Dash Venture Labs: Our Weekly Picks (Issue No.66)

1. Entrepreneurship/Startups

WSO2 Launches Startup Program to Accelerate Journeys to Success for App Entrepreneurs

WSO2, the leader in digital transformation technology, today announced?WSO2 for Startups, a program for empowering new app-building businesses across the world to accelerate their journeys to success. Targeted at early-stage startups building mobile or web apps for consumers, businesses, or employees, WSO2 for Startups gives fledgling businesses access to the company’s core offerings,?Choreo?and?Asgardeo, which provide all the technology an organization needs to get its operations off the ground. Participants in the program will receive access to sample apps, product credits, support, and mentorship from a dedicated solutions architect. The benefits are designed to focus startups’ leadership teams in ways that will make them stand out in the market.

Upon signing up, startups receive up to $18,000 in Choreo credits, which can be used on components such as APIs, microservices, and integrations or on pass-through infrastructure costs in Choreo’s pay-as-you-go tier. Startups also receive $15,000 in Asgardeo credits, which can be used for B2C, B2B, or B2E monthly active users in Asgardeo’s professional tier.

Peleset Angels launches to back Palestinian Startups

In the midst of challenging times for the Palestinian startup ecosystem, a glimmer of hope emerges with the entry of Peleset Angels - the angel investor network striving to support early-stage Palestinian startups. With a focus on empowering resilient founders, Peleset Angels addresses the critical funding gap, offering a lifeline for these ventures to prove their concepts, build their MVPs, and test external markets. Despite the uncertainties that lie ahead for the Palestinian economy, this initiative serves as a beacon of hope and progress.

As a collaboration between Palestinian and diaspora investors, Peleset Angels acknowledges the untapped potential within the Palestinian startup landscape. By providing pre-seed funding, the network nurtures the growth of promising startups and envisions a brighter future for the region's entrepreneurial endeavours.

2. Technology

Dubai Chamber of Digital Economy successfully attracts 69 emerging technology companies to the emirate during first half of 2023

Dubai Chamber of Digital Economy, one of the three chambers operating under the umbrella of Dubai Chambers, has unveiled details of its key achievements during the first half of 2023. Significant milestones included attracting 69 emerging technology companies to the emirate in cooperation with its partners from various government authorities between January and June, in line with the chamber’s commitment to advancing Dubai’s dynamic digital economy and bringing the ambitions of the Dubai Economic Agenda (D33) to life.

During the six-month period, the chamber successfully conducted a series of 12 roadshows across the Middle East, Africa, Asia, and Europe. As part of these roadshows, meetings were coordinated with 279 companies including multinationals, SMEs, startups and scale-ups to showcase the huge growth potential in Dubai and highlight the benefits of doing business in the emirate. In addition, the visits were aimed at encouraging participation in the upcoming Expand North Star, one of the largest global gatherings for startups that will be hosted in Dubai from 15 – 18 October.

Fla6labs announces awards up to $100,000 in funding for contechs in Egypt

Flat6Labs, the region's leading seed and early-stage venture capital firm, has launched the "Makers" ConTech Accelerator Program in partnership with SIAC and Dar Al-Handasah (Shair and Partners). The program is the first-ever construction-focused accelerator program in the Middle East that aims to support advanced startups in the construction technology industry.?

The "Makers" ConTech Accelerator Program will provide select startups with up to $100,000 in funding per startup as well as grant access to pilot projects, industry experts, mentorship, business training, one-on-one consultations, coaching sessions, networking opportunities, and essential resources to cultivate and scale their businesses. The program will last 12 weeks, startups will be chosen based on their unique new technology, hardworking founders, and exceptionally promising products, presented at a minimum viable product (MVP) level or higher.?

The launch of the new program follows Makers’ first pre-accelerator program, which ran in early 2023 and which aimed to promote construction industry innovation through connecting and engaging with various industry stakeholders with extensive expertise, thereby creating sustainable innovation ecosystems for resolving construction-related challenges within SIAC, Dar, and the industry at large.?The program will initially focus on Egyptian entrepreneurs, before expanding to the Kingdom of Saudi Arabia and subsequently to the wider MENA region.?

MECOTEC eyes UAE’s lifestyle sector to promote cryo technology’s benefits and support well-being aficionados

Germany’s?MECOTEC, the global leader in the cryo technology industry, is pushing forward with its ambitious strategy of expanding in the Middle East and North Africa (MENA) region by creating more awareness on the tremendous benefits of its innovations, products and services.

Building on the success of its participation in The Hotel Show in May, the premier hospitality industry conference and exhibition in Dubai, MECOTEC is confident that it will be able to tap into the huge business and client potential in the United Arab Emirates (UAE), the Middle East and beyond. This includes making inroads into the lifestyle industry, which is experiencing continued growth amid individuals who are giving more priority to their well-being and overall holistic development.

MECOTEC recently opened its first office in Dubai, which is aligned to its plans of expanding into MENA from the UAE, the business, financial and, notably, lifestyle hub of the region — which provides a two-pronged opportunity for the company to offer its services and help individuals achieve their well-being goals through the innovative benefits of cryo technology. The company sees a huge opportunity in the UAE as more individuals become more conscious about their well-being and are constantly looking for ways to improve.

Venom Foundation Partners with the UAE Government to Launch National Carbon Credit System

Venom Foundation, a leader in blockchain technology adoption in regulated markets, is thrilled to announce the signing of a momentous Memorandum of Understanding (MOU) with the UAE Government to develop and implement the National Carbon Credit System. This landmark partnership represents a significant step towards leveraging blockchain technology to address environmental challenges and promote sustainability on a national scale.

This revolutionary collaboration underscores the UAE's unwavering commitment to bolstering transparency, reliability, and efficiency in carbon emission management, while using the next generation blockchain technology of Venom and in doing so, propelling the nation towards its ambitious climate targets of 40% reduction in carbon emissions by 2030. The Venom blockchain itself is carbon neutral.

ADAFSA, Astra Tech empower UAE farmers through Botim App

UAE-based consumer technology holding group?Astra Tech?said on Thursday it collaborated with?Abu Dhabi Agriculture and Food Safety Authority (ADAFSA)?to organise a workshop to introduce licensed local farmers to the Botim ultra app’s e-store. The move is aimed at enabling local farmers to display and sell their seasonal fresh produce and products directly to customers.

The Botim ultra app’s expansive user base of over 8 million individuals in the UAE will allow local farmers to significantly boost their brand’s online presence and visibility. The Botim ultra app is poised to create a dynamic and thriving marketplace, establishing a transformative ecosystem that bridges the gap between farmers and consumers in the country.

Eligible licensed local farmers in the UAE will be able to establish their online brand on the Botim e-store for free in three simple steps and take advantage of?the 24-hour payment settlement policy and in-app marketing support.

Local farmers can also request logistics support to deliver their products through the entities’ partnership with Aramex.

Mswipe Technologies expands to UAE, partners with Etisalat by e& for uTap launch

Mswipe Technologies, the Indian point of sale (POS) digital payment solutions company announced the expansion of its operations in the United Arab Emirates in partnership with Etisalat by e&, the telecommunication service provider to launch its new product ‘uTap’.?

According to the release, uTap will provide an integrated payment solution to merchants across various categories, by providing POS terminals with the facility of online and offline card payments, business management applications, and automation tools to ease down the operations for small and medium businesses. uTap will help merchants access?payments?both?online?and offline.?

du Deploys Multi-Carrier Aggregation Technology in UAE Wireless Network

du, the telecommunications company of Emirates Integrated Telecommunications Company (EITC), has announced the deployment of multi-carrier aggregation technologies in its commercial wireless network. This innovative approach involves aggregating three carriers of 100 MHz each within the C-Band and 2.6 GHz band. By combining these carriers, the network will be capable of delivering three times the data speeds currently available to users in the UAE.

The deployment of multi-carrier aggregation primarily focuses on enhancing the home wireless services offered by du. Introduced to the UAE market in 2021, these services have gained significant popularity and attracted thousands of users in a short period of time. As part of its plans to support high-bandwidth applications with low latency, such as artificial intelligence, 8K video streaming, metaverse, and UHD cloud gaming, du has initiated this deployment of multi-carrier aggregation. This innovation will enable du’s subscribers to continue enjoying bandwidth-intensive applications seamlessly. This deployment aligns with the UAE’s vision to enable greater use of technology and innovation across the country, showcasing du’s commitment to supporting the nation’s plans.

UAE: Burjeel Medical City unveils da Vinci Xi Robot for advanced minimally invasive surgeries

Burjeel Medical City has introduced the state-of-the-art da Vinci Xi robotic system to its arsenal of advanced medical technology. The da Vinci Xi robot will enable Burjeel Medical City’s expert surgeons to perform complex, minimally invasive procedures with unprecedented precision and efficiency, elevating the standard of patient care. The unveiling of the da Vinci Xi robot at Burjeel Medical City marks a significant milestone in the hospital’s commitment to providing world-class healthcare services to its patients. This advanced robotic surgical system offers numerous advantages over conventional surgery, including increased surgical precision, enhanced visualization, and shorter recovery times.

The innovative robotic arms of the da Vinci Xi robot mimic the motion of a surgeon’s hand but with enhanced agility and a more excellent range of motion, allowing for exceptional anatomical access to surgical operating sites that are virtually impossible to reach using the traditional “straight-stick” laparoscopic surgical instruments.?

3. Funding Activity

Gingo Partners raises $350,000 from angel investors

Gingo Partners, an Investor Outreach Service and Startup Community, is thrilled to announce the successful completion of its fundraising campaign, securing $350k in capital from a group of business angels.?

This investment will allow Gingo Partners to accelerate its vision of bringing inclusivity and diversity in venture capital and capitalize on untapped opportunities within the early-stage investment in emerging markets.

Founded earlier this year by?Maria Ivanovam Gingo Partners aims to bring diversity and inclusion into venture capital by providing founders from emerging markets tools for fundraising. The investment will be used to aid its market expansion across the Middle East, Africa and Asia.?The funding will support Gingo Partners' expansion into new markets and territories, such as the Middle East, Africa, and Asia.?

Saudi Arabia’s Wadaie raises pre-Seed funding

Wadaie, a Saudi-based fintech company, has successfully secured investment in a pre-seed funding round. The round was led by RZM Investments, along with Bunat Ventures and several prominent Saudi angel investors.?

The company was founded in 2022 by Abdullah Alandas, Rayan Altuwayjiri, and Abdulrahman Alhawas. Wadaie offers a platform designed to connect depositors with all banks in Saudi Arabia. The platform aims to provide a unique experience for depositors, enabling them to earn the highest returns on Shariah-compliant time deposits without needing to open new accounts at other banks.?

Wadaie’s platform not only benefits depositors but also provides a valuable service for banks. It enables banks to reach new markets and expand their client base, accessing diverse sources of liquidity without increasing their operational infrastructure costs.

Abdullah Alandas, the Founder and CEO of Wadaie, confirmed that the company's business model aligns with the strategic goals of the Financial Sector Development Program. The company aims to expand the base of savings and investment products, enhance trust in them, and facilitate easier access.

Mubadala leads $76 million in debt, equity funding for Nigeria’s Moove

UAE sovereign investor Mubadala Investment Company has led a funding round that secured $76 million in equity and debt for Moove, a Nigeria-based mobility fintech that offers vehicle financing to drivers of ride-hailing companies including Uber. In a statement on Thursday, Moove said the funding consists of $28 million in equity from new and existing investors, in a process led by Mubadala, $10 million in venture debt from funds and accounts managed by BlackRock, and $38 million in previously undisclosed funds raised during the prior 12 months.

Faris Sohail Al Mazrui, Head of Ventures & Growth at Mubadala, who will join the fintech's advisory board, said: “Moove has built a highly scalable tech-enabled platform to serve mobility entrepreneurs globally by providing them access to credit and other financial services previously unavailable to them. This is a hugely underbanked and underserved market that we believe has significant long-term potential.” Moove, which was founded in 2020, will use the funding to expand and consolidate its position globally.

It operates in 13 markets across Africa, the Middle East, Europe and Asia, and is Uber's largest vehicle supply partner across EMEA. Last year, Moove raised $30 million from a debut sukuk issuance to fund the building of an EV ride-hailing fleet in the 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.?

According to a press release, the company plans to utilize the funds to spur growth in the UAE and prepare for a soft launch in Riyadh by the third quarter of this year.?

B2B pharmaceutical marketplace Grinta acquires Auto-Cure

Cairo-based B2B pharmaceutical marketplace, Grinta, has acquired its counterpart Auto-Cure for an undisclosed value. Founded in 2020 by Mohamed Rezk and Amr Kamel, Auto-Cure offers a multi vendor marketplace where pharmacies in Alexandria can purchase products and restock their inventory. Over the past 18 months, it has processed 5,000 orders for 450 pharmacies.

This is the second acquisition for Grinta. It acquired PH Store, which also works along the same vertical. Since then, the company has been able to serve over 7,000 pharmacies and delivered over 200,000 orders.?In November last year, Grinta raised an $8 million Seed round to accelerate its expansion in Egypt. The round was co-led by Raed Ventures and Nclude, with participation from Endeavor Catalyst and 500 Global. Auto Cure has dispatched 5,000 orders and served 450 pharmacies over the past 18 months. Auto cure is a startup digitizing the pharmaceutical market through a multivendor B2B platform.?

Ibtikar Fund invests in DataQueue

Ibtikar Fund announced their investment in DataQueue, a leading AI data training company, and an innovative platform to manage the entire AI lifecycle.?

“DataQueue aims to revolutionize the AI landscape by simplifying the training data process and empowering organisations to unlock the true potential of AI. We are thrilled to have the support of Ibtikar Fund in our journey to democratis3 AI and enable businesses to leverage its transformative power," explained Bashir Alsaifi, DataQueue’s Founder and CEO.?One of the primary obstacles in AI development is acquiring diverse and reliable training data at scale. DataQueue tackles this problem by leveraging advanced algorithms and crowdsourcing techniques to efficiently gather large volumes of relevant training data from diverse sources.

This funding round will provide DataQueue with the resources to further develop its technology, strengthen its research and development capabilities, and expand its customer base.

Golden Scent raises revenue-based investment from Tenami Capital

Tenami Capital, a DIFC-based revenue-based investment firm, announced today the closing of its largest investment to date in Golden Scent, the market-leading e-commerce platform for fragrance and beauty products in the MENA region. The specific deal value remains undisclosed.?

Led by co-founders Malik Al Shehab and Ronny Froehlich, Golden Scent was founded in September 2014 as a pure fragrances e-commerce platform serving the GCC region. The company has since expanded to become the market leader in online fragrances in the MENA region, with operations and warehouses in the KSA and UAE and delivering to over 80 countries worldwide.?

With over 2 million shoppers, millions of visitors monthly, and 7 million downloads since its launch; Golden Scent has powered its way to a leadership position in Saudi Arabia and the GCC’s e-commerce shopping space and it is now poised for breakaway growth for the coming 3 years. The revenue-based investment in Golden Scent builds on Tenami Capital’s growing track record and expertise in supporting regional entrepreneurs and founders of digital businesses. Tenami Capital’s revenue-based investment also signifies an important milestone for Golden Scent, which will utilise the capital to enhance product offering, expand its geographic footprint and advance operational efficiencies.??

Talents Arena raises $750,000 pre-Seed round

AI recruitment company, Talents Arena, announced closing $750,000 in pre-seed funding from UI Investments, alongside several prominent Saudi and regional angel investors. This funding round comes as the company is rapidly becoming a pioneering force in the AI recruitment industry; playing a critical role in bridging the unemployment gap in the Middle East and Africa region.?

Besides being a Flat6Labs portfolio company, Talents Arena is also an alumnus company of Plug and Play renowned startup accelerator program. The company's success in securing this pre-seed funding demonstrates strong investor confidence in the significant market opportunity in the Middle East. Talents Arena was founded in 2019 by Aya Elgebeely, an Egyptian entrepreneur and tech woman with extensive experience in tech and product delivery. The Flat6Labs portfolio company will use the new funds to fuel its expansion plans into Saudi Arabia and the GCC.?

Talents Arena has successfully made more than 180,000 job matches and placed thousands of candidates in suitable tech jobs, using its unique talent mining engine and automation features. The new funds will be channelled towards Talents Arena’s expansion plans into Saudi Arabia and the GCC.?

Egypt’s Buguard raises $500,000 Seed round

Buguard, the Cairo-based offensive security and dark web monitoring company announces the successful completion of a $500,000 seed fundraise.

The fundraise was led by A15, the leading MENA venture capital firm, and renowned as one of the most prominent backers of early-stage startups in the region, with participation from angel investors.?

The capital is Buguard’s first external funding, with the company having been bootstrapped since its 2021 launch. Proceeds will be used to grow Buguard’s team, focusing on product, sales, and channel partnerships. Buguard was founded by Youssef Mohamed in 2021. Buguard offers offensive security services including penetration testing and vulnerability assessment, phishing simulation, compromise assessment, threat intelligence and red teaming.? Its consultancy team comprises highly skilled security researchers and senior offensive security engineers. The team is renowned for finding critical security vulnerabilities in almost every big tech giant such as Yahoo, PayPal, Twitter, Snapchat, Mail.Ru, Epic Games, Amazon, eBay, Microsoft, Dell, Adobe, AT&T, Vodafone, and the US Department of Defence.

Saudi edtech YaSchools raises $600,000 Seed round?

YaSchools, a Saudi startup specialising in educational management solutions, has successfully closed a $600,000 Seed round of funding from a group of angel investors.

YaSchools offers the region's first-of-its-kind platform to manage the educational ecosystem, acting as the facilitator between all stakeholders—such as schools, teachers, and students—involved in the educational process. The platform utilies big data, artificial intelligence, and financial technologies that can assist in processing tasks in an autonomous and fast-paced manner.

YaSchools was founded in 2021 in Saudi Arabia by entrepreneurs Mohamed Zohair, Ahmed Mahdy, and Yasser Nasr-Aldin. Since the launch of its micro-lending services in early 2023, YaSchools has received financing requests worth more than $40 million. This further positions YaSchools as a strong partner to the financing entities that it works with, those that are already interested in investing in the educational sector.

Currently, YaSchools has 1,750 registered schools and serves 2,500 teachers and more than 92,000 parents. The startup’s ever-expanding clientele puts it on the road to becoming one of the fastest-growing startups in the educational sector. YaSchools also provides an Islamic-compliant line of credit that allows users to pay educational expenses in installments of up to 12 months, in cooperation with many notable financial entities such as Tasheel Finance, Alinma Bank, Al Yusr Financing and Leasing Company Finance, Wataniya Finance, Al Amthal Finance, and Tabby, the leading provider of buy now, pay later (BNPL) solutions.

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