Dash Venture Labs: Our Weekly Picks (Issue No.105)

1. Entrepreneurship/Startups

DMCC and South Korea's SBA Collaborate to Bolster Innovation, Trade, and Entrepreneurship

The Dubai Multi Commodities Center (DMCC) and the Seoul Business Agency (SBA) have united in a strategic partnership aimed at fostering innovation and trade growth between the UAE and South Korea. Through initiatives like knowledge exchange and specialized acceleration programs, the collaboration seeks to empower startups and entrepreneurs while expanding the presence of South Korean businesses in the UAE market. This partnership not only strengthens ties between the two regions but also underscores DMCC's commitment to providing a supportive environment for businesses to flourish.

The UAE Participates in VivaTech 2024 in France, Backing the Expansion and Development of Emirati SMEs in International Markets

Under the leadership of H.E. Abdullah Ahmed Al Saleh, the UAE delegation participated in VivaTech 2024 in Paris. Their presence aimed to bolster investment opportunities for national SMEs and promote their products at the UAE pavilion. The visit included field visits to French business incubators, bilateral meetings with government officials, and networking sessions to forge partnerships in emerging sectors like technology. Additionally, UDENZ, a startup listed in the Future 100, signed a partnership agreement during the event, highlighting the entrepreneurial spirit of the delegation.

Saudi Arabia’s Kingdom Holding is One of the Investors in Elon Musk’s $24 Billion Startup xAI

Saudi Arabia’s Prince Alwaleed Bin Talal and Kingdom Holding Company (KHC) have reaffirmed their support for Elon Musk by backing his latest venture, xAI. The tech billionaire’s startup, focused on advanced AI systems development, has attracted notable investors, including the chairman of KHC, as revealed in a blog post on the official xAI website.

KHC, listed on the Saudi stock exchange (Tadawul) and backed by the country’s sovereign-backed Public Investment Fund, has deepened its ties with Musk’s ventures. The company holds a significant stake in Musk's X, previously known as Twitter, valued at $1.89 billion in October 2022.

xAI recently completed a funding round, valuing the startup at $24 billion. Key participants in the funding round include investment firms Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital, and Fidelity Management & Research Company, among others.

Stc Bahrain Teams Up with inspireU to Drive Startup Growth

stc Bahrain has partnered with inspireU from stc to introduce the successful inspireU accelerator program to Bahrain. This collaboration aims to empower local startups and entrepreneurs in the ICT and digital innovation sectors, advancing economic and digital transformation in line with Bahrain’s Vision 2030.

Originally launched in Saudi Arabia in 2015 and expanded to Kuwait in 2023, inspireU has supported over 110 digital startups, with investments exceeding 1 Billion SAR. The program fosters entrepreneurship and innovation through financial support, logistical assistance, and intensive training overseen by experts from Silicon Valley.

Participating startups gain access to networking opportunities, workshops, and exhibitions, enhancing their chances of success in the market. With inspireU's proven track record, stc Bahrain reinforces its commitment to driving startup growth and economic advancement.

Orange Ventures and Digital Africa Commit to Collaborate in Investing in Startups

Orange Digital Centre has extended its reach across 17 countries in Africa and the Middle East, along with eight European nations, to launch a suite of free programs aimed at fostering innovation and entrepreneurship. The initiative offers digital training, startup support, and investment opportunities. Notable among these is the Fuzé investment facility, providing early-stage startups in Francophone African countries with up to EUR 50,000 (US$54,000) in equity funding. A recent partnership agreement signed at VivaTech aims to strengthen support for African startups. Interested startups can explore opportunities through Orange Ventures, Orange Digital Centre, and Digital Africa websites. This expansion promises to catalyze entrepreneurial ventures and drive digital innovation across regions.

2. Technology

Students at 42 Abu Dhabi have created innovative technologies catering to people of determination (PoD), including an AI voice assistant and a scam detection tool. Developed during the InnovateX Hackathon in collaboration with the UAE Ministry of Interior, these projects aim to enhance accessibility and cyber awareness for PoD. Marcos Muller Habig, acting CEO of 42 Abu Dhabi, emphasized the institution's commitment to digital innovation and empowering students to contribute to the UAE’s transformation.

du and Gracia Group Collaborate to Launch Agritech Platform

The newly launched platform represents a comprehensive digital ecosystem aimed at aligning with the country’s vision for growth. Leveraging cutting-edge technologies such as information and communication technologies (ICT), cloud computing, automation, the internet of things (IoT), data science, and AI, the platform is poised to usher in advanced, sustainable, and secure farming practices across the nation.

This agritech platform offers a wide array of services covering all facets of agriculture and farming, serving farmers, suppliers, buyers, agritech entities, business entities, and retail outlets. By providing end-to-end solutions through this strategic partnership, the platform is expected to accelerate digital transformation within the agricultural sector.

Furthermore, the platform aims to enhance investment opportunities in agriculture while offering comprehensive training and incubation programs to encourage the adoption of farming as a mainstream business.

Saudi and South Korea Discuss Co-Operation on AI and Smart Cities

Dr. Abdullah Al-Ghamdi, Chairman of SDAIA, met South Korean Minister Sangu Park to discuss AI and smart cities collaboration. Saudi Arabia showcased its smart city progress, ranking five cities in the top IMD Smart City Index 2024. The talks emphasized international smart city expansion and potential initiatives from South Korea to support Saudi projects. This partnership signals a commitment to leveraging technology for urban development, promising mutual benefits and innovation.

Bahrain as a Fintech Launchpad in the Middle East

HP Spring Studios, alongside HQ by Hope and Startup Bahrain, successfully hosted the "Bahrain as a Fintech Launchpad in the Middle East" event on May 21st. Industry leaders and experts gathered to explore Bahrain's growing prominence in fintech. Panelists, including Ali Ghuloom from the National Bank of Bahrain, Mohamed Alaali from Bahrain Islamic Bank, and Chris Purdie from Receiptable, discussed fostering partnerships between financial institutions and fintech startups. The event facilitated networking and showcased Bahrain's commitment to becoming a leading fintech hub, attracting global entrepreneurs and investors.

Bahraini Minister Explores Tech Cooperation in China Visit

During an official trip to China, Bahrain's Minister of Industry and Commerce, Abdulla bin Adel Fakhro, visited Huawei's headquarters in Shenzhen to emphasize Bahrain's interest in enhancing technology and communication collaboration. The visit aimed to strengthen trade ties and discuss potential partnerships for advancing Bahrain's technology infrastructure. Minister Fakhro toured Huawei's facilities, held meetings with senior officials, and met with Hong Kong’s Secretary of Commerce and Economic Development to bolster bilateral relations and explore further cooperation opportunities.

3. Funding Activity

TVM Capital Healthcare Closes $250 Million Afiyah Fund LP for Saudi Healthtech Innovation

UAE-based TVM Capital Healthcare has finalized a $250 million Afiyah Fund LP with JADA, PIF’s Fund of Funds Company, and other investors. The fund aims to support local and international healthtech startups aligned with Saudi's Vision 2030. Investments include Baraya Extended Care, DEBx Medical, and neurocare Group. TVM Capital plans to mobilize $400–500 million in the Saudi healthcare sector, leveraging its expertise. With offices in Riyadh, Dubai, Singapore, and Ho Chi Minh City, the firm focuses on driving innovation and accessibility in healthcare.

BIM Ventures and SBI Holdings Launch $100 Million Fund for Saudi Startups

Saudi-based VC studio BIM Ventures has joined forces with Japan's SBI Holdings to establish a $100 million joint investment fund aimed at supporting Saudi startups. Signed during the Saudi Japan Vision 2030 Business Forum in Tokyo, the MoU signifies a commitment to nurturing innovation in the Saudi market. The fund will provide crucial funding, guidance, and mentoring to startups, aligning with Saudi Arabia's goal of boosting the private sector and attracting foreign investment.

Shorooq Partners Announces Second Private Credit Fund with Initial Close of $100 Million

Shorooq Partners, a leading alternative investment manager in MENA, has closed the first round of its $100 million second private credit fund. Collaborating with IMM Investment Global (IMMG), the fund aims to fuel innovation in the region's tech ecosystem, following the success of its initial fund. Notable investments from their first fund include Pure Harvest and Tamara, showcasing the impact of their credit facilities. The MENA private credit market has seen significant growth, with Shorooq Partners and IMMG poised to further support innovative ventures in the region.

Holo Secures an Oversubscribed Funding Round to Expand its Presence in the Middle East Real Estate

Holo, the region's largest direct mortgage platform, has closed an oversubscribed funding round led by DFDF and Oryx Fund, with Aditum Investment Management Limited joining. This injection of capital will fuel Holo's expansion in the UAE and Saudi Arabia, supporting team growth and product development. Founded in 2020, Holo aims to simplify home ownership through digital mortgage services.

Grubtech Raises $15 Million to Expand Unified Commerce Platform

Grubtech, a leading SaaS integration platform for F&B and Quick Commerce, secures $15 million in Series B and Series A extension rounds. Led by Jahez Group's VC arm, with participation from Addition and Oryx Fund, the funding will accelerate geographic expansion and establish offices in Saudi Arabia, Europe, and the UK. Grubtech's gOnline platform integrates online and in-store ordering channels, enhancing sales, fulfillment, and data analysis for businesses across 18 markets.

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