Dash Venture Labs: Our Weekly Picks (Issue No. 8)

1) Entrepreneurship/Startups

Visa, FAB, and DBWC launch ‘She’s Next’ programme for female entrepreneurs in UAE

Visa launched its global She’s Next initiative in the UAE to support local women entrepreneurs. The initiative is launched in partnership with First Abu Dhabi Bank (FAB), and the Dubai Business Women Council (DBWC).

?She’s Next is a global advocacy programme that brings practical insights and tools to small and medium businesses (SMBs), including networking, mentoring, and funding opportunities. Women business owners across UAE can join She’s Next and apply for funding and acquire access to peer networks and educational resources that can help address the challenges that women entrepreneurs often face.

Egypt’s 1st Venture Capital Summit to provide enabling environment for innovative entrepreneurs

Egypt’s first Venture Capital Summit aims to provide an enabling environment for talented and innovative entrepreneurs and create new jobs for the future. The summit will run for two days and is held under the theme of Your Investment Gateway to Africa & the Middle East Venture Capital Programme in collaboration with GIZ Egypt and AfricaGrow and is organised by Changelabs.

The summit aims to adopt more innovative fintech and fintech-enabled solutions capable of delivering banking and financial services to all segments of society more easily and at an affordable cost.

2) Technology

Google launches digital marketing program for MENA startups

Google announced the completion of the first phase of the Startup Expedition, a new program to help startups boost their growth using effective marketing strategies in the MENA region. The 6-month program is joined by 13 startups at their growth stage from the UAE, Saudi Arabia, and Egypt representing FinTech, Retail, HealthTech, and FoodTech.

The first phase of the program included a series of workshops presented by 14 experts at Google, covering key areas in digital marketing such as generating leads and driving sales on YouTube and Search, creative best practices, measurement, and products, among others. The startups also participated in 1:1 conversations with teams at Google to help address business challenges and find sustainable marketing solutions to fuel their growth. The selected startups are BitOasis (UAE), Breadfast (Egypt), CoinMENA (UAE), Eyewa (UAE), Homzmart (Egypt), Jahez (Saudi Arabia), Nana (Saudi Arabia), Okadoc (UAE), Rain (UAE), Sarwa (UAE), Syarah (Saudi Arabia), Tamara (Saudi Arabia/ UAE), and Thndr (Egypt).

eCommerce set to influence USD 1 trillion Mena retail market

The MENA’s USD 1 trillion retail market is passing through a transformation as e-Commerce gained popularity and may serve up to 40% of the retail spend and serve more than 20 million micro, small and medium-sized enterprises in the region.

Saudi Arabia aims to increase digital transactions to 70% by 2025

Saudi Arabia’s Financial Sector Development Program (FSDP) launched the fintech Strategy Implementation Plan aimed to place the Kingdom among the leading countries in the field of fintech, with Riyadh becoming a global fintech hub. The strategy also aims at enhancing economic empowerment for individuals and communities.

The strategy will contribute to realizing the strategic objectives of Saudi Vision 2030. The strategy seeks to increase the number of fintech companies operating in the Kingdom from 82 to 230 by 2025. In addition, it aims to increase the share of non-cash transactions (digital transactions) to 70% by 2025.

Amazon opens the largest delivery station in Abu Dhabi

Amazon has inaugurated its largest delivery station in Abu Dhabi, as the company prepares for hosting the Prime Day event in July. Spanning 4,700 square meters, the high-tech delivery station is the second largest in the UAE, offering same-day and one-day deliveries to customers across Abu Dhabi. In line with Abu Dhabi’s innovation agenda, Amazon’s new station introduces its latest last-mile delivery technology to Abu Dhabi.

The launch of the new facility came following Amazon’s announcement with the Abu Dhabi Investment Office (ADIO) in November 2021 about the opening of its most technologically advanced Fulfillment Centre in the region in the capital within 2023.

UAE collaborates with '4IR champions' to boost tech adoption in the industrial sector

The UAE gathered representatives from 17 national and global companies involved in using the latest technologies to boost tech adoption in the industrial sector. The network of industry champions includes Adnoc, Edge, Honeywell, Unilever, Schneider Electric, Emirates Global Aluminium, Cisco, Siemens, Aveva, SAP, Etisalat, IBM, Microsoft, Ericsson, Strata, Huawei, and PTC, the latest to join the group.

The representatives met government stakeholders and small and medium-sized enterprises during the Champions Network Assembly event to explore collaborative ways of accelerating the adoption of advanced technologies in the national industrial sector. The initiative will offer the Industry 4.0 module for chief executives covering lean, Six Sigma, lean digital, IoT (Internet of Things), and analytics. It also includes mid-management training with several modules on lean, Six Sigma, and IoT.

Huawei partners with Saudi Space Commission to launch the first technology experience center in KSA

Huawei, in collaboration with the Saudi Space Commission, launched Future Space, the first technology experience center in Saudi Arabia. The partnership aligns with Huawei's commitment to corporate social responsibility, developing local talent, and actively contributing to the Kingdom's digital transformation journey.?

Future Space, the largest exhibition center outside of China, will include advanced technologies including autonomous driving, 3D printing, and brainwave robot control, among other innovations. The first exhibition of its kind in Saudi Arabia, Future Space, covers 1,500 square meters and will offer speaking opportunities for young innovators. The center will be open to the public and host an estimated 200,000 visitors over the next five years.

Saudi Aramco, Cognite partner to form tech joint venture

Saudi Aramco and Cognite, an industrial software services provider, partnered to launch CNTXT, a joint venture (JV) headquartered in Riyadh. The JV aims to ‘help public and private sector companies innovate faster, scale AI-driven solutions, and turn data into value’. The venture will also provide an opportunity for companies to future-proof their data infrastructure, cut costs, and minimize risks while enhancing operational sustainability and security.

In addition, CNTXT is Google Cloud’s reseller for cloud solutions in the kingdom, and the exclusive reseller of Cognite Data Fusion in the MENA region, which allows it to leverage the latest technologies and decades of expertise to help businesses grow and develop safely and securely.

Fintech app Lucky obtains regulatory nod for a new card

Fintech platform Lucky received approval from the Central Bank of Egypt (CBE) to launch the Lucky One card in the collaboration with Mashreq Bank, Meeza, and Masria Digital Payments (MDP). The partnership complies with the CBE’s strategy to achieve financial inclusion and support the cashless economy. The card will provide new money services, including mobile bill payments, withdrawals, and deposits.

Property Finder launches MENA's first AI-driven ranking system

Property Finder, a prop-tech company, launched SuperAgent, MENA's first AI-driven ranking system for agents. Powered by an in-house data platform Agent Data Assistant (ADA), the new system aims to offer home-seekers up-to-date and improved knowledge of properties by using data points. ADA deploys the AI algorithm to the analytics workflow and quality scores and promotes market-leading consumer experiences.

Raya’s affiliate Aman for Microfinance launches first investment fund

Aman for Microfinance, a subsidiary of Aman Group that is owned by Raya Holdings for Financial Investment, launched its first investment fund dubbed Aman Youm-B-Youm. The company obtained the Financial Regulatory Authority’s (FRA) approval to set up its daily investment fund and is expected to receive total investments of EGP 100 million within one year. Meanwhile, the fund is forecast to collect EGP 25 million worth of investments in the initial phase. Aman for Microfinance teamed up with Prime Investments-Asset Management to establish the fund that will provide all social segments with a daily return on investment (ROI).

Dailyhunt sets up base in Dubai, unfolds plans for the region

Dailyhunt, India's leading vernacular language content discovery platform powered by VerSe Innovation, has announced its global expansion plans. VerSe Innovation, which is valued at USD 5 billion (AED 18.37 billion), has set up an office in Dubai whilst rolling out its offerings in all the six GCC countries, including the UAE, Kingdom of Saudi Arabia, Bahrain, Oman, Qatar, and Kuwait. Plans are afoot to expand in the wider Middle East and North Africa (MENA) region as well.

The foray into the GCC market comes on the back of Dailyhunt’s success in India, where one in every two internet users is on its platform. Data shows that 350 million users access Dailyhunt for their daily news and content needs. Powered by AI/ML and deep learning technologies, VerSe Innovation aims to take the pole position in the smart curation of content and tracking of user preferences on a real-time basis.

Backbase seals partnership with Bahrain FinTech Bay

Backbase has partnered with Bahrain FinTech Bay (BFB) as part of BFB's Venture Acceleration Platform, to accelerate digital banking adoption in the MENA region and offer new opportunities for key players in the regional financial sector. Backbase brings a rich portfolio of partners, including the National Bank of Bahrain, ila Bank, Banque Saudi Fransi, Kuwait International Bank, and Société Générale. Moreover, Bahrain FinTech Bay incubates impactful and scalable financial technology initiatives through innovation labs, acceleration programs, and curated activities.

The partnership will provide aspiring and leading financial organizations across the MENA region with the opportunity to leverage a solidified engagement banking offering and benefit from an all-encompassing Fintech ecosystem that would boost their operations, performance, and reach.

3) Funding Activity

Edtech firm Leap snags USD 75 million from Owl Ventures, others

US-based Leap, an overseas education-focused guidance and financing platform, secured USD 75 million in a Series D funding round led by Silicon Valley-based Owl Ventures. The latest fundraising also saw participation from new investors Steadview Capital and Paramark Ventures, along with existing investors Jungle Ventures and Sequoia Capital India. Through this deal, the firm plans to deploy the fresh proceeds to expand its global footprint.

The platform offers a suite of products including international test prep like IELTS, TOEFL, SAT, etc.; admissions; visa counseling, and financial offerings such as international student loans, international bank accounts, credit cards, and money remittance services.

Saudi entrepreneurs get USD 22 billion funding as SMEs grow by 15% in Q1

Saudi entrepreneurs received funding worth SAR 8.1 billion (USD 22 billion) in the first quarter as the number of small and medium-size businesses operating in the Kingdom rose by 14.6%. The number of SMEs in the Kingdom increased to 752,560 in the first three months of the year from 650,550 a year ago.

The SMEs received the funds through Monsha’at services led primarily by its Kafalah program, which guaranteed SAR 64.6 billion in secured loans to entrepreneurs. The Tamweel platform enabled SAR 12.3 billion in loans, the Saudi Venture Capital Company invested SAR 1.4 billion, and the Indirect Lending Initiative provided low-cost loans of SAR 2.5 billion to companies.

Saudi Arabia’s Torod raises USD 1.4 million Seed

Saudi-based E-commerce fulfillment platform Torod closed a USD 1.4 million Seed round led by IMPACT46 with participation from local investors including Hala Ventures and SEEDRA Ventures. The round was closed back in May. Torod provides a deep expertise in e-commerce and logistics spaces, enabling fast and cost-effective shipping for D2C retailers with the ability to manage and track the orders through a single interface by the platform.

Torod will deploy the freshly infused capital to accelerate its mission in enabling fast and cost-effective shipping process for D2C retailers and enhance the post-order experience for the merchants and the consumer.

UAE’s WEMA Health launches after raising USD 3.5 million Seed round

UAE-based WEMA Health launches in the UAE after raising a seed investment of USD 3.5 million, incubated under Europe’s largest digital health company, Dawn Health. WEMA Health connects its users with endocrine specialists on the state-of-the-art app, with a focus on diet, exercise, and psycho-social support. WEMA Health also makes available to members the modern and clinically documented weight loss medicine, GLP-1, which is prescribed in tandem with professional and personalised cognitive behavioural coaching, so members are empowered to make lasting lifestyle changes.

Dubai's Huspy raises USD 37 million Series A

Dubai-based Huspy, the EMEA PropTech startup, closed a USD 37 million Series A funding round to build the future of home buying across the region. The round was led by Sequoia Capital India. The round also welcomed participation from Founders Fund, Fifth Wall, Chimera Capital, as well as pervious investors Breyer Capital, VentureFriends, COTU, BY Venture Partners, and Venture Souq.

Huspy’s innovative platform features a suite of digital solutions to create unparalleled benefits for buyers, property agents and mortgage brokers. With a total addressable market of USD 13 billion across the UAE and Spain. Huspy’s Series A round will be used to extensively invest in technology development, double down on growth in the UAE and Spain, and expand across Europe.

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