Dash Venture Labs: Our Weekly Picks (Issue No.57)

1. Entrepreneurship/Startups

MCIT partners with PepsiCo and AstroLabs to empower over 100 Saudi entrepreneurs

Saudi Arabia’s Ministry of Communications and Information Technology (MCIT) announced a partnership with PepsiCo and AstroLabs as one of its efforts to enhance the country’s position as a regional hub of digital businesses and a destination for entrepreneurship.

PepsiCo celebrated the success of its ‘Scale Up Accelerator’ program. Showcasing the achievements of the program’s participants, the event spotlighted the growth of entrepreneurship in the Kingdom, calling attention to Saudi Arabia’s development as a thriving SME hub.

The closing ceremony for the Scale Up Accelerator program was held at the Riyadh Hilton, bringing entrepreneurs, investors, and government officials — together to mark the contributions of the innovative offering to the evolution of the local SME space. The accelerator was uniquely designed to generate direct impact for all participating SMEs. While many SMEs had already launched their first E-commerce website, highlights from the top 40 participants reflected promising digitization and entrepreneurship. 80 digital marketing campaigns were launched, 30 new websites were built, and 30 new business models were introduced to exhibit a 10% revenue growth for more than half of the cohort’s top 40. Launched in partnership with AstroLabs, an ecosystem builder in the MENA region, and the Ministry of Communication and Information Technology (MCIT), the Scale Up Accelerator program was established to empower entrepreneurs across the Kingdom to fulfill the potential of their businesses.

WEMIX and Hub71 partner to grow global blockchain startup ecosystem

Leading Korean blockchain developers, WEMIX and Hub71 signed a MoU to create and accelerate growth opportunities for their respective portfolio companies and Web3 startups.?

As part of the partnership, WEMIX startups will have the opportunity to join Hub71’s community of over 200 startups and gain access to its range of value-add programs and incentives. Select startups will also benefit from the ability to scale globally through Hub71’s web3 and digital assets specialist ecosystem, Hub71+ Digital Assets, to unlock access to a host of programs, initiatives, and wide network of corporate, government and investment partners in the UAE and global markets.

At the same time, startups within Hub71+ Digital Assets will be able to leverage the deep technical knowledge and expertise of WEMIX and its parent, Wemade, in different areas of blockchain technology including GameFi and DeFi.?

Sharjah Innovation Park “SRTIP” launch Startup Boot Camp to make entrepreneurial dreams come true

Sharjah Research, Technology and Innovation Park (SRTIP) and SoiLAB are pleased to announce the launch of the SoiLAB Startup Boot Camp, a pioneering initiative designed to empower the next generation of innovators and entrepreneurs. The program is located at SoiLAB’s SRTIP HQ and is part of the burgeoning ecosystem that provides the best launch pad for businesses in the region. It represents the highly anticipated sequel to the widely successful "Innovate for the Future Hackathon" from earlier in 2023. The program also demonstrates SRTIP’s broader commitment to empowering and supporting promising pioneers, ensuring they can transform their prototypes into thriving small and medium-sized enterprises (SMEs) that generate substantial revenue.

The SoiLAB Startup Boot Camp is a six-week intensive program offering early-stage startups a unique environment to refine and scale their ideas. Participants, selected based on the viability of their Minimum Viable Product (MVP) or proof of concept, will have access to an immersive 8-day training session from July 10th to July 13th and then from July 17th to July 20th. The program will then culminate in selecting three winners who will receive additional resources and exclusive prizes, supporting their innovations' further development and launch.

Oman’s Sharakah joins Beehive’s board as new investor

Sharakah, a closed joint stock company incorporated by Royal Decree No. (76/98), has come on board with Beehive, a leading fintech company, as a new investor. Sharakah contributes to SME development in Oman and provides finance to support Oman's vision to diversify the economy. Together, Beehive and Sharakah look to help the growth of the SME economy by providing fast, accessible finance.

Beehive is a peer-to-peer lending platform headquartered in Dubai, which has funded GCC-based SMEs over AED1.5 billion since its inception in 2014. Beehive connects businesses seeking funding with investors, eliminating the cost and complexity of conventional finance. The result is a more efficient, streamlined process that gives businesses faster access to lower-cost finance. With Sharakah on board as an investor, Beehive's liquidity will increase, enabling funding for more SMEs across Oman. Beehive provides access to finance for SME growth and will lend collateral-free, debt-based finance to strong, creditworthy companies. Businesses can borrow from OMR20K on repayment terms between 6-36 months.

Hulexo wins Eureka! 2023 grand prize for GCC’s most promising startup companies

The Grand Finale of Eureka! GCC 2023 competition saw Hulexo take the top prize amongst a field of ten finalists at Dubai’s Habtoor Grand Hotel, in the GCC element of Asia's largest business model competition.

Organised by IIT Bombay's Entrepreneurship Cell and powered by Gulf Islamic Investments (GII), Eureka! GCC 2023 provides aspiring entrepreneurs with a platform for business model creation, mentorship from investors, and networking and educational opportunities. In its second year of operation, Eureka! GCC 2023 received 150 business plans from budding business founders. 27 early-stage entrepreneurs participated in a five-week on-the-house entrepreneurship training programme, comprising customised workshops on effective business planning and personalised mentoring from seasoned industry professionals.

MoIAT announces Make it in the Emirates Start-up Pitch Competition winners

The winners of the inaugural Make it in the Emirates Start-up Pitch Competition were announced on Thursday at the Make it in the Emirates Forum that took place in Abu Dhabi.

Three startups were revealed as winners of the first edition of the Make it in the Emirates Startup Competition. Twenty-four startups were shortlisted to participate in the competition by a panel of industry experts from a pool of almost 400 submissions, 60 percent of which were from overseas. First, second and third place winners received AED100,000, AED70,000 and AED50,000, respectively, to scale up and grow their businesses.?Start-ups from around the world, including from the UAE, Japan, Germany, Korea, Singapore, India, the UK, and the US among others, submitted applications.

Competition was stiff with entrepreneurs pitching their technologies in front of major national institutions, industry leaders, investors, incubators and technology experts. Creating an enabling environment for high-tech startups to thrive in the UAE is at the top of our agenda and a key pillar of our integrated industrial and advanced technology strategy.?All the competing start-ups were able to connect with industry partners, investors, and other stakeholders during the Make it in the Emirates Forum, where they also gained insights on commercializing and upscaling new technologies.?

UNDP launches Deraya initiative to boost Libyan ecosystem

The new “Deraya – ?????????? Entrepreneurship Initiative” for young entrepreneurs seeks to build a dynamic ecosystem of innovative entrepreneurs and startups in Libya.

Young entrepreneurs in Libya face many challenges, including accessing markets and financial resources and navigating regulations and administrative procedures. The Deraya initiative is designed to equip entrepreneurs with the essential know-how to turn innovative ideas into successful startups. The initiative was jointly developed by the Ministry of Local Government (MoLG), and the United Nations Development Programme (UNDP), in collaboration with the European Union (EU) and the African Development Bank (AfDB). Through interactive webinars, the initiative’s participants will be given an opportunity to engage with experienced entrepreneurs, subject matter experts, and role models from Libya, Egypt, and Tunisia and learn from their success stories, wealth of knowledge, and expertise.

The Deraya initiative, co-funded by AfDB and EU, is designed and implemented in collaboration with a consortium consisting of Flat6Labs, Tatweer Research and MAZAM, bringing years of experience and specialised knowledge in helping young entrepreneurs launch successful ventures in both the Middle East & Africa regions.

2. Technology

Women in Tech programme awards $50,000 to three Saudi female-led startups

Three Saudi Arabia-based female-led startups have been awarded $50,000 in equity-free cash rewards, as part of the Standard Chartered Women in Tech programme initiated by Saudi investment firm Falak Investment Hub. The global ‘Standard Chartered Women In Tech’ initiative is aimed at helping female entrepreneurs establish scalable digital businesses to contribute to the country's economic diversification efforts. It is currently present in 7 countries, where Saudi Arabia is the latest addition.

The programme has selected eight entrepreneurs, who underwent an eight-week incubator programme. The first-place winner is Sahm ($25,000), second-place Nqoodlet ($15,000), and third-place Chefaa ($10,000). The program is active in ten countries: the United States, Kenya, Nigeria, Pakistan, UAE, Bahrain, Ghana, Korea, Zambia, and Saudi Arabia. So far, total funding for the program has been $1.4 million, where 2,669 women have taken part in the program until now, with annual cohorts being conducted in the countries it is in.?

Fawry partners with Infobip to provide seamless payment experience

Egypt-based leading fintech company, Fawry has partnered with Infobip to offer Fawry’s customers a seamless payment experience. Through this partnership, Fawry will be able to leverage Infobip’s omnichannel engagement, contact center, chatbot and identity solutions to streamline the payment process for its customers.?Infobip’s platform will enable Fawry to build connections across all stages of the customer journey, providing a more efficient and effective payment experience.

Fawry has been at the forefront of driving digital transformation in Egypt’s payments landscape, offering a range of innovative payment solutions to meet the evolving needs of its customers. This partnership with Infobip will enable Fawry to further enhance its capabilities and provide a more comprehensive payment experience to its customers.

Saudi healthtech Integrative Health acquires Nala

Saudi Arabia-based healthtech Integrative Health has acquired Nala, another Saudi healthtech, for an unknown sum. Integrative Health, the Kingdom's pioneering and patient-centric network of digital-first urgent care centers, is thrilled to announce the complete acquisition of Nala, one of the region's most advanced digital health platforms serving over 200,000 patients.

Founded in 2019 by Othman Abahussein, Nala is a digital health company that simplifies healthcare access, while Integrative Health offers a digital-first approach to urgent and primary care. This acquisition further solidifies Integrative Health's vision of building the kingdom's next generation of health services. Nala's platform and digital tools will be integrated into Integrative Health's existing services, providing patients with increased access to care and a more personalized treatment experience.

Dapi announces a partnership with Mastercard

Dapi, a UAE-based fintech company, part of Hub71’s global tech ecosystem, has announced a strategic partnership with Mastercard, aimed at introducing account-to-account (A2A) payments on Mastercard Payment Gateway Services (MPGS). The agreement was signed at Seamless Middle East.

This collaboration will harness Dapi’s expertise in open banking and Mastercard’s extensive payment options to provide businesses in the UAE with a secure and streamlined A2A payment solution within the MPGS ecosystem, addressing evolving consumer needs and enhancing the overall payment experience. The partnership was facilitated through Hub71, as part of its efforts to facilitate commercial and market opportunities between its corporate partners and its startups. Through this collaboration, both parties aim to create an ecosystem that fosters financial inclusion, while driving innovation and growth in the region’s digital economy. This partnership promises to instantly elevate the payment experience for hundreds of thousands of merchants, redefining seamless financial transactions on an unprecedented scale. Mastercard and DAPI will soon announce the official launch date for the A2A payment solution.

SCCI workshop on “Metaverse” highlights the opportunities for the business community

The Sharjah Chamber of Commerce and Industry (SCCI) has hosted a scientific workshop in partnership with the Emirates Association for Social Development to discuss how “Metaverse” and the Fourth Industrial Revolution can support and bolster the business community.

Organized by the SCCI’s Sharjah Training and Development Center, the workshop aimed to educate the chamber employees about the prospective applications of Metaverse technology and to explore how it could enhance the services offered to SCCI members and affiliates, thereby aiding the realization of the UAE’s agendas. The event, themed “What is Metaverse?”, took place today at the SCCI’s headquarters. Attendees included Maryam Saif Al Shamsi, the Assistant Director General for the Support Services Sector at the Sharjah Chamber, along with various department heads and a number of Chamber employees. Engineer Ali Salem Al Nuaimi spearheaded the session, delivering a comprehensive review of the industrial revolutions, culminating with a focus on the Fourth Industrial Revolution.

Easygenerator to revolutionize the e-learning industry

Easygenerator has announced the launch of its latest innovation, EasyAI. With this launch, Easygenerator is set to revolutionize the e-learning industry and empower employees worldwide.?For the first time ever, the majority of the content will be created by the AI in an eLearning authoring tool.

“At Easygenerator we believe knowledge sharing should be easy and accessible for everyone. We are inspired by the UAE’s visionary approach to AI and innovation, and with the release of EasyAI, we aim to contribute to this journey by empowering e-learning authors with AI-driven content generation,” said Jan Kees de Jager, CEO of Easygenerator. EasyAI enables Easygenerator authors to create high-quality e-learning content by automating tasks such as ideation, simplification, summarization, bullet point creation, and question generation.?

The integration of AI not only accelerates the content creation process but also ensures that learners receive relevant and high-quality e-learning experiences that drive engagement and information retention in any organization.

3. Funding Activity

SVC allocates $7.5 million to Endeavor Catalyst fund

Entrepreneurs in Saudi Arabia are set to benefit from an investment of $7.5 million by Saudi Venture Capital into a fund aimed at helping early and late-stage startups.?The fund is managed by Endeavor Catalyst, the investment arm of Endeavor Global. The investment is part of SVC’s drive to inject $1.6 billion into startups and small and medium enterprises.

SVC is a subsidiary of SME Bank, one of the development banks affiliated with the National Development Fund. The subscription agreement was signed by SVC CEO Nabeel Koshak and Allen Taylor, managing partner at Endeavor Catalyst.?Koshak said: “The investment in Endeavor Catalyst IV Fund is a result of the recent support from SME Bank to increase the investment capital of SVC, leading to a total investment capital of $1.6 billion. The investment is also part of SVC’s Investment in Funds Programme.”

Commenting on the deal, Taylor said: “We are delighted to extend our collaboration with SVC, building upon the accomplishments achieved through Endeavor Catalyst III.”?

Egypt’s CardoO raises $600,00 round and launches IoT-enabled smartwatch

The Egyptian startup CardoO, specialised in Internet of Things (IoT) devices, launches its first IoT-Enabled Smartwatch. This step comes shortly after CardoO's success in closing a seed fund round of $660,000, led by the Alexandria Angel Network, with participation from Sofico Investments and angel investors from Saudi Arabia.

Founded in 2018 by Ahmed Adel, CardoO specialises in manufacturing IoT consumer electronic devices.This cutting-edge smartwatch marks CardoO's debut in the IoT-enabled device market, with the intention of simplifying and enhancing the lifestyle of its users through advanced features and connectivity. The CardoO Watch is a stylish and versatile wearable that combines fashion and functionality.?The CardoO Watch is set to redefine how people interact with technology, emphasizing the potential of the Internet of Things. It empowers users to stay connected, monitor their health, and manage their daily tasks, all on their wrist.

Morocco’s PrestaFreedom raises $1.1 million from Azur Innovation Fund

Morocco-based home services marketplace PrestaFreedom has raised $1.1 million (MDH 11,000,000) from Azur Innovation Fund.

Founded in 2020 by Majid Bensilmane, PrestaFreedom offers a host of home maintenance services on a monthly and weekly subscription basis. The startup claims to have one thousand returning customers. With the recent funding, PrestaFreedom plans to invest in its logistics and technology development in order to fuel the growth of the company while accelerating geographical expansion plans to a number of African markets starting next year.

“We are proud of this opportunity offered to us by our Azur Innovation Fund partners. This serves as a crucial step in the development of this startup that I launched a few years ago, whose goal is to meet a particular need in the market and whose success today exceeds the expectations,” Benslimane, founder and CEO of PrestaFreedom said as quoted in a?release?by the startup. Besides this round, PrestaFreedom said it also managed to raise several others to accelerate its go-to-market efforts.

Tabby closes new round, upsizes debt facility to $350 million

Tabby, the Menas leading shopping and financial services app, has successfully closed a new financing round resulting in upsizing its debt facility to $350 million, over a 2X increase since its last debt raising announcement.?

The round involved the participation of key global credit investors, led by San Francisco-based Partners for Growth (PFG), who provided Tabby’s first institutional debt facility and supported the ongoing expansion to include New York-headquartered Atalaya Capital Management, and CoVenture, a multi-strategy asset-management firm from Miami.?The upsizing of Tabby's credit facility reflects the remarkable growth the company is experiencing with over four million active customers who are taking control of their finances with more flexibility. Tabby has now partnered with over 15,000 businesses, including the top 10 largest retail groups in the region, growing their business by offering their customers their most preferred way to pay. Tabby’s success extends to offline sales with now over 280,000 Tabby Cards issued in the UAE.?

Cargoz raises undisclosed bridge round to fuel KSA expansion

Cargoz is a logistics startup that connects SMEs looking for warehousing space with warehousing companies who has extra capacity, like Airbnb but for commercial warehousing and storage, has secured an undisclosed amount in Bridge Funding from Nama Ventures, RAZ Group (KSA) and a select few angel investors who are key Logistics industry key figures from the UAE and KSA.

Cargoz was founded in January 2022 by Premlal Pullisserry (CEO) and Lijo Antony (CTO). Premlal has more than 10 years of warehousing and logistics experience in the GCC. Lijo, now has more than 14 years of software development experience.

The bridge round will help Cargoz continue its growth in the UAE and prepare for its soft launch in Riyadh by early Q3, 2023.

Ibtikar Fund invests in Vatrin

btikar Fund announced its investment in Vatrin, a platform leveraging WhatsApp to power commerce for small and medium enterprises (SMEs). This investment round will enable the?platform to expand its operations across the Middle East and North Africa (Mena) region. Vatrin’s platform allows SMES to easily set up an online store using their WhatsApp number in seconds. They can also manage their inventory, track sales, receive order notifications on WhatsApp, and process local online payments.

With this latest investment, Vatrin will begin its regional expansion, starting in Egypt. The company will also develop more features that are tailored for social sellers in the Egyptian market and the wider Mena region.

Nama Ventures and RAZ Group fund UAE-based logistics startup Cargoz

Saudi venture capital firms are bolstering the regional startup funding landscape, with Nama Ventures and RAZ Group leading the investment round to support the expansion of the UAE-based logistics startup Cargoz in the Kingdom.?

Cargoz, often called the Airbnb for commercial warehousing, has secured an undisclosed amount in bridge funding from Nama Ventures, RAZ Group and a select few angel investors from the UAE and Saudi Arabia who are key players in the logistics industry.?

The company, founded in 2022 by Premlal Pullisserry and Lijo Antony, offers a platform that connects small and medium enterprises with warehouse companies for short-term contracts.?Nama Ventures, known for its 29 investments, including notable startups like Muqbis, Punt Partners and Faceki, expressed great enthusiasm about backing Cargoz.?In August 2022, Nama Ventures also led Cargoz’s pre-seed funding round with an undisclosed amount used to foster growth in the UAE.?

Taqa, Engie and Ewec close on $620m funding for Abu Dhabi desalination plant

A Dh2.3 billion ($620 million)?desalination plant jointly owned by Abu Dhabi National Energy Company, better known as Taqa, and France’s Engie has reached financial closing.

In February,?Emirates Water and Electricity Company?awarded the contract to develop the plant to?Taqa and Engie. The Mirfa 2 Reverse Osmosis project is primarily funded through debt financing from local and international banks, the companies said in a statement on Wednesday. The UAE, Opec's third-largest oil producer, aims to become carbon neutral by 2050 and is focusing on the development of clean energy projects.

The country has Dh600 billion ($163.3 billion) worth of clean and?renewable energy investments?planned over the next three decades.

Flat6Labs deploys $10.2mln in start-up funding to enrich Abu Dhabi entrepreneurship ecosystem

Two years since the launch of its flagship Flat6Labs Ignite Program, in partnership with DisruptAD, the venture platform of ADQ, Flat6Labs has crossed significant milestones. The highly tailored program — comprised of coaching, mentoring, and training — has led to investments of US$10.2 million into 38 promising start-ups, the large majority (68%) of which have been established in the UAE. Owing to the growing popularity of the program, Flat6Labs has to date received over 4,000 applications from start-ups across the world, with the number of applications steadily increasing by an average of 30% cycle-over-cycle

Flat6Labs Ignite is a specialised seed program committed to supporting start-ups in Abu Dhabi. The program hosts an intake cycle every six months and has thus far completed four cohorts with the fifth cohort to be announced shortly. Owing to the growing popularity of the program, Flat6Labs has to date received over 4,000 applications from start-ups across the world, with the number of applications steadily increasing by an average of 30% cycle-over-cycle. Testament to Abu Dhabi’s now established status as a global hub for entrepreneurship, 77% of founders applying for inclusion in the program have been based outside the UAE.

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