Dash Venture Labs: Our Weekly Picks (Issue No.121)

VENTURE FUNDING ACTIVITY        

Atlys Raises $20 Million in Series B Funding Co-led by Peak XV Partners and Elevation Capital

Atlys, the leading visa processing platform, has secured $20 million in its Series B funding round, co-led by Peak XV Partners (formerly Sequoia Capital India) and Elevation Capital. New investors, including DST Global and Headline, also participated in the round.

This investment underscores Atlys's remarkable 20-fold growth over the past year and will support its aggressive expansion into key markets like the US, UAE, and UK. The UAE, now Atlys's second-largest market after India, presents a significant opportunity, given its large expatriate population facing visa complexities.

"Atlys has seen extraordinary 20x growth over the last 12 months,"?said Mohak Nahta, Founder and CEO of Atlys.?"This investment will enable us to continue scaling globally and ensure that travellers can obtain their visas on time, every time. As outbound tourism surges, the need for a seamless, on-time visa process is more critical than ever. We are one step closer to a world where borders no longer restrict exploration."

Ziina Raises $22 Million in Series A Funding Led by Altos Ventures to Expand Financial Services

Ziina, a financial platform, has secured $22 million in a Series A funding round led by Altos Ventures, with participation from Fintech Collective, Avenir Growth, and others. This investment will allow Ziina to transition from a payments platform to a comprehensive financial services provider.

Over the past year, the company has seen a tenfold increase in annual revenue and obtained the Stored Value Facility (SVF) license from the Central Bank of the UAE. Serving 560,000 SMEs in the UAE, which account for over 94% of businesses and about 60% of GDP, Ziina plans to launch the ZiiCard to help manage expenses and simplify payments.

Additionally, the funding will support team expansion and plans to enter new markets, including Saudi Arabia and Jordan, to enhance regional financial services.

Cercli Secures $4 Million Seed Funding Led by Afore Capital to Revolutionize HRTech in MENA

Cercli, an emerging HRtech platform, has raised $4 million in a seed funding round led by Afore Capital, marking the firm’s inaugural investment in the MENA region. The round also attracted participation from COTU Ventures, Y Combinator, and Rebel Fund, along with contributions from industry leaders such as Karim Atiyeh (Ramp), Sebastian Mejia (Rappi), Tony Dong (Rippling), and Tony Jamous (Oyster).

Cercli helps MENA businesses hire, manage, and pay their global workforce while addressing payroll errors and compliance issues. Since its launch in early 2024, the platform has processed over $23 million in salaries across 31 countries.

The new funding will allow Cercli to expand its operations and attract top talent, bolstering its team of experts from notable companies like Kitopi, Careem, Microsoft, and Accenture.

Coral Secures $3 Million Seed Funding to Enhance Carbon Management Solutions

Coral, a climate tech startup specializing in carbon emission management, has raised $3 million in a seed funding round led by experienced tech investors.

The company offers an AI-driven platform that automates carbon data collection, footprint evaluation, and offsetting, providing businesses with a streamlined solution. It's blockchain technology ensures traceability and auditability of carbon credits.

?"This funding will enable us to scale our platform, expand our team, and accelerate our mission to make carbon neutrality accessible and transparent for businesses worldwide," said Daniele Sileri, Director of Product and Strategy.

Coral has established partnerships, including a collaboration with Nissan for their Formula E team. The company plans to open a new office in Abu Dhabi to reach more customers and enhance its services.

Ooredoo Group Secures $547 Million Financing for Data Centre and AI Expansion

Ooredoo Group has secured a 2 billion dinars ($547 million) financing deal to enhance its data centre and Artificial Intelligence (AI) operations. The agreement, signed with QNB, Doha Bank, and Masraf Al Rayan, will fund the expansion and modernization of Ooredoo's data centres.

The 10-year hybrid facility, the largest of its kind in Qatar’s tech sector, will help separate existing data centre assets from telecom operations and upgrade infrastructure.

In 2023, Ooredoo announced plans to boost data centre capacity to over 120 megawatts through a $1 billion investment, with 26 active centres across Qatar, Kuwait, Oman, Iraq, and Tunisia.

Egyptian Edtech Startup Farid Secures $250,000 Pre-Seed Funding

Farid, an innovative edtech startup, has raised $250,000 in pre-seed funding from Saudi entrepreneur Amal bint Abdulaziz Al-Ajlan. Founded in 2018 by Mahmoud Hussein, Farid (formerly Farid Academy) specializes in character education and mental health support for children aged 3 to 18.

This funding will help Farid expand its platform and enter global markets, particularly Saudi Arabia and the UAE. The company aims to attract 20,000 new subscribers and train 10,000 graduates as certified trainers by 2030.

Plans include developing new training content, hiring staff, and forging partnerships with schools and universities. Farid’s focus on holistic education positions it well in the rapidly growing Egyptian edtech sector, projected to double from $2.5 billion in 2022 to $5.5 billion by 2028. With its unique approach, Farid is set to significantly impact the educational landscape in the Middle East and North Africa.

Moroccan Recruitment Platform Kwiks Raises MAD 8 Million in Funding from Azur Innovation Management

Kwiks, a recruitment platform connecting companies with freelance headhunters, has secured a record-breaking MAD 8 million ($827,000) in funding from Azur Innovation Management (AIM).

The funding will accelerate the development of AI-driven solutions to streamline the hiring process, enabling companies to connect with top talent more efficiently. Kwiks aims to revolutionize recruitment standards by launching an enhanced version of its platform.

CEO Amine Khayatei Houssaini expressed gratitude to Azur Innovation for their support, emphasizing the shared vision for agile and ethical recruitment. He stated that this investment will empower Kwiks to innovate further and strengthen its market presence both locally and internationally.

Moroccan Startup Userguest Secures €2.2 Million in Seed Funding Led by Al Mada Ventures

Userguest, a Moroccan startup that helps hotels optimize their revenues, has successfully raised €2.2 million (US$2.4 million) in seed funding to support its rapid expansion and product innovation.

Founded in 2018, Userguest offers a fully automated tool that personalizes messages and incentives for website visitors, enhancing direct revenue for hotels. The funding round was led by Al Mada Ventures, with participation from CDG Invest, Saviu Ventures, UM6P Ventures, Kalys VC, Plug & Play, and angel investors Philippe Limes and Thane Kuhlman.

Co-founder Hicham Benyebdri expressed confidence in the investment, stating it reflects investors' trust in Userguest's vision to enhance hotel performance and user experience.

ENTREPRENEURSHIP / STARTUPS        

DET Partners with Amazon UAE to Launch ‘DET x Amazon Accelerator’ for SMEs

The Dubai Department of Economy and Tourism (DET) has partnered with Amazon UAE to launch the ‘DET x Amazon Accelerator,’ aimed at empowering small and medium enterprises (SMEs) through advanced digital tools and mentorship.

This initiative, part of the Dubai Traders program under the Dubai Economic Agenda, D33, seeks to enhance the global competitiveness of Dubai’s SMEs. By leveraging Amazon's expertise, the accelerator will help local businesses build online presences and access international markets.

Hadi Badri, CEO of the Dubai Economic Development Corporation, noted the program's importance in supporting local businesses, while Ronaldo Mouchawar from Amazon emphasized the role of SMEs in the economy. This collaboration aims to solidify Dubai’s status as a leading hub for innovation and economic growth.

Encubay Launches Global Immersion Week 2024 for Female Entrepreneurs

Encubay, a Global Startup Network focused on diversity in entrepreneurship, has announced the Encubay Global Immersion Week 2024 (EGIW24), coinciding with. The initiative aims to help women-led companies from India expand their global presence by exploring markets and investment opportunities in Dubai.

The week will feature 40 female entrepreneurs who will engage with Dubai's startup ecosystem, supported by partnerships with local business advisory firms. In collaboration with Rukam Capital, six startups will pitch their ideas to global investors and UAE family offices.

EGIW aims to create pathways for Indian businesses to connect with investors and industry leaders in the UAE, facilitating networking and unlocking new opportunities in the region.

Uber has Partnered with the Chinese Self-Driving Technology Startup WeRide to Introduce Robotaxis in the UAE

Uber Technologies has partnered with Chinese self-driving firm WeRide to introduce autonomous vehicles on its platform, starting in Abu Dhabi later this year. This marks WeRide’s first collaboration with a global ride-hailing service and allows the company to expand beyond China.

WeRide has received the UAE's first national license for self-driving vehicles, enabling it to operate robotaxis on public roads. This partnership follows Uber's recent expansions with Waymo and General Motors' Cruise to integrate robotaxis in U.S. cities.

Despite plans for a U.S. IPO valued at up to $5 billion, WeRide’s listing has been delayed as it finalizes documentation. Meanwhile, the Biden administration has proposed restrictions on testing self-driving cars by Chinese automakers in the U.S.

Watermelon Ecosystem Partners with Biz2X to Enhance SME Financing in MENA's F&B Sector

Watermelon Ecosystem has partnered with New York-based fintech Biz2X to offer specialized financing solutions for small and medium-sized enterprises (SMEs) in the MENA food and beverage sector.

Leveraging Biz2X’s platform, which has facilitated over $10 billion in funding, Watermelon will provide options like unsecured working capital and invoice financing. This collaboration aims to streamline the application process, allowing merchants to quickly secure funding through automated prequalification and multiple lender offers.

Omar AlShamsi, CEO of Watermelon, highlighted the partnership’s role in empowering the F&B sector, while Rohit Arora, CEO of Biz2X, emphasized the importance of timely access to capital for SMEs. Together, they aim to foster a more resilient economic ecosystem in the region.

TESS Payments Secures Landmark Investment from Fingular, Boosting Qatar's FinTech Scene

TESS Payments, a Qatar-based FinTech startup, has made history by attracting a strategic Foreign Direct Investment (FDI) from Singapore’s Fingular, a global financial services group. This investment marks a significant milestone for Qatar’s FinTech ecosystem, positioning TESS as a leader in digital financial innovation.

The partnership aims to accelerate the development of a fully digital, customer-first neobank while ensuring compliance with Qatar’s financial regulations. TESS and Fingular plan to issue over $600 million in loans to Qatari residents within three years, contributing to the country’s economic growth.

This strategic investment not only expands TESS Payments' offerings but also enhances Qatar’s appeal as a global FinTech hub, inspiring further international investment in the sector.

TECHNOLOGY        

EDGE Group Launches FADA to Develop Space Capabilities in the UAE

EDGE Group has announced the launch of FADA, a new company focused on developing space capabilities and manufacturing satellite technologies in the UAE. Named after the Arabic word for space, FADA aims to create sovereign technologies through national and international partnerships.

The initiative will support the UAE's transition to a knowledge-based economy and strengthen its position in the global space industry. Hamad Al Marar, CEO of EDGE Group, stated that FADA will enhance the company's product portfolio with next-generation solutions.

The company will establish facilities for the development, manufacturing, assembly, and testing of satellite systems. Waleid Al Mesmari, president of space and cyber technologies at EDGE, emphasized FADA’s commitment to pioneering advanced technologies and building a skilled workforce in the space sector.

TSMC and Samsung Consider Chip Factories in UAE to Boost AI Production

TSMC and Samsung are exploring the construction of major semiconductor factories in the UAE to meet rising AI computing demands. TSMC recently visited to discuss a facility similar to its largest plants in Taiwan, while Samsung held talks with Emirati officials.

Funding is expected from the UAE, particularly through Mubadala. Although discussions are in early stages and face potential hurdles, the UAE aims to become a regional AI hub, supported by initiatives from companies like G42 and investments from Microsoft. This move could significantly impact the global chip industry.

Dell Technologies Partners with Ejada to Advance AI and Multi-Cloud Solutions in Saudi Arabia

Dell Technologies has signed a memorandum of understanding (MoU) with Saudi Arabia’s Ejada to explore opportunities in artificial intelligence (AI), generative AI, and multi-cloud solutions using Dell’s Apex models.

The agreement, signed at the 24 Fintech Summit in Riyadh, focuses on research, product development, training, and market exploration.

Kamal Othman from Dell highlighted Ejada’s role in enhancing operational efficiency, stating, " Ejada has played a key role in helping customers drive operational efficiency and business success. We are happy to expand our AI and cloud offerings and, together with Ejada’s market expertise, spur innovation in Saudi Arabia.." Mohamed Abdel Moneim from Ejada added that the collaboration will help drive business excellence and strengthen the country’s technological capabilities.

TPS Worldwide Expands Operations to Saudi Arabia with AstroLabs Support

TPS Worldwide, a global leader in digital banking technology, is expanding into Saudi Arabia with support from AstroLabs. This marks TPS's first direct presence in the kingdom, allowing for tailored solutions for banks, fintechs, and government entities.

Alex Nicholls from AstroLabs noted that the partnership aligns with Saudi Arabia’s Vision 2030 and Financial Sector Development Programme. Shahzad Shahid, Group CEO of TPS, emphasized the commitment to meeting the growing demand for IT services. The collaboration aims to drive innovation in payments and support the transition to a cashless economy, enhancing financial inclusion and efficiency in the region.

Intellect Digital Technology for Commerce (iDTC) Launches AI Retail Platform eMACH.ai Retail 6DX in the Middle East

iDTC has launched eMACH.ai Retail 6DX, a cutting-edge AI-driven retail platform for the Middle East. Designed for seamless integration with various retail formats, the platform features 23 events, 13 microservices, and 55 cloud-based APIs to enhance performance and returns.

Leveraging advanced AI and predictive analytics, eMACH.ai Retail 6DX helps retailers optimize inventory, personalize promotions, and improve customer experiences. As the region undergoes digital transformation, this innovative solution positions businesses to thrive in a competitive market.

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