Dash Venture Labs: Our Weekly Picks (Issue No.100)

1. Entrepreneurship/Startups

Entrepreneurship and Innovation Take Center Stage at ATM 2024

The Arabian Travel Market (ATM) 2024, set to take place from May 6 to May 9 at the Dubai World Trade Centr, is gearing up to explore the role of innovation in reshaping the global tourism industry. This year's event, themed ‘Empowering Innovation: Transforming Travel Through Entrepreneurship’, will feature over 200 speakers and more than 50 sessions on key topics including artificial intelligence, aviation, luxury travel, and sustainability.

Danielle Curtis, Exhibition Director ME, highlights that the event will expand significantly, with exhibitor participation expected to increase by 23% over last year. The ATM 2024 aims to spotlight cutting-edge technologies and entrepreneurial strategies that enhance customer experiences and drive economic growth within the sector.

Saudi Arabia's PIF Acquires Majority Stake in Tawal, Creating Telecom Infrastructure Giant

Saudi Arabia's Public Investment Fund (PIF) has acquired a 51% stake in Tawal, the largest telecommunications infrastructure provider in the region, from Saudi Telecommunications Company (stc Group). This transaction values Tawal at $5.85 billion.

Following the acquisition, PIF plans to merge Tawal with Golden Lattice Investment Company (LATIS), where it also holds a majority stake, creating the largest regional company in the telecommunications infrastructure sector. The new entity will be 54% owned by PIF and 43.1% by stc Group, with the remaining shares held by GLIC minority shareholders.

Expected to be completed in the second half of 2024, this strategic move aims to enhance network coverage and improve connectivity across Saudi Arabia, marking a significant step in the consolidation of the Kingdom's telecom infrastructure.

Zain Highlights its Initiatives to Support a Flourishing Local Entrepreneurial Ecosystem

Zain has announced its support for the Australian University’s “Lead Your Future” forum, designed to bolster entrepreneurship among students. The event, featuring key speakers from Zain and university officials, allowed students to present innovative business ideas and immerse themselves in the local entrepreneurial ecosystem. Zain's involvement underscores its commitment to fostering young talent and innovation through initiatives like its Zain Great Idea accelerator and the broader Innovation Nation program focusing on STEM education. This partnership highlights Zain’s dedication to nurturing the next generation of entrepreneurs in the region.

Startups Without Borders 2024 Summit Set for May in Cairo

The fifth annual Startups Without Borders Summit is scheduled for May 10-11 at Kamelizer Spaces, District 5, Cairo. Themed "Break Borders, Build Global Horizons," the event will gather 3,000 participants, including innovators and tech leaders worldwide.

This year features speakers and investors from around the globe, workshops on entering international markets, and the launch of the AiSalon in partnership with Blitzscaling Ventures. The summit will also include matchmaking opportunities for startups with investors and corporate leaders. Sponsors include Qewam, Odoo, Aspire Consulting, GSE-Penn University, and more.

GAFI and African Development Bank Foster Egypt's Startup Ecosystem

The General Authority for Investment and Free Zones (GAFI), in collaboration with the African Development Bank, wrapped up a transformative initiative aimed at empowering Egypt's entrepreneurs. Dubbed "Your Idea, Your Company," the program conducted workshops and provided consultancy services across 17 governorates, benefiting over 600 aspiring entrepreneurs. Key figures at the closing ceremony highlighted the government's commitment to supporting startups and streamlining procedures. The initiative's success underscores a collaborative effort towards fostering innovation and driving economic growth in Egypt.

2. Technology

Klumi Ventures Receives First Web3 VC License in Abu Dhabi

Abu Dhabi's Klumi Ventures has become the first Web3 venture capital firm to secure a license from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM). As the sole Web3 VC and Fund Manager regulated by ADGM, Klumi Ventures is poised to lead development in the region’s blockchain ecosystem.

The firm announced the launch of two funds: a $15 million Qualified Investors Fund for early-stage Web3 startups, and a $100 million flagship fund focused on emerging technologies and decentralized sectors. This initiative aligns with ADGM's 2024 plans to introduce DeFi regulations and update its virtual assets framework, highlighting Abu Dhabi's growing role as a hub for digital asset innovation and investment.

CyberArk Launches New UAE-Based Datacenter to Enhance Regional Identity Security

CyberArk, a leader in identity security, has announced the launch of services from its new UAE-based datacenter to support regional data sovereignty and enhance security compliance for UAE industries. This development allows local organizations to manage and store sensitive data within the UAE, aligning with the country's efforts to secure its digital environment.

The launch comes as CyberArk's research indicates a high expectation of identity-related breaches due to factors like cloud adoption and hybrid work models. The CyberArk Identity Security Platform offers comprehensive security features that help enforce modern cybersecurity standards such as Zero Trust and least privilege across various sectors.

Microsoft Introduces Phi-3-mini, a Cost-Effective Lightweight AI Model

Microsoft has introduced Phi-3-mini, a new lightweight AI model, marking its first release in a series of three small language models aimed at providing cost-effective AI solutions. Targeting businesses with fewer resources, Phi-3-mini is designed for simpler tasks and is available immediately on Microsoft's Azure cloud service, machine learning platform Hugging Face, and Ollama, a local machine running framework.

This initiative is part of Microsoft's broader strategy to democratize AI technology, following its recent $1.5 billion investment in UAE-based AI firm G42 and a partnership with French startup Mistral AI. The new model showcases Microsoft's commitment to making advanced AI more accessible to a wider audience.

Zain KSA Launches a Locally Developed Fleet Management System

Zain KSA has launched a fully locally developed fleet management system, becoming the first telecom operator in Saudi Arabia to align with the 'Made in Saudi' Program. The system, hosted on Zain Cloud, enhances logistics by improving route planning, reducing fuel consumption, and cutting carbon emissions. It also features real-time GPS tracking to boost road safety and provide valuable insights for operational efficiency.

Saad bin Abdulrahman Al-Sadhan, Chief Business and Wholesale Officer at Zain KSA, emphasized the commitment to fostering local innovation and contributing to the non-oil GDP growth as outlined in Saudi Vision 2030. This launch marks a significant step in supporting the localization of technology within the Kingdom.

Alat Transforms Manufacturing to Pave the Way for a Sustainable Future

Alat has unveiled a new manufacturing hub in Saudi Arabia, focusing on the integration of Industry 4.0 technologies and sustainable practices into global manufacturing. Set against a backdrop of rising demand for advanced technologies, with the industry expected to grow to US$327.8 billion by 2030, Alat's initiative marks a strategic move to modernize manufacturing and address environmental concerns.

Partnering with major firms such as Softbank Group and Carrier Corporation, Alat aims to develop innovations in industrial automation and smart energy solutions. Saudi Arabia, committed to generating 50% of its energy from renewables by 2030 and investing US$266 billion in clean energy, provides a strategic and resource-rich setting for this hub.

The hub will focus on using renewable energy and developing sustainable manufacturing processes, aligning with Saudi Arabia's infrastructure expansion and its positioning as a burgeoning logistics nexus. Through this initiative, Alat is set to redefine industry standards and support the kingdom's ambitious environmental and economic goals.

3. Funding Activity

Shorages Raises $1 Million to Expand in GCC

Shorages, a logistics startup based in the GCC, has secured $1 million in pre-Series A funding to expand its fulfillment services into Saudi Arabia. Having established a robust presence in the UAE, Shorages is enhancing its infrastructure to support both local and international businesses across the region.

The company provides an omnichannel logistics platform that simplifies inventory and order management for merchants, integrated with major e-commerce systems like Shopify and Amazon. This funding will fuel further expansion across the GCC and strengthen its logistical offerings in the KSA.

Arab Therapy Secures $1 Million to Boost Mental Health Care

Arab Therapy, a leading online mental health platform in the MENAPT region, has closed a $1 million seed funding round led by Flat6Labs and Vision Health Pioneers Incubator, with support from global angel investors. The funding will enable Arab Therapy to enhance its therapist training programs and expand its services across the region, addressing the rising demand for Arabic-speaking mental health professionals.

The platform offers a comprehensive service that connects users with licensed therapists, focusing on personalized care and privacy. With the new investment, Arab Therapy plans to extend its reach by launching business-to-business sales operations, targeting corporations and educational institutions to integrate mental health services into their wellness programs.

Egypt-Based Startup Bluworks Secures $1 Million

Bluworks, an Egypt-based startup specializing in HR technology for blue-collar workers, has raised $1 million in a pre-seed funding round. Led by Saudi venture capital firm Khawarizmi Ventures, the round also saw participation from Camel Ventures, Acasia Ventures, and various angel investors.

Launched in 2022 by founders Farah Osman, Hussein Wahdan, and Nour Ahmadein, Bluworks is pioneering the region's only SaaS platform aimed at managing the lifecycle of blue-collar employees in industries such as retail, food & beverage, and construction. The platform streamlines HR operations like payroll and performance monitoring, catering to over 50 million blue-collar workers in the Middle East and Africa.

With clients like Crave and Qahwa already on board, Bluworks plans to use the new funds to enhance its product and expand its team, aiming to become the premier platform for optimizing blue-collar workforce management in the region.

Waffarha Raises a Seven-Figure Seed Round by Value Makers Studio (VMS)

Waffarha.com, Egypt’s leading online discount platform, has received investment from VMS Saudi Startup Studio, supporting its expansion into Saudi Arabia. Founded in 2012, Waffarha offers up to 90% discounts on services across various sectors and connects over 5 million customers with thousands of merchants.

The investment will help bolster Waffarha’s marketing initiatives in Saudi Arabia, aiming to establish it as a prime destination for cost-effective deals. Additionally, Waffarha has expanded its service offerings to include bill payments and a voucher marketplace, further enhancing its comprehensive consumer services. This strategic move is set to increase Waffarha's regional presence and consumer engagement significantly.

Bokra Secures $4.6 Million for MENA Wealth Management App

Bokra, a fintech startup based in Cairo, has raised $4.6 million in a pre-seed funding round led by DisrupTech Ventures and SS Capital. The investment will support the launch of Bokra's innovative app, designed to democratize wealth management in the MENA region through goal-based investment and savings products utilizing asset-backed securities.

Bokra aims to address significant challenges in the current wealth management landscape, such as personalized investment planning and access to diverse asset classes. The app, set to launch in Q2 2024, will enable users to invest in fractional ownership and manage their investments through a straightforward, user-friendly platform.

The funds will be used to develop the app, expand the range of investment products, and broaden Bokra's market presence across MENA, promoting a culture of smart investing catered to various financial goals.

Any feedback to share??Contact us

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, no copyright infringement intended 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.

Dash Venture Labs does not accept any liability for any loss arising from the use of material presented in this report. Dash Venture Labs may seek to do business, or may already have had some business dealings, with companies covered in this report. This document has not been reviewed by, approved by or filed with the ESCA or CBUAE. This report or any portion hereof may not be reprinted, sold or redistributed without our prior written consent of the Company.