings. Bhatia Labs is a provider of subscription based productized services, platforms and infrastructure catering to individuals, startups and businesses all over the world. With Banaa.com, the company aims to bridge the developer-designer gap with its no-code/low-code platform and intends to make digital marketing and infrastructure support affordable with DesignOye and Serverfellows. The new capital raised will be utilized for product development, cloud infrastructure and building a global reseller ecosystem for Banaa.com.

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