Dash Venture Labs: Our Weekly Picks (Issue No.82)

1. Entrepreneurship/Startups

COP28 could be the accelerator Mideast startups need

All the companies at The Startup Village have working models deployed in a few places, albeit in a small way. With more funding and research, these sustainable solutions could be scaled up to fight global warming.

Clean energy, eco-friendly technology, solutions to water crises, decarbonisation, carbon capture, food security, waste management, solar energy generation and reduction of methane emissions are among the solutions showcased in Expo City.

About 150 high-growth companies working on climate change and environmental challenges have been brought to COP28 UAE to collaborate with businesses, investment communities, government leaders and policymakers. The new technologies have the potential to turn green ambitions into reality, which is critical to peg global warming under 1.5?C.

Investment in so-called ClimateTech accounted for just 5% of the total capital invested in the Middle East, North Africa and Turkey from 2018 through 2022, according to venture capital data platform MAGNiTT. But there are signs the sector is gaining traction, notching a 62% annual growth rate in 2022 with the expectation that the trend will only be accelerated by COP28.

ClimateTech startups are developing products for a variety of industries where removing carbon emissions are especially challenging, including agriculture, energy, real estate and transportation.?

More than 100 climate tech startups are showing off their work at? the Startup Village in COP28’s Green Zone, the area of the conference open to the public.

Emirates NBD, DIFC Launchpad Announce ‘National Digital Talent Incubator’ Program

Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, has launched the ‘National Digital Talent Incubator’ program, as a part of its strategic partnership with Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA).?

Facilitated by DIFC’s venture building platform, DIFC Launchpad, the bespoke incubator program aims to boost UAE talent and the growth of entrepreneurship within the FinTech and digital innovation space. The program will also be supported by leading industry partners including Visa, Microsoft and Dell Technologies.?

The National Digital Talent Incubator program will run two cohorts per annum, each consisting of three to six FinTech startups with UAE national founders and members. Over the eight-week long program, participants will gain rich insights from venture building and innovation experts from DIFC Launchpad, hands-on experience from the most successful entrepreneurs in the UAE, mentorship and one-to-one coaching sessions with founders of top UAE FinTech scaleups and access to innovator networks, incumbent corporations, Governments and capital in the UAE.

SANDBOX, Dubai's Only Venture-Backed Startup Investment Program, Welcomes Applications For Its Fourth Cohort

In 2021, under the umbrella of Dubai Integrated Economic Zones (DIEZ), the UAE saw the birth of SANDBOX, a founder-centric accelerator program for pre-seed to seed stage tech startups. Having completed three editions so far, SANDBOX has attracted well over 2,500 applications, out of which over 30 startups have been enrolled and supported by the program to date.

As the startup program now opens submissions for its fourth cohort (with the application deadline being December 31, 2023), it's worth noting that SANDBOX is no longer a year-long program, but a five-month-long one. That said, it will continue to enroll companies that have a specific interest in the UAE (i.e. strategically expanding into, trading through, or selling to people in the country), which means that startups that have headquarters, offices, or operations outside of the nation are welcome to apply.

2. Technology

Hub71 launches climate tech-focused programme for startups worldwide

Hub71, an Abu Dhabi-based global tech ecosystem, has announced the launch of Hub71+ ClimateTech to support startups worldwide working on solutions to tackle decarbonisation and achieve net zero.

The announcement was made during the 28th UN Climate Change Conference of the Parties (COP28). Participant startups will enroll in a 12-month-long programme, and will receive Dh250,000 worth of in-kind incentives and an initial Dh250,000 cash incentive in exchange for equity from Hub71.

The programme also allows startups to run pilots with corporate partners, including Abu Dhabi National Oil Company (ADNOC), Tabreed, Taqa and Siemens Energy, which are also committing additional funding for a certain number of projects. The specialist ecosystem will support the Abu Dhabi Climate Change Strategy, which aims to achieve a 22 per cent reduction in carbon emissions in the emirate by 2027, in supporting the UAE’s Net Zero by 2050 Strategic Initiative.

ClimateTech startups can apply here now to join Hub71+ ClimateTech and benefit from Hub71’s range of incentives and value-creation programs that support the growth of startups.

MBZUAI and e& join hands to bolster AI talent, innovation and start-ups

On the sidelines of COP28 UAE, Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), the world’s first graduate research AI university, and e&, the global technology group, have signed a Memorandum of Understanding (MoU). The MoU aims to cement the UAE’s position as a hub of AI innovation through exploring collaboration in areas including AI human capacity building, developing industry-specific projects with tangible applications, including sustainability solutions, and venture capital funding for AI startups.

Signed by MBZUAI’s Vice President of Public Affairs and Alumni Relations, Sultan Al Hajji, and Harrison Lung, Group Chief Strategy Officer of e&, the MoU will support e&’s advancement in AI talent sourcing and training via MBZUAI’s Executive Program (MEP), upskilling its in-house AI capacity. The two organizations will collaborate on research projects and co-develop use cases and joint go-to-market solutions to accelerate AI adoption for real-world applications. MBZUAI’s stand at COP28 UAE is in the Green Zone at Expo City Dubai, until Dec. 12 – under The Greening Education Hub, organized by the UAE’s Ministry of Education, highlighting its research on how AI can address climate change, health, and education.

UAE-based Pure Food Technology unveils game-changing innovation in vertical farming to offer food security to UAE

Pure Food Technology, a UAE-based, sustainable, agricultural and food technology startup has successfully developed an innovative hydroponic, robotic, solar powered proto-type that requires 95 percent less water compared to traditional farming and delivers 100 times higher plant-based crop yield, thanks to technological breakthroughs by a team of experts. Pure Food Technology are now looking to scale up the vertical farm technology in order to drastically reduce the UAE’s $7.7 billion vegetable food import bill and help the country attain self-sufficiency in nutrient-rich plant-based food production.

This is the world’s first artificial intelligence driven, solar energy powered, robotics enabled, patented, 3D-printed, hydroponic vertical farm in the world. All patents have been developed and registered in the UAE and the pilot plant has been designed and built in the UAE. Pure Food Technology, a UAE-based, sustainable, agricultural and food technology startup has successfully developed an innovative hydroponic, robotic, solar powered proto-type that requires 95 percent less water compared to traditional farming and delivers 100 times higher plant-based crop yield, thanks to technological breakthroughs by a team of experts. Pure Food Technology are now looking to scale up the vertical farm technology in order to drastically reduce the UAE’s $7.7 billion vegetable food import bill and help the country attain self-sufficiency in nutrient-rich plant-based food production.

This is the world’s first artificial intelligence driven, solar energy powered, robotics enabled, patented, 3D-printed, hydroponic vertical farm in the world. All patents have been developed and registered in the UAE and the pilot plant has been designed and built in the UAE. Pure Food Technology, a UAE-based, sustainable, agricultural and food technology startup has successfully developed an innovative hydroponic, robotic, solar powered proto-type that requires 95 percent less water compared to traditional farming and delivers 100 times higher plant-based crop yield, thanks to technological breakthroughs by a team of experts. Pure Food Technology are now looking to scale up the vertical farm technology in order to drastically reduce the UAE’s $7.7 billion vegetable food import bill and help the country attain self-sufficiency in nutrient-rich plant-based food production.

This is the world’s first artificial intelligence driven, solar energy powered, robotics enabled, patented, 3D-printed, hydroponic vertical farm in the world. All patents have been developed and registered in the UAE and the pilot plant has been designed and built in the UAE. Pure Food Technology has a fully-functional hydroponic vertical farm located at Jebel Ali Industrial Area that produces vegetable crops within 35 days – using water and minerals, AI, 3D printing and robotics as a live Proof of Concept. In the planned full-scale farms, the energy required by LED lights, chillers and de-humidifiers will be completely supplied by a unique patented solar farm solution.

3. Funding Activity

Blink closes $2.1 million Seed round to enhance presence in Saudi Arabia

Blink has successfully closed a $2.1 million Seed funding round with?participation from 500 Global and Global Founders Capital, alongside existing investors, including Orbit Startup/SOSV.

Blink helps restaurants make higher profit margins and reduce their?dependence on delivery aggregators by launching and growing their direct online ordering channels. Over the last 12 months, the company?processed 4.5 million orders for its partner restaurants and surpassed $0.5 million in annual recurring revenue.?

Founded in 2020, Blink has helped over 1200 restaurants across the MENAP region process more than 8 million direct orders. Blink's edge?remains its powerful growth and marketing engine, enabling brands to acquire and retain customers through machine-learning-driven ?personalised campaigns.

The current funding round will enable the company to accelerate?their growth in Saudi Arabia, the fastest-growing market in the GCC region, where they have already established an impressive footprint, led by the CEO's presence in Riyadh.?

Omniful raises $5.85 million Seed for Mena expansion

Saudi Arabia and UAE-based supply chain and e-commerce enablement startup Omniful has raised a $5.85 million Seed round, led by VentureSouq, with participation from 500 Global, DASH Ventures, Jahez Group, SEEDRA Ventures, Bunat Ventures, Hala Ventures, and RZM Investments, along with family offices including Al Rasheed, Siraj Holding, Al Bawardi, Al Nafea, and a number of GCC angel investors.

Founded in 2022 by Mostafa Abolnasr and Alankrit Nishad, Omniful provides merchants and fulfilment providers with a unified management system, warehouse management system, and transport management system to scale their businesses, with operations in the UAE and Saudi Arabia, and an R&D hub in India.

The company will deploy capital to strengthen its position in existing markets, launch sales and marketing activities in new countries in the region, and double down on its technology development.

Mtor raises $2.8 million pre-Seed round led by Algebra Ventures

Egypt-based online car parts marketplace Mtor has raised a $2.8 million pre-Seed round, led by Algebra Ventures, with participation from the Dutch Founders Fund (DFF), Aditum Ventures, LoftyInc Capital Management, and a number of local and global angel investors.

Founded in 2022 by Mohamed Maged, Moaz El-Megharbel, Mohamed Altaf and Khaled Kandil, Mtor provides a unified platform for local car workshops and on-demand automotive spare parts at reasonable prices.

The funds raised will be used to further grow Mtor’s product suite and digitise local car workshops.

Omani foodtech KitchenomiKs raises $1.8 million pre-Series A

Oman-based foodtech KitchenomiKs, has raised $1.8 million in a pre-Series A funding round?from Omani and regional investors, bringing the total funding to date to $3.5 million.

Founded in 2022 by Aankush Bhatia, Aju Samuel, and Shrikanth Shenoy, KitchenomiKs is a cloud kitchen with a portfolio of 12 food brands, helping them scale while eliminating the costs of physical stores. The recent funding will drive KitchenomiKs’ regional expansion plans, as it will extend operations to Saudi Arabia in early 2024.

B2B marketplace Retailo raises $15 million to accelerate expansion

Retalio, a Saudi Arabia-based B2B e-commerce company, has raised $15 million from a group of new investors, including Yusuf Bin Kanoo Group, Technology Group, and Majd Digital, as well as returning investors such as Aujan Group Holdings, Shorooq Partners, Abercross Holdings, Graphene Ventures, and others.

Founded by Talha Ansari, Wahaj Ahmed, and Mohammad Nowkhaiz in 2020, Retailo is a next-day delivery for retailers and restaurants on a catalogue of 5000 stock-keeping units. Along with that, Retailo has secured a number of strategic collaborations, including a technology distribution partnership with Dtonic, a South Korean data solution company.

Using the funds, Retailo will be able to grow its supplier network and customer base as it continues to expand its footprint in the Saudi market. Last year, Retailo raised $36 million in Series A funding through a mix of equity and venture debt.

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