Dash Venture Labs: Our Weekly Picks (Issue No. 24)

1. Entrepreneurship/Startups

UAE launches updated program to develop 8,000 SMEs and start-ups by 2030

The UAE Ministry of Economy launched an updated program to drive the country's goal of becoming the top globally for entrepreneurship. The Entrepreneurial Nation 2.0 initiative seeks to develop more than 8,000 SMEs and start-ups by 2030. The Emirates will also team up with other countries for the first time under the initiative, including Saudi Arabia, India, South Korea and Latvia. The program will be supported by other government entities, and regulations will either be created or updated to help companies experience more seamless development moving forward.

ADIB Capital launches ‘Small Business Finance’ to support SMEs

Abu Dhabi Islamic Bank (ADIB) unveiled a new offering ‘Small Business Finance (SBF)’ to support small and medium-sized businesses (SMEs) in the UAE. The new product offers a complete financial solution for up to AED 1.5 million to support the short and long-term goals of SMEs.

2. Technology

UAE unveils program to develop 1,000 tech projects

The UAE launched a national program to boost the pace of the technological transformation of its industrial and production sectors, as the Arab world’s second-largest economy continues to pursue its goal of making the Emirates a global industrial centre by 2031. The program includes the establishment of national centres for industrial empowerment and plans to export AED 15 billion (USD 4.1 billion) worth of advanced Emirati technological products a year.

UAE leads in FinTech sector regulations across the Middle East, Turkey

According to a report by Mastercard, the UAE leads the markets in the Middle East and Turkey when it comes to fintech sector regulations. Regulation of the fintech sector includes multiple facets, such as payments, remittances, equity crowdfunding, e-money and P2P lending. The UAE has regulations for all five facets, followed by Saudi Arabia and Bahrain, which regulate four out of the five facets. Egypt and Turkey have regulations for three of these facets, while Qatar has soft-launched its regulatory sandbox and is planning to launch fully in the near future.

Honeywell seals smart city development pact with Saudi's KAFD

Global technology company Honeywell signed an MoU with King Abdullah Financial District (KAFD) for implementing its innovative solutions to optimize operations and help create a sustainable smart city experience at the prime business and lifestyle destination in Saudi Arabia. The strategic MoU is aimed at supporting Saudi Arabia’s Vision 2030 objectives related to smart city development and advances in technology adoption to create energy-efficient, intelligent buildings.

Injazat and Nesma announce JV to support KSA technology transformation

Injazat and Saudi-based Nesma Infrastructure & Technology (NIT) announce ‘Nesma Injazat’, a joint venture to offer key digital services and solutions in the Kingdom. The new company will provide solutions in Systems Integration, Managed IT services, Digital Transformation, Cyber Security, and Digital Platforms across various sectors. Nesma Injazat will start operating in October 2022 with offices in Riyadh and Jeddah.

Saudi-founded Geidea partners with Visa to bolster digital payments in Egypt

Geidea, a Saudi-based FinTech company, signed a long-term strategic partnership agreement with Visa to deploy Geidea’s payment solutions in the Egyptian market. Under the agreement, Visa will provide new payment services through Geidea’s point of sale (POS) terminals and offer seamless and secure payment solutions for merchants and SMEs across the Arab Republic. The two parties will enable merchants and SMEs to use digital operations, including pay-by-phone as well as electronic trading services.

Saudi tech firm 2P to seek USD 1 billion value in local IPO

Information and communications technology firm Perfect Presentation is expected to seek a valuation of up to USD 1 billion from a listing in Saudi Arabia next month. The company, known as 2P, plans to list about 30% of its shares on the Tadawul, with trading set to start in November. Saudi Fransi Capital is the financial adviser and lead manager for the IPO, for which 2P will start taking orders next week.

Mastercard invests in Nclude to support Egypt’s fintech ecosystem

Mastercard will strategically invest in the fintech-focused VC investment platform, Nclude, to support Egypt’s fintech ecosystem and accelerate digital transformation in the country. This move will support financial inclusion in Egypt through investing in rising early-and-growth stage fintech and fintech-enabled companies.

3. Funding Activity

Egypt’s Telda raises USD 20 million Seed round

Egypt-based FinTech Telda, raised USD 20 million in Seed funding, led by Global Founders Capital with participation from Sequoia Capital and former Twitter CEO Jack Dorsey’s Block Inc. Founded in 2021, Telda is a P2P payment app that serves unbanked users, who can send, spend and save money with no need for a bank account. It obtained the final approval from The Central Bank of Egypt (CBE) to start operating its card earlier this year. Telda will use the funds to expand into new markets and build its product offering.

UAE’s VUZ raises USD 20 million Series B investment

UAE-based social app VUZ raised USD 20 million in Series B investment, from Caruso Ventures, Vision VC Fund, e& capital, Dubai Future District Fund, Webit Investment Network, SRMG, Elbert Capital, Yasta Partners, Faith Capital, Panthera Capital, and seven other existing investors. The funds will be used to increase VUZ’s reach to more audiences, improve its 10% M-o-M recurring revenue growth, launch Web3 products and NFT projects, and scale with creators and content in the US, Asia, and Europe.

Egypt’s FlapKap closes USD 3.6 million Seed round

Egypt-based e-commerce financing platform FlapKap closed a USD 3.6 million Seed round from Bolt by QED, Nclude, Outliers, and A15. With the new funding, FlapKap plans to increase its capacity in the MENA region, as well as solidify its presence in Saudi Arabia, the UAE, and Egypt.

UAE's Five FS closes USD 3.5 million Seed round

UAE-based fintech Five FS raised USD 3.5 million in Seed funding led by Romanian VC firm Zeyshare Ventures at a USD 30 million valuation. Founded in 2022, Five FS offers five financial services: loans, mortgages, deposits, insurance and leasing, by pitting financial institutions against each other in a bidding process. The Seed funding has fueled Five FS’s expansion in the UAE and Saudi Arabia. It will also be used for further product development, including the development of a digital wallet and the launch of a debit card.

Mindshift Capital participates in Wellbees’ USD 2.2 million Seed round

UAE-based VC firm Mindshift Capital participated in US employee wellness platform Wellbees’ latest USD 2.2 million Seed funding round, alongside other VCs including 212, Assist Ventures, Sarus Select Capital and Doha Tech Angels. Wellbees is a one-stop-shop tech solution for HR professionals and employees, allowing employees to gain better habits that can impact their lives. The funding will allow Wellbees to establish a data science team to strengthen the company’s analytics, as well as increase its market share, especially in the UK and MENA markets.

Roboost closes six-figure Seed round

Egypt-based delivery management solution Roboost secured a six-figure Seed round from Falak Startups, AUC Angels, as well as follow-on funding from Flat6Labs. The new funding round will accelerate Roboost’s growth by enhancing its AI delivery management solution and expanding its product offering.

Saudi Arabia’s anb invests in Cashee’s Series A round

Saudi Arabia-based bank anb participated in UAE-based fintech Cashee’s Series A round. The amount invested was not disclosed. Cashee specialises in the development of youth banking and financial education platforms and applications with the aim of enhancing financial inclusion and promoting a savings culture. This agreement will allow Cashee to roll out its banking and knowledge solutions, applications, and products in the Saudi market.

Wafii raises Seed round to launch crypto Cashback platform

Jordan-based rewards platform Wafii, raised an undisclosed amount for its Seed round, led by GMS Ventures & Investments and angel investors. The new funding will enable Wafii to launch a crypto cashback platform in the UAE, where users can earn at least 1% Bitcoin back on transactions.

Vezeeta raises undisclosed growth funding

Egypt-based healthtech Vezeeta raised an undisclosed amount of growth funding, from Abu Dhabi-based Gulf Capital and Sweden-based VNV Global. Established in 2012, Vezeeta is a healthcare app that enables patients to book doctor appointments, order medications online and order at-home lab sample collection. The new funding comes after Vezeeta reached its profitability and is set to accelerate its organic growth as well as fund acquisitions and expansions across the Middle East and Africa.

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