Dash Venture Labs: Our Weekly Picks (Issue No.62)

1. Entrepreneurship/Startups

500 Global and ITIDA announce scale up program in Egypt to support pre-Series A startups

500 Global, one of the world’s most active multi-stage venture capital firms, and The Egyptian Information Technology Industry Development Agency (ITIDA), announced the launch of 500 Global first batch of the Scale Up program in Egypt. The Scale Up program is focused on providing strategies and experimentation methodologies to accelerate growth for Pre-Series A startups in Egypt.

The 500 Global Scale Up Program in Egypt is a 7-week hybrid program designed to empower startups in Egypt at Pre-Series A or Series A stages. The curriculum and activities use proven strategies to amplify market presence and scale businesses through personalized mentorship, growth-focused customer-expansion frameworks and ways to streamline operations. Access will also be provided to 500 Global’s exclusive network of partners, stakeholders, and other ecosystem participants. “Programs like Scale Up and others are important to accelerating the growth of the local startup ecosystem and boosting innovation-based entrepreneurship,” said Dr. Hossam Othman, ITIDA Vice President.

On a weekly basis throughout the 7 weeks of the Scale Up program, founders have the opportunity to gain knowledge through a structured curriculum including intensive growth techniques and fundraising-focused materials. In addition, they may collaborate with dedicated mentors who aim to help them generate actionable tools and solutions to be applied immediately in addressing their business challenges.

Saudi women forge tech collaborations at G20 young entrepreneurs meeting

?The G20 Young Entrepreneurs Alliance Summit, which ended on Saturday, has sparked new collaborations between Saudi Arabia and other G20 countries — many involving Saudi female investors in technology and innovation.

The three-day summit, held in New Delhi under India’s presidency of the G20, attracted hundreds of participants with the aim of promoting young entrepreneurs as a driver of economic renewal and social change.

The Saudi delegation, led by Prince Fahad bin Mansour, consisted of more than 40 leaders from both the public and private sectors, of whom around a third were women involved in startups based on high-tech innovation in engineering and science.

Sharjah Research, Technology, And Innovation Park Targets Intl Startups In COP28-related Activities

As the?UAE?prepares to host the all-important 28th Conference of the Parties to the?United Nations?Framework Convention on Climate Change (COP28) in?November?in?Dubai, the?Sharjah?Research,?Technology, and Innovation Park (SRTIP) is among the active players proactively supporting the global?event’s goals of combating climate change.

COP28’s lofty objectives of accelerating global efforts of reducing emissions by 43 percent by 2030 are at the core of STRIP’s mission of nurturing and funding startups that are committed to creating environment-friendly innovations. SRTIP is currently engaged in several real-world projects aimed at reducing carbon footprint and developing sustainable infrastructure. Noteworthy projects include hydrogen-related initiatives and the collaboration with the American University of?Sharjah?in green hydrogen energy. In the run-up to COP28, STRIP has lined up a host of conferences,?technology?festivals, specialised lectures and workshops, artificial intelligence initiatives and exhibitions.

The programme also includes a dedicated conference in collaboration with the American University of?Sharjah, along with various technology-focused summer camps.

Saudi Arabia, Egypt, and UAE startups lead this week’s Startup activity

Saudi Arabia’s venture capital landscape is witnessing a dynamic transformation, fueled by a surge of innovation and a rapidly evolving entrepreneurial ecosystem.??

With a booming economy and a strong commitment to diversify beyond oil, the Kingdom has become a hotbed for startup activity and investment opportunities.? Notably, regional family offices and investors from Saudi Arabia also participated, along with previous investors Global Founders Capital from Germany and Singapore’s MSA Novo, both of whom led Kaso’s initial $2.1 million seed round in 2021, alongside Silicon Valley-based Y Combinator.?UAE-based venture capital firm Nuwa Capital has taken the lead in a pre-seed funding round of $1.2 million for US-based startup Mascotte Health.??

The round also saw participation from angel investors associated with major companies like Uber, Turo, and Airbnb.?Egypt-based fintech company Menthum benefitted from a pre-seed funding round held by Acasia Ventures with participation from A15 and other angel investors.?

2. Technology

Agthia Group launches $54 million CVC fund for foodtech startups

Agthia Group PJSC, a diversified food and beverage company, today announced the launch of Agthia Ventures, a corporate venture capital fund (“CVC”) designed to expand Agthia’s innovation capabilities and create mutual value with startups as the company continues to drive profitable growth in both new and existing markets.

Funded by Agthia and its parent company ADQ, an Abu Dhabi-based investment and holding company, Agthia Ventures will be managed together with Touchdown Ventures, a global leader in establishing and operating bespoke CVC programs for blue-chip corporates, with over 100 completed venture investments to date.?Utilizing Touchdown’s extensive network of startups, venture capital relationships, incubators, and accelerators, Agthia Ventures is well-placed to identify attractive early-stage, seed, and growth investment opportunities, within relevant and target geographies.?

The fund is stage-agnostic and will invest primarily in startups that offer snacks and beverages, functional water and hydration, alternative proteins, sustainability solutions in farming and packaging, e-commerce solutions for the food and beverage industry, and other capability enhancements relevant to Agthia’s value chain.?

Commercial records for robot technologies jumps by 52% in Saudi Arabia

Commercial records registered in Saudi regions for the robot technologies sector increased by 52 percent by the end of the second quarter of 2023 to reach 2,344, up from 1,537 records in Q2 of 2022.

According to the Ministry of Commerce's recent business sector bulletin, Riyadh topped Saudi cities with regard to the issuance of commercial records for the robot technologies sector, issuing 1,387 records in Q2 of 2023. Makkah issued 491 commercial records for the sector, followed by the Eastern Region, which issued 269 during the same period. Madinah and Qassim also issued 76 and 32 commercial records for the sector respectively.

Robotics is one of the Kingdom’s promising sectors and is among the opportunities listed by Saudi Arabia’s Vision 2030 for the business sector.

Such promising sectors also include cybersecurity and artificial intelligence (AI), the logistics services sector, arts and entertainment, travel, tourism, and conferences. These sectors and others are witnessing record growth, providing the local and foreign business sectors with opportunities for business development and partnership expansion.

Dubai hosts conference on AI with NVIDIA

The Artificial Intelligence, Digital Economy and Remote Work Applications Office of Dubai, in collaboration with NVIDIA, organised a conference on AI in line with the authorities’ bid to adopt the new technology and conduct studies to explore this promising field.

The conference, titled ‘AI-Enabled?Entrepreneurs’, aimed to introduce the latest innovations and developments in the fields of generative AI,?metaverses?and robotics.

The conference also highlighted the success stories of start-up companies, their contributions, and experiences to inspire entrepreneurs globally to benefit from them in developing solutions based on future technological fields. The conference highlighted NVIDIA Inception, a global programme that nurtures cutting-edge start-ups, bringing together member companies along with the company experts to discuss how to enable application- and product-level innovation using technology from companies like?OpenAI?and InstaDeep.

The Inception programme includes more than 60 start-ups in the UAE and more than 14,000 around the world.

Turkey’s Marti lists on NYSE after SPAC merger with Galata

Galata Acquisition Corp. (Galata), a Cayman Islands-exempted company and a former US publicly-listed special purpose acquisition company, today announced the closing of its previously announced business combination with Marti Technologies Inc. (Marti), a Delaware corporation. The combined company, Marti Technologies, Inc. (formerly known as Galata Acquisition Corp., “Pubco”), a Cayman Islands-exempted company, will commence trading of its Class A Ordinary Shares and warrants on the NYSE American Stock Exchange under the ticker symbols “MRT” and “MRTW”, respectively, on July 11, 2023. The Business Combination was approved by Galata’s shareholders at an extraordinary general meeting held on July 6, 2023.

Founded in 2018, Marti is Türkiye’s leading mobility app, offering multiple transportation services to its riders. Marti has launched a ride-hailing service that matches riders with drivers travelling in the same direction and operates a large fleet of e-mopeds, e-bikes, and e-scooters. All of Marti’s offerings are serviced by proprietary software systems and IoT infrastructure. “We are excited to complete this merger and look forward to being listed on the NYSE American. It's a testament to the hard work of our entire team, and a symbol of the strength and potential of Turkish entrepreneurship. We are grateful for the support of our investors, stakeholders and Galata in our journey and we have great confidence in the future of Marti,” said Alper Oktem, Founder and Chief Executive Officer of Marti.

SimpliFi and Hub71 startup Lune partner

SimpliFi, a Cards as a Service (CaaS) platform for MENA and Pakistan, and Lune, a transaction data enrichment and analytics company that is part of Hub71, Abu Dhabi’s global tech ecosystem, have signed a partnership that will harness the power of artificial intelligence (AI) to drive transformative outcomes for businesses in the region.

With an annual growth rate of 30 percent projected for insight-driven businesses, this partnership will capitalize on Lune's cutting-edge technologies to deliver a "unified financial data platform" to SimpliFi's customers. By integrating finance management, data enrichment, and analytics solutions with SimpliFi's unique card issuance offering, this partnership aims to elevate the potential of financial data for businesses. Lune was selected to join Hub71 in 2022 and has been part of Abu Dhabi’s global tech ecosystem alongside over 240 startups, accessing its network of partners, government entities, and active investors, while benefiting from its business-friendly environment and solid talent base.

SimpliFi, serving clients in the UAE, Saudi Arabia, Bahrain, Egypt, and expanding into new markets, understands the diverse data needs of its clientele. The partnership with Lune aims to empower businesses with data-driven decision-making, strategy optimization, and unlocking new growth opportunities in a dynamic market landscape. Together, SimpliFi and Lune are set to revolutionize how businesses leverage data, propelling their success to unprecedented heights.?

ABO Digital commits $10mln funding potential to gamified asset marketplace Blocktrade

Blocktrade secures a $10 million potential investment from ABO Digital as a strategic financing partner for its utility token BTEX.

Blocktrade is a pioneering gamified crypto trading platform that combines blockchain technology and gamification principles to provide a seamless and immersive trading experience for digital assets.

The financing commitment from ABO Digital brings added value to the gamified users on Blocktrade's platform, allowing them to explore exciting new product launches and enhanced features.The investment will fuel the development of cutting-edge technologies, providing users with a richer and more immersive experience within the gamified asset marketplace.

‘‘Our partnership with ABO represents a paradigm shift in the digital asset industry. We take great pride in being at the forefront of innovation, not only in terms of product and strategy but also from an institutional financing perspective. This collaboration marks a significant milestone in our journey,” said Blocktrade CEO Christian?Niedermueller.

Generative AI could unlock $23.5bln in annual economic growth across the GCC by 2030 - Strategy& Middle East

Generative AI (GenAI) has sparked excitement and investment in a technology with significant potential to change the world. Although this comes with regulatory concerns; among them the threat of deepfakes, harmful content, and exacerbated economic inequality and bias the technology’s potential economic impact remains substantial.

According to Strategy& Middle East, part of the PwC network, widespread adoption of this technology is expected to continue across the corporate world over the next 6 to 12 months, along with rapid progress in the field. According to Strategy& Middle East, executives should choose GenAI use-cases that align with their strategic goals and provide tangible value.

Achieving early and small wins can rally support, avoiding costly and risky “big bang” approaches. It is therefore advisable to concentrate on a handful of key use cases, taking into account organizational maturity, data availability, and the regulatory environment.

3. Funding Activity

Kaso raises $10.5 million Seed round

Kaso, a Saudi Arabian startup, has raised $10.5 million in a new seed funding round and launched a FinTech platform that it will use to boost its operations in the Middle East food and beverage procurement market.

The business-to-business company aims to scale up its restaurant supply management tools to enhance the services that are being used by its 5,000-plus partners in the UAE and Saudi Arabia. The goal is to achieve a gross merchandise value of $1 billion in 12 months, Kaso said on Wednesday.

Dubai-based Spade Ventures, Saudi Arabia's Hala Ventures and Seedra Ventures, Oman-based Cyfr Capital, Jersey's BY Venture Partners, San Francisco's Pioneer Fund and Singapore's Vulpes Ventures participated in the funding round. Other participants include regional family offices and other strategic investors from Saudi Arabia, as well as previous investors Global Founders Capital, from Germany, and Singapore's MSA Novo, both of which led Kaso's initial $2.1 million seed round in 2021.

Kaso was founded in 2021 and has grown fivefold since it said. Among the notable brands under its partners' portfolio are Burger King, Buffalo Wild Wings, Caribou Coffee, Chili’s and Tim Hortons. “Our platform has already made a significant impact in reducing inefficiencies in the industry and we are confident that we can continue to make strides towards a more sustainable future,” said Ahmed Soliman, co-founder of Kaso.

UAE’s Revibe raises $2.3 million to grow its refurbished electronics marketplace?

Revibe, a Dubai-based refurbished-electronics startup, announced it has raised US$2.3 million in order to accelerate its growth within the US$6 billion refurbished consumer electronics market in the MENA region — which is expected to reach US$20 billion within the next decade. The funding round was led by Resonance, a €150m VC fund based out of Paris, and Flat6Labs, the Middle East and North Africa’s leading early-stage venture capital firm, responsible for one of the most renowned startup programs in the region.

Revibe was founded in July 2022 by Abdessamad Benzakour and Hamza Iraqui, who had identified the need to create trust in the regional second-hand electronics market. The company is a B2C Marketplace for refurbished electronics, with the promise to provide customers like-new devices for 30-70% cheaper than new. Iraqui, a serial entrepreneur, was formerly a partner with BCG, and Benzakour was previously an Oliver Wyman principal, with 10 years experience in the regional telecom industry.?

Revibe.me is currently growing exponentially — 5x in only seven months — across the GCC, specifically in the UAE and KSA. It will use the cash infusion to rapidly expand in its core markets and strengthen its operations and customer care team, based on its founders’ belief that successful scaling will only come from the company’s ability to provide quality in both products and service from the beginning. It will also develop its technology team, and make investments in marketing.

US-based Practical VC invests in Egypt’s EXITS MENA

Silicon Valley-based venture firm Practical VC has announced its participation in a recent investment round in EXITS MENA, the region's leading investment platform. While the specific investment amount remains undisclosed, the total capital raised to date has reached an impressive milestone of $1,250,000.

Led by renowned general partners Dave McClure and Aman Verjee, Practical VC specialises in secondary market transactions, focusing on LP and GP interests and high-growth venture-backed companies. EXITS MENA represents a groundbreaking investment platform in the region, providing startups and SMEs with a unique blend of investment-banking-related services. Leveraging a seamless and automated deal-making process, EXITS MENA's phygital approach combines their online platform, EXITS.me, with offline M&A advisory services. Through the platform, business owners can anonymously market their ventures to registered investors and buyers while accessing a wide range of investment-readiness building services and educational materials, enhancing their chances of achieving a successful exit or investment.

Practical VC's partnership with EXITS MENA signifies a significant milestone in advancing the investment landscape in the MENA region. As both entities join forces, their shared vision of empowering startups and facilitating investment opportunities is set to drive innovation, growth, and economic prosperity.

Egyptian fintech Menthum raises pre-Seed funding

Egyptian early-stage venture capital firm Acasia Ventures has completed an investment in Cairo-based digital savings platform Menthum, joining a pre-seed round that also included A15 and a number of prominent angel investors.?

Menthum is a B2B and B2C digital savings platform that provides individuals and companies an innovative way to invest in safe treasury bills (T-bills) through a money market fund. Licensed and regulated by Egypt’s Financial Regulatory Authority (FRA), Menthum has launched the first digital money market fund in the country, partnering with a leading investment manager.?Menthum has devised an easy-to-use mobile application and a customer-centric approach. Individuals sign up on the Menthum mobile app using their mobile number and scan their National ID, the app fetches the ID data automatically.

Founded in 2021 by Himanshu Shrimali and Ismail Sarhank, Menthum is a B2B and B2C digital savings platform that enables individuals and companies to invest in safe treasury bills (T-bills) through a money market fund. The funding will go towards expanding Menthum’s team across various functions, customer acquisition, brand building and developing the company’s tech infrastructure.?

This is Menthum’s first funding round.?

Nuwa Capital leads $1.2 million pre-Seed round for US-based Mascotte Health

Mascotte Health, a tech-enabled veterinary practice operator, proudly announces its emergence from stealth as it successfully completed its pilot program, carried out in collaboration with select veterinary practices. The company also announces the completion of its oversubscribed $1.2M pre-seed funding round, led by Nuwa Capital, with participation from angel investors from Uber, Turo, and Airbnb.?

Mascotte Health currently offers veterinary clinics tech-enabled support infrastructure solutions, including virtual triage and customer experience. The company employs licensed and registered veterinary nurses and technicians who undergo thorough training and are strategically paired with partner clinics. Founded by Bora Hamamcioglu, Mascotte Health provides veterinary clinics with tech-enabled support infrastructure solutions, including virtual triage and customer experience, enabling them to maximise revenues without increasing their headcount.?

Mascotte Health will use the cash infusion to expand the scope of its services, with a plan to launch a client-facing app, offering connected care to pet parents in the coming months.?

Mascotte Health plans to expand its tech-enabled services for partner practices and also launch a consumer-facing app, offering 24/7 connected care to pet parents in the coming months. These initiatives reflect the company's dedication to improving veterinary services while enhancing the overall care experience for pet owners.?

Alma Health closes Series A round at $10 million

UAE-based direct-to-patient digital healthcare company Alma Health has raised $10 million in a Series A funding round co-led by Knuru Capital and Hambro Perks Oryx Fund.

The fundraising round witnessed participation from e& Capital, S3 Ventures, Pinnacle Capital, and Khwarizmi Ventures, with KCP Capital acting as the financial advisor to the company.

The company currently operates in the UAE, Saudi Arabia, and Egypt, and it plans to use the new funding to accelerate its growth in Saudi Arabia, enter new markets, and continue to hire top talent. It will also continue its mission to become one of the leading direct-to-patient healthcare providers specialized in chronic condition management. Established in 2021 by Tariq Seksek and Khaldoon Bushnaq, Alma Health provides healthcare services to people with chronic conditions. It offers virtual doctor consultations directly via its application with one of the company’s licensed in-house physicians.

In addition, Alma Health offers at-home lab tests, automatic prescription renewals, and home delivery of prescription medicines without any additional cost. The company, which currently operates in the UAE, Saudi Arabia, and Egypt, plans to use the new funding to accelerate its growth in Saudi Arabia, enter new markets, and continue to hire talent.

TeaLeaf raising $6mln with FasterCapital

TeaLeaf is a startup that would like to help in the distribution of tea and prepare a marketplace for business to buy/sell tea to enable transparent information on the market of the quality and price of the tea. The startup will provide b2b access plus allow merchants to offer b2c services and sell through its platform. TeaLeaf was founded in 2020 by a group of friends who were passionate about tea. After attending a tea-tasting event, they noticed that there was a lack of transparency in the industry, and they wanted to create a platform that would make it easier for people to access quality tea.?

The startup is based in the USA and was founded by Maghi Lubun and Roland Heath and is currently raising $6M after joining FasterCapital’s Raise Capital program.

The Raise Capital program is helping startups and SMEs worldwide connect with angels and VCs and get funded using an AI system and with the total support of a complete team of financial experts, internal investors, and mentors.

Unipal raises $500,000 to support Saudi expansion?

Bahrain-born startup, Unipal, has secured a half-a-million-dollar funding round, with the aim of taking over the capital city of Riyadh, and then expanding into Eastern Province and Jeddah. The funding round was led by Flat6labs and Tenmou, who both doubled down on their initial investments, and was joined by the European-based student platform, GTS Alive, and other Angel investors.

Launched in 2020, Unipal has already acquired 74% of the student population in Bahrain. With this latest round of funding, the startup aims to replicate this success across the Kingdom of Saudi Arabia.?Unipal's success in Bahrain has been driven by its innovative platform, where brands get direct access to students and offer exclusive discounts on the App. The startup's unique approach has been well-received by students and businesses alike, and it is hoped that this success will be replicated in Saudi Arabia.??

The next round of funding is set to open in early 2024, as Unipal looks to continue its expansion across the region. With the support of its investors, Unipal is well-positioned to become the leading student platform in the Middle East and beyond

TripRing, a platform for avid travelers, raising $8mln with FasterCapital

TripRing is an online community for travelers which connects travelers and travel enablers directly without?any interventions from commission agents or resellers. TripRing provides a revolutionary way for travelers to connect and share their stories and experiences. It is a one-stop online platform that allows travelers to access a wide range of travel services, including planning trips, booking flights, finding accommodations, and connecting with other travelers. Through TripRing, travelers can easily create a profile, share their stories, and find the perfect travel companion. TripRing is based in Canada and is currently raising $8M.

The startup has joined The Raise Capital program which is a program that supports startups around the world to get funded. The startup is founded by Jonathan Angl and Stuart Marion.

Mr. Hesham Zreik, CEO of FasterCapital, commented, "Working with the team at TripRing will be great. We have started working with the team reviewing their business plan and pitch deck."

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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 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.

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