Dash Venture Labs: Our Weekly Picks (Issue No. 30)

1. Entrepreneurship/Startups

Saudi Arabia's Social Development Bank allocates USD 53.3 million in funds for tech SMEs

Saudi Arabia's Social Development Bank signed an agreement with the National Technology Development Programme (NTDP) to allocate funding for the kingdom's small businesses operating in the tech sector. The Social Development Bank agreed with the NTDP to operate a financing portfolio of SAR 200 million (USD 53.3 million) that will be allocated to emerging, micro and small technology enterprises to boost their competitiveness and contribution to the national economy.

UAE government seeking to enable SMEs to enter global markets

The UAE government is seeking to open new channels for entrepreneurs and support the growth and expansion of their businesses in global markets, by strengthening global strategic economic partnerships and cooperation, in order to enhance the potential for sustainable growth.

Abu Dhabi Chamber hosts a seminar to support SMEs grow their e-commerce business

In collaboration with the Abu Dhabi Department of Economic Development - Abu Dhabi (ADDED), Khalifa Fund for Enterprise Development, and ebay, the Abu Dhabi Chamber of Commerce and Industry (ADCCI) held an awareness seminar titled ‘Grow your Business Globally with ebay’ to support entrepreneurs and SMEs based in Abu Dhabi to grow and expand their e-commerce businesses. Abu Dhabi Chamber is supporting the growth of the private sector, including SMEs and startups, by providing businesses with the necessary guidance and skills and introduce them to different investment opportunities.

2. Technology

Dubai set to become one of the world’s top digital economies

Dubai Crown Prince, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, approved the new phase of the Dubai Metaverse Strategy, which aims to enhance the digital economy and implement measures to empower the use of the metaverse and future technologies with a special focus on digital technologies and the metaverse to promote digital growth and innovation. The initiative seeks to build the skills of talented Emiratis and create a large metaverse community in Dubai that includes metaverse companies, startups, investors and users. It also promotes Dubai’s ambitions to support more than 40,000 virtual jobs by 2030. This is set to further boost Dubai’s economy and support the UAE government’s vision of increasing the number of blockchain companies by five times the present number.

UAE’s SMEs, start-ups could see USD 17.1 billion boost from hyperscale cloud computing

UAE-based Hyperscale cloud computing is expected to provide SMEs and start-ups in the UAE with USD 17.1 billion (AED 62.6 billion) worth of economic benefits from 2022 and 2030, the equivalent of 4% of country’s 2021 GDP. Between 2022 and 2030, SMEs and start-ups can generate USD 10.1 billion (AED 37 billion) in user benefits and USD 7 billion (AED 25.7 billion) in partner benefits from hyperscale cloud computing, supported by a hyperscale regional data centre in the UAE. By 2030, hyperscale cloud computing is expected to create 133,000 direct and indirect jobs in the UAE, and reduce the country’s carbon footprint and carbon dioxide emissions by up to 78%.

AWS launches Accelerator 3.0 to help startups scale up the development of clean energy technologies

Amazon Web Services (AWS), an Amazon.com company, launch and call for applications for the Clean Energy Accelerator 3.0, a high-pace, a non-equity dilutive accelerator designed to facilitate partnerships with mature startups developing breakthrough clean energy technologies.

Saudi Central Bank licenses new payment financial technology company

The Saudi Central Bank (SAMA) announces the licensing of a new payment financial technology company, namely: Tweeq International Financial Company, to provide E-wallet services. This brings the total number of payment companies licensed by SAMA to 23 companies, in addition to 5 companies that were granted an ‘In-principle Approval’. This comes as part of SAMA's role to promote the development of the financial technology sector to ensure ultimate stability and growth of the sector.

Egypt Post and Bahrain’s Beyon Connect launch digital postbox

The Egyptian National Postal Organization and Bahrain’s Beyon Connect launched Bareedi, designed to deliver sustainable digital solutions in Egypt. In line with Egypt’s 2030 vision and digital transformation strategy, Bareedi aims to provide a highly secure digital electronic registered mail platform. Additionally, Bareedi will be fully hosted in Egypt, and will enable national communication services between the public sector, private businesses and Egyptian residents in one secure, convenient, sustainable, and spam-free digital platform.

Zimmer Biomet opens Dubai Innovation Hub as demand continues to increase for orthopaedic robotics and technology

Zimmer Biomet Holdings opened a new Innovation Hub in Dubai to showcase the company’s advanced technologies, surgical robotics and implants to healthcare customers. By connecting Zimmer Biomet digital technologies, robotics, implants and services, it aims to empower surgeons, administrators and patients with solutions that are smarter, faster, and better.

Phoenix Technology signs a new distributor agreement with MicroBT, selling their WhatsMiner brand

UAE's Phoenix Technology entered a strategic, exclusive, regional partnership agreement with MicroBT, a technology company based on blockchain - to sell their WhatsMiner brand in the GCC countries (UAE, Bahrain, KSA, Oman, Qatar and Kuwait), Egypt and Turkey market. Under the new distributor agreement the products will be exclusively distributed across the world, online and physical, through the Phoenix Store located on Sheikh Zayed Road, Dubai, UAE.

3. Funding Activity?

UAE royal VC backs USD 42 million funding of London-based AI startup

London-based Applied AI Company (AAICO), an AI technology company, secured USD 42 million in funding to further its growth in the US and Europe. The investment came from UAE-based AI firm G42, A.R.M Holding, Plug and Play Investment Group (which backed Vara and Smart Kiwi), as well as distinguished families in Europe and the MENA region. AAICO’s seed investors include Stefan von Liechtenstein, Garry Kasparov, Dennis Mahoney, Valnon Holding, Freud Holdings, and HCS GmbH, amongst others.

UAE's Qashio raises USD 10 million Seed to accelerate KSA expansion

UAE-based fintech Qashio raised USD 10 million in a Seed round through a mix of equity and no equity financing. Investors in the round include One Way Ventures, MITAA, Cadorna Ventures, Sanabil 500 MENA, Nuwa Capital, Iliad Partners, Phoenix Investments, as well as angels and family offices. Qashio offers a spend management platform that enables businesses to gain full visibility and control of their expenses. It plans to use the freshly acquired funds to fuel its expansion in the Kingdom.

Grinta raises USD 8 million Seed round

Egypt-based B2B marketplace Grinta raised USD 8 million Seed funding co-led by Raed Ventures and Nclude, alongside other investors including Endeavor Catalyst and 500 Global, bringing its total funding to date to USD 9.5 million. Grinta gives pharmacies access to the full spectrum of traceable pharmaceutical and medical products from multiple vendors. The funds will be invested to scale Grinta's full-stack tech platform, expand its team and accelerate its growth across the Egyptian market.

Rekt Studios raises USD 1.5 million to develop Meta gaming ecosystem

UAE-based blockchain-focused startup, Rekt Studios, secured USD 1.5 million in funding from Cypher Capital. Launched in early 2022 in Dubai, Cypher Capital is a USD 100 million VC fund focused on backing startups in web3, blockchain, crypto and other digital assets. The funding will go towards the development of its gaming metaverse ecosystem, Unseen.

Saudi edtech Jeel raises USD 1.1 million Seed from EdVentures

Saudi Arabia-based edtech for pre-schoolers raised 1.1 million Seed round from EdVentures, the VC arm of Egypt-based Nahdet Misr Publishing Group. Jeel is an edutainment platform for pre-schoolers that provides them with educational content prepared by a group of psychologists and educators.

Morocco's edtech startup SmartProf raises USD 110,000 pre-Seed round

Morocco-based edtech Smartprof received a USD 110,000 pre-seed investment from UM6P Ventures, Plug and Play, alongside other investment angels. Smartprof is an on-demand private tutoring platform that provides one-on-one or group live interactive sessions with the help of a small crew. Using the new funding, Smartprof intends to extend its footprint in Morocco and West Africa, and hire further developers to improve the product’s quality.

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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.

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