Dash Venture Labs: Our Weekly Picks (Issue No. 14)

1. Entrepreneurship/Startups

Hope Ventures to scale promising businesses through ‘Beban’

Hope Ventures, the investment arm of Hope Fund, signed a memorandum of understanding (MoU) with the UAE’s Ministry of Economy and The Entrepreneurial Nation to collaborate on scaling promising businesses. Through this MoU, Hope Ventures will expand its entrepreneurial-themed reality show ‘Beban’ to accelerate the growth of entrepreneurs and SMEs across the region. Through the MoU, Beban is expanding to include up to 15 shortlisted entrepreneurs from the UAE, along with investors and strategic partners. This will benefit entrepreneurs from the ease of access to diversified UAE investors and strategic partners who will contribute to the acceleration of their regional and international expansions.

The show’s expansion will further support shortlisted businesses by providing added exposure for entrepreneurs around the GCC and the region through the show's distribution and airing on major regional networks, as well as cross-country expertise and knowledge sharing.

Over 120 new economic activities obtain trade licence in Abu Dhabi

More than 120 new economic activities have been added to Abu Dhabi’s trader licence which supports small and medium-sized enterprises (MSMEs). The Abu Dhabi Business Centre (ADBC), part of the Abu Dhabi Department of Economic Development (ADDED), announced the addition of the new economic activities to ‘Tajer Abu Dhabi’ licence, which allows micro, MSMEs to obtain the trade licence without the need to work from a physical location or having to pay rent on commercial space for three years. With the new 126 activities added, the total number of activities under the category has risen from 30 to 1200 since its launch back in 2017.

More than 120 new economic activities have been added to Abu Dhabi’s trader licence which supports small and medium-sized enterprises (MSMEs). The Abu Dhabi Business Centre (ADBC), part of the Abu Dhabi Department of Economic Development (ADDED), announced the addition of the new economic activities to the ‘Tajer Abu Dhabi’ licence, which allows micro, MSMEs to obtain the trade licence without the need to work from a physical location or having to pay rent on commercial space for three years. With the new 126 activities added, the total number of activities under the category rose from 30 to 1200 since its launch back in 2017.

MIDBANK launches MID-GO to support SMEs

Egypt-based MIDBANK launched ‘MID-GO, Go with Your Ambition’, as part of the bank’s strategy that is based on infrastructure development, the development of various services and products for small and medium-sized enterprises (SMEs), and the application of an effective business model, according to the latest international methods and practices, and in line with the Central Bank’s plans to advance this sector. The launch will provide various banking and financing solutions that support the growth and expansion of these projects with the aim of developing and growing their businesses. MIDBANK aims to achieve the percentage set by the Central Bank for financing small and medium enterprises, which amounts to 25% of the total loan portfolio, by the end of this year.

Egypt-based MIDBANK launched ‘MID-GO, Go with Your Ambition’, as part of the bank’s strategy that is based on infrastructure development, the development of various services and products for small and medium-sized enterprises (SMEs), and the application of an effective business model, according to the latest international methods and practices, and in line with the Central Bank’s plans to advance this sector. The launch will provide various banking and financing solutions that support the growth and expansion of these projects with the aim of developing and growing their businesses. MIDBANK aims to achieve the percentage set by the Central Bank for financing small and medium enterprises, which amounts to 25% of the total loan portfolio, by the end of this year.

2. Technology

India’s beams FinTech fund looks towards the Middle East

The India-based Beams Fintech Fund is planning to expand globally and sees the UAE well positioned to be the international hub and silk route to the rest of the Gulf, north, and eastern African regions. With a target size of USD 120 million and a greenshoe option, Beams strategy is to invest USD 15 million–USD 20 million in growth stages, Series B & C rounds of FinTech companies. Further, Beams plans to build a concentrated portfolio of a dozen FinTech companies in a market currently valued at more than USD 80 billion and is likely to touch USD 250 billion by 2030. Beams are being launched by India's first and largest integrated incubator, Venture Catalysts, which also has 9 Unicorns, a USD 120 million early-stage sector-agnostic accelerator fund in its stable.

Property Finder offers Golden Visa to employees amid fierce tech talent competition

UAE-based Property Finder is using the UAE’s Golden Visa scheme to attract and retain software and data engineers. The move comes as the proptech firm struggles to find product engineers who are keen to pursue a career in real estate. As part of their Golden Visa Program, Property Finder will assist software and data engineers, as well as some senior leaders, to secure the 10-year residency visa—supporting them in the application process and covering the fees it entails.

UAE-based G42 Healthcare collaborates with Amazon Web Services

UAE-based HealthTech firm, G42 Healthcare, partnered with Amazon Web Services (AWS) to develop new global genomics, proteomics, and biobanking service. The collaboration will aim to bring global access to G42 Healthcare's next-generation sequencing (NGS), proteomics, and data analytics capabilities to governments, population genome programs, and life science initiatives across the world.

UAE-based digital wealth tech firm to open an office in Saudi Arabia

UAE-based FinaMaze, a regulated digital asset management firm out of ADGM (Abu Dhabi Global Market) will open an office in Saudi Arabia after completing the Fintech Saudi regulatory program along with 11 other FinTech companies from across MENA.

Bahrain’s Al Salam Bank sets up Robotic Process Automation

Bahrain’s Al Salam Bank, in collaboration with 10xDS (Exponential Digital Solutions), has implemented a Robotic Process Automation (RPA) solution on Blocked and Unblocked Accounts (BUB) within its compliance framework. This comes as part of the bank’s efforts to comply with the regulatory requirements issued by the legislative authorities in Bahrain.?

The implementation of RPA automates high-volume compliance-driven back-end operations that were previously performed manually. This comes in line with the bank’s digitization strategy, adding to its portfolio of digital banking services and products. Additionally, 10xDS specializes in delivering RPA solutions that support the continuous development of organizations through the automation of complex, end-to-end operational activities in an IT-endorsed environment.

Astra Tech acquires Rizek to move closer to delivering ‘ultra platform’ to customers.

UAE-based Astra Tech moved one step closer to bringing the region’s first ultra-platform to life by integrating the services of Rizek, a UAE-based platform for on-demand personal and home services, into its ultra-platform. This integration of Rizek will accelerate the realization of Astra Tech’s vision to create an interconnected and digitized ecosystem that simplifies the way people communicate, shop, pay, and transact.

Already established in the UAE, KSA, and Egypt, Rizek will instantaneously give Astra access to hundreds of its on-demand personal and home services across various segments. Alongside its services, Rizek will also contribute a corporate culture of borderless innovation to drive value for users, partners, and service professionals of Astra’s ultra-platform. Additionally, Astra’s platform aims to deliver better value to the suppliers and partners of personal and home services by removing the burden of unfavorable commission structures.

3. Funding Activity

UAE’s Tabby secures USD 150 million credit facility

UAE-based Fintech Tabby secured USD 150 million in debt financing from Atalaya Capital Management and existing investor Partners for Growth (PFG). The investment fortifies Tabby’s balance sheet and supports its sustained growth in transaction volumes and product expansion. In the last few months, major brands like H&M, Bath & Body Works, Nike, Swarovski, and more have chosen Tabby as their payment partner. Tabby will continue to provide MENA’s consumers with access to credit otherwise unavailable to them, without charging any interest or other fees.

Egypt’s Homzmart raises USD 23 million in expansion push

Egypt-based furniture online marketplace Homzmart raised USD 23 million in its latest funding round, as the start-up plans to expand its services. The latest funding round brings the total amount raised by the Egyptian company to nearly USD 40 million. Saudi Technology Ventures (STV) invested in Homzmart for the first time with existing investors, which include Impact46, Nuwa Capital, Rise Capital, and Outliers Venture Capital. The company will use the new funding to build market share and expand services, including its logistics arm, which now has about 100 lorries.

Kurtosis raises USD 20 million Series A to streamline blockchain ecosystem toolsets

US-based Kurtosis, a Web3 developer, raised USD 20 million Series A, which Coatue led, aims to streamline the developer tools underpinning the rather tricky and still infantile Web3 ecosystem. Kurtosis currently aids developers in ecosystems such as Avalanche, NEAR, Solana, and Ethereum, but it hopes to broaden its existing services over the next several years.

Invested via the likes of Coinbase Ventures, Datadog CEO and founder Olivier Pomel, the Chainsmokers' Mantis VC, and more, the USD 20 million cash influx will allow Kurtosis to add more talent to its roster and aid in the development of a new product slated for debut within the next six to 12 months.

Kuwait’s Teeela raises USD 3.8 million pre-Series A

Kuwait-based gifting platform, Teeela raised USD 3.8 million in a pre-Series A funding round, led by Saudi Arabian investment firm Wealth Well and supported by strategic investment from Mad’a Investment Company, Al-Akeel family, and other investors. The funding will fuel the growth of Teeela across the GCC, with imminent strategic expansion in Saudi Arabia and the UAE. Teeela is also growing its team and bringing in key regional talent as part of a recruitment phase in H2 2022.

Egyptian Web3-focused venture studio Qurious Labs raises funding

Egyptian Web3-focused venture studio Qurious Labs raised funding from Openner as it bids to back bold entrepreneurs in the MENA region building Web3 companies that utilize blockchain, digital currencies, NFTs, and gaming to explore the Metaverse.

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Disclaimer:

This newsletter is prepared by Dash Venture Labs and provides general information only. The information and opinions in the report constitute a judgment as at the date indicated and are subject to change without notice. The information and opinions contained in this report have been compiled or arrived at from sources believed to be reliable in good faith, but no representation or warranty, express, or implied, as to their accuracy, completeness or correctness does also not warrant that the information is up to date. Any reference to third party research material or any other report contained in this report represents the respective research organization’s estimates and views and does not represent the views of Dash Venture Labs and its officers and employees do not accept any liability or responsibility whatsoever with respect to its accuracy or correctness.?