Dash Venture Labs: Our Weekly Picks (Issue No.126)

VENTURE FUNDING ACTIVITY        

Warburg AI Secures $250K Seed Funding to Boost AI Financial Platform

Warburg AI, a UAE-based startup, has raised $250,000 in seed funding to accelerate development of its AI-driven financial platform. Launched in September 2024, the platform uses machine learning and deep neural networks to provide algorithmic trading, risk management, and asset optimization, primarily in the forex and cryptocurrency markets.

The funding will help enhance product features and expand the team. Warburg AI offers a customizable, data-driven solution with a 10-day free trial to attract users, aiming to make advanced financial tools more accessible to a broader range of investors.

Ibtikar Fund Closes $25 Million for Palestinian Tech Startups in MENA Region

Ibtikar Fund, the first venture capital firm focused on Palestinian-founded startups in the MENA region, has closed its second fund at $25 million USD. The fund, led by Ambar Amleh and Habib Hazzan, includes a $3 million investment from the European Bank for Reconstruction and Development (EBRD).

Ibtikar Fund II will invest in 25 high-growth tech startups, focusing on companies with scalable models addressing regional and global needs. The fund has already made significant investments in companies like DataQueue, Mental, and Vatrin, which are expanding beyond local markets to create regional impact.

"This final closing marks an important step in our mission to provide much-needed capital to Palestinian founders, supporting them as they scale their businesses, fostering a tech ecosystem that is resilient and future-focused," said Amleh. The fund aims to provide much-needed capital and support to Palestinian entrepreneurs, helping them scale their businesses and unlock opportunities across MENA. The fund focuses on ventures from Seed to Series A rounds and offers continuous mentorship alongside funding.

Brands.io Secures Seed Funding Led by Investor Chetan Gera?to Expand AI Domain Services

Brands.io, a domain name provider specializing in AI startups, has secured seed funding just a month after launching in Dubai in October 2024. The round, led by investor Chetan Gera, will help the company expand its platform and strengthen its presence in Europe, the Middle East, and Africa, with a focus on the GCC region.

Brands.io offers high-quality, custom domain names to tech companies, including Nasdaq 100 firms and unicorn startups, helping them build strong digital identities in the fast-growing AI sector. The funding will be used to enhance the platform’s features and improve the user experience, making the domain-purchasing process easier for clients.

With this investment, Brands.io aims to further cement its role in the AI domain market and expand its reach to an increasingly diverse client base.

Insider Raises $500 Million in Series E Led by Global Growth Investor General Atlantic to Fuel AI Growth and Expand in UAE

Insider, a leading AI-powered omnichannel customer engagement platform, has secured $500 million in Series E funding, led by global growth investor General Atlantic. The funding will drive advancements in AI and support Insider’s expansion in the UAE, where the company plans to invest AED 462 million to scale its operations and create 70 new jobs by 2027, focusing on AI development and customer engagement roles.

“This historic funding will fuel our AI strategy, enabling us to incorporate Generative AI within our platform, creating unprecedented potential for marketing and customer experience teams,” said Hande Cilingir, Co-Founder and CEO of Insider. The company also aims to accelerate global R&D and expand its presence in 28 countries.

Insider plans to introduce “Sirius AI?”, an end-to-end omnichannel AI solution, while exploring mergers and acquisitions to strengthen its market position in the growing $15 billion martech industry. This milestone marks the largest funding ever raised by a woman-founded MarTech unicorn.

WellPal Secures Investment to Expand Health and Wellness Platform in Saudi Arabia

WellPal, a health and wellness platform offering personalized product recommendations, has secured an undisclosed strategic investment to accelerate its growth in Saudi Arabia. The investment will support the company’s mission to provide tailored health solutions to consumers, including those with chronic conditions, fitness enthusiasts, and families seeking healthier options.

The platform's AI-powered recommendations make it easier for customers to discover products aligned with their health goals.

“We are proud to support the Saudi Vision 2030, particularly in enhancing the quality of life for its citizens. Through WellPal’s AI-powered features, we look forward to providing tailored health and lifestyle products that can help our customers make smarter and healthier choices,” said Mohamed Ali, WellPal’s CEO and co-founder.

With plans to integrate advanced AI features, expand into the MENA region, and partner with local and global health brands, WellPal aims to become the leading wellness platform in Saudi Arabia and beyond.

Mush Social Raises $1.2 Million in Pre-Seed Round Led by Nifal Consulting, with Participation from Nahr Al-Jazeera Holding

Saudi-based social media platform Mush Social has raised $1.2 million in its pre-seed funding round. Led by Nifal Consulting, with participation from Nahr Al-Jazeera Holding and angel investors, the funding will fuel the platform's development and expansion.

Mush Social stands out by allowing users to earn interactive points that unlock benefits, along with a “Map” feature where users can own virtual assets that generate financial returns. The platform competes in a crowded space alongside players like MyHeritage, Cluster, and Geni.

The investment will be used to enhance the platform’s technology and user engagement features, aiming to position Mush Social as a key player in the global social media market.

ENTREPRENEURSHIP / STARTUPS        

SOUL: UAE’s New Innovation Hub for Tech Entrepreneurs Launched

SOUL (Startup One UAQ Launchpad), a new tech incubator, was launched this week in the Umm Al Qaiwain Free Trade Zone (UAQ FTZ) to support startups in sectors like AI, Blockchain, Fintech, and Robotics.

The initiative provides mentorship, market access, and funding opportunities to help startups scale in the UAE and GCC region. Key dignitaries, including Sheikh Khalid bin Rashid Al Mualla, attended the launch.

"OUL’s objective is to create an innovation hub that nurtures startups in their journey to becoming key players in the UAE and GCC market," said Johnson M. George, General Manager of UAQ FTZ.

SOUL’s programs, including expert guidance and networking events, are designed to accelerate growth and connect entrepreneurs with investors. The incubator is positioned to become a key hub for tech startups in the UAE.

Arzan VC and Ahmad Takatkah Launch Revenya Capital to Provide Non-Dilutive Financing for MENA Startups

Arzan Venture Capital (Arzan VC) has partnered with Ahmad Takatkah to launch Revenya Capital, a revenue-based financing (RBF) firm aimed at empowering tech startups in the MENA region. With an initial $2 million seed investment from Arzan VC and Arzan Financial Group (AFG), Revenya Capital addresses the growing demand for non-dilutive financing.

The firm plans to collaborate with venture capital firms to offer short-term loans ranging from $50,000 to $500,000 for marketing, inventory, and other business needs. Repayments are based on a percentage of monthly revenue, providing startups with flexible, equity-free funding options.

Revenya Capital will leverage AI-driven technology for rapid financing decisions, focusing on high-growth startups with predictable revenues. Ahmad Takatkah, co-founder of Revenya, highlighted the region’s need for more RBF options, with current providers unable to meet the rising demand.

Saudi Arabia to Launch Programs Boosting Startups in Healthcare and Logistics

Saudi Arabia will launch new programs at the Biban 24 forum to support startups, with a focus on healthcare and logistics. Mohammed Al-Ariefy, Assistant Deputy Minister of Entrepreneurship, announced a hackathon called "Tech Challenges" to address sector-specific issues and support innovative solutions.

“These initiatives aim to solve real-world challenges within specific sectors, like logistics and healthcare, that these companies or industries face,” Al-Ariefy said. The programs align with the Kingdom’s push to lead in tech innovation and foster rapid growth in startups, which play a key role in economic development.

Biban 24’s startup zone will connect entrepreneurs with investors and collaborators, reinforcing Saudi Arabia's growing tech ecosystem.

Saudi Venture Capital Allocates USD 20M to BECO Capital’s Dubai-Based Fund

Saudi Venture Capital (SVC) is investing USD 20 million into early-stage startups through Booster Fund IV, managed by Dubai-based BECO Capital. The fund, with $495 million in assets under management, focuses on nurturing high-potential businesses across Saudi Arabia and the Gulf region.

SVC’s CEO, Nabeel Koshak, emphasized the fund’s role in supporting innovation and startup growth, aligning with the Kingdom’s efforts to diversify its economy. As part of the National Development Fund’s SME Bank, SVC has backed over 50 private capital funds, contributing to the expansion of Saudi Arabia’s rapidly growing startup ecosystem.

The investment is part of broader government efforts to boost sectors like technology, e-commerce, and fintech, which are key to job creation and economic growth in Saudi Arabia.

TIEC and Flat6Labs Launch 'Invest IT' Program to Support Egypt's Tech Startups

The Technology Innovation and Entrepreneurship Center (TIEC) and Flat6Labs have launched the Invest IT program to help Egypt’s ICT startups prepare for seed funding and early investments. The initiative offers mentorship, resources, and industry connections to help startups secure capital and scale.

Minister of Communications Amr Talaat highlighted Egypt’s growing status as a tech investment hub, ranking among the top three in the Middle East and Africa. ITIDA CEO Ahmed Elzaher said the program supports startups from inception to global expansion, while Flat6Labs' Hany Al-Sonbaty emphasized its role in providing the tools necessary for success. The program aims to strengthen Egypt’s position as a regional tech leader.

AI and CRYPTO        

ADNOC and AIQ Launch ENERGYai at ADIPEC 2024

At ADIPEC 2024, ADNOC and AIQ introduced ENERGYai, the world’s first agentic AI solution tailored for the energy sector. Combining large language models with specialized AI agents, ENERGYai enhances decision-making and operational efficiency across ADNOC’s value chain, from seismic analysis to real-time monitoring.

Developed with G42 and Microsoft, ENERGYai integrates ADNOC’s 80 years of data and advanced technologies to accelerate tasks like geological modeling and CO2 storage development, reducing costs and emissions. ADNOC CEO Dr. Sultan Ahmed Al Jaber said the platform is a key step in becoming the world’s most AI-enabled energy company. The launch marks a significant milestone in the UAE’s leadership in energy-focused AI.

Institutional Crypto Investments Surge in MENA, Led by Saudi Arabia and UAE

Institutional investments in the MENA region’s crypto market have reached $338.7 billion between 2023 and 2024, with Saudi Arabia and the UAE driving much of the growth. According to Bitpanda Technology Solutions, 93% of crypto transactions in the region involve amounts over $10,000, indicating strong institutional activity. The UAE received over $30 billion in crypto, while Saudi Arabia saw a 154% year-over-year growth.

Stablecoins now represent 65% of all crypto transactions in MENA, surpassing Bitcoin. With new tax regulations in the UAE aimed at enhancing compliance, the region’s crypto market is set to attract even more institutional interest.

Nadeem Ladki, Global Head of Bitpanda, said, “The continued growth of crypto in the MENA region, particularly in Saudi Arabia and the UAE, underscores the rising institutional interest in this evolving market.” Bitpanda provides infrastructure that supports institutional participation in crypto, offering access to over 450 assets through flexible API or white-label solutions.

QIB Enhances Mobile App with AI Features and Expanded Transfer Services

Qatar Islamic Bank (QIB) has upgraded its mobile app with new AI-driven features, including Mobile Wallet transfers to the Philippines and Nepal, building on previous expansions to Egypt and India. The app now also offers Digitally Stamped Account Statements and Account Certificates for easy access to official documents.

AI enhancements provide personalized product recommendations based on customer behavior and financial patterns, while AI-powered Credit Risk Models speed up approvals for One Click finance and instant credit cards. Additionally, Optical Character Recognition (OCR) technology is used to simplify the KYC process.

With over 280 features, the QIB Mobile App continues to offer customers a seamless, efficient banking experience.

Google Launches $15M AI Initiative to Boost MENA Workforce

Google has launched its $15 million AI Opportunity Initiative in the Middle East and North Africa (MENA) to equip individuals with AI skills, fund research, and expand AI access. The initiative aims to train half a million people in AI over the next two years, with a focus on underserved communities and offering new Arabic-language AI curricula.

Google will also fund local AI research, particularly in healthcare and climate, and enhance its AI tools, including Gemini in Arabic. The initiative is part of Google’s broader strategy to help MENA’s digital economy grow, with AI potentially adding $320 billion to the region's GDP by 2030.