Dash Venture Labs: Our Weekly Picks (Issue No.89)

1. Entrepreneurship/Startups

Hatta’s Economic Transformation Inspires a New Generation of Entrepreneurs

Hatta, celebrated for its picturesque landscapes and cultural richness, is witnessing a transformative economic journey fuelled by a comprehensive development plan. The Dubai government's commitment to fostering local potential, particularly among the youth, is a driving force in reshaping the region's economic landscape.

A key catalyst for Hatta's economic surge is the visionary initiative by the Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME). In 2023, Dubai SME, a part of the Dubai Department of Economy and Tourism (DET), is actively supporting startups in the region, aligning with the government's focus on sustainable development and entrepreneurship.

The leadership's directives are clear - instil confidence in Hatta's youth, encouraging them to explore their business ideas and entrepreneurial talents. The objective is to empower the new generation to dream big and implement innovative approaches, ultimately contributing to the prosperity of the region and its communities. Hatta's economic transformation is not just about large-scale projects but also centred on nurturing the entrepreneurial spirit of its people, ensuring a vibrant and sustainable future for this picturesque region.

Generation Start-up: Ogram Tackles On-Demand Manpower Needs

In a transformative leap for the workforce landscape, Ogram, a groundbreaking staffing platform, has been revolutionizing how businesses in Dubai engage with on-demand staff since its launch in 2017.

Becoming an "Ogrammer" or an "OG" signifies active participation in this burgeoning workforce, marking a pivotal connection to the gig economy community. The gig economy, often described as an open market, witnesses companies harnessing the services of freelancers to optimize operational costs.

The platform allows businesses to seamlessly recruit and manage on-demand staff, creating a flexible and dynamic workforce. This innovative approach has gained traction as companies seek agile solutions in a rapidly evolving business environment.

As it continues to redefine the staffing landscape in Dubai, its influence on the gig economy is evident, offering a paradigm shift in how businesses and workers approach the traditional employer-employee relationship. With its commitment to flexibility and efficiency, Ogram remains a trailblazer in shaping the future of work in the region.

The Entrepreneurship Forum Highlights the Growing Business Landscape in Saudi Arabia

The entrepreneurial scene in Saudi Arabia is experiencing rapid expansion, driven by a strong alliance between the public and private sectors, highlighted at a two-day event in Riyadh. The Social Development Bank Forum for Entrepreneurship and Modern Business Practices, held at the King Abdul Aziz International Conference Center, brought together 85 speakers, 30 global organizations, and over 100 consultants.

Commencing on January 22, the event showcased the collaborative spirit fueling the kingdom's entrepreneurial landscape. Minister of Human Resources and Social Development, Ahmad bin Sulaiman Al-Rajhi, emphasized the pivotal role of the 53-year-old Social Development Bank (SDB). In 2023, the bank injected over SR11 billion ($2.9 billion) into the national economy, supporting startups and benefiting more than 150,000 citizens.

Minister Al-Rajhi also noted the remarkable surge in small and medium enterprises, with entities surpassing 1.2 million from 429,000 in 2016. This growth underscores Saudi Arabia's commitment to fostering innovation and economic diversification.

The forum's discussions underscore the dedication of both public and private sectors to propel Saudi Arabia's entrepreneurial ecosystem, signalling ongoing innovation and economic advances.

ViAct was Selected Among the Top 30 Startups at the Dubai Centre for Artificial Intelligence’s Accelerator Programs

Dubai continues to lead in technological progress with HH Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum launching the Dubai Centre for Artificial Intelligence’s (DCAI) Accelerator Programs earlier this year. The initiative focuses on deploying advanced technologies across sectors, positioning Dubai as a dynamic technology hub.

The program, geared towards generative artificial intelligence, garnered significant global interest, with 615 startups from 55 countries initially registering. Of these, 30 startups, including Hong Kong-based ViAct, were selected for the 8-week accelerator.

ViAct, specializing in "Scenario-based AI" with over 7 years of experience, secured its place in the top 30. Partnering with Dubai Media Council, Dubai Customs, Dubai Municipality, and Road & Transportation Authority, ViAct will implement pilot projects ranging from computer vision applications to chatbot-based solutions, enhancing government services and productivity. Dubai's commitment to technological innovation is evident through initiatives like DCAI, positioning the city at the forefront of AI adoption for public service enhancements.

Minister of Human Resources Inaugurates Entrepreneurship and Business Practices Forum

Eng. Ahmed Al-Rajhi, the Minister of Human Resources and Social Development, inaugurated the Entrepreneurship and Modern Business Practices Forum, organized by the Social Development Bank (SDB) under the theme "DeveGo." The two-day event, held from January 22 to 23, brought together government officials, experts, academics, and entrepreneurs from various sectors.

In his opening remarks, Minister Al-Rajhi highlighted the commitment of the Custodian of the Two Holy Mosques and the Crown Prince to fostering entrepreneurship as a key element of the National Transformation Program. He emphasized the importance of empowering Saudi youth for self-employment, fostering innovation, and contributing to job creation.

A key highlight of the forum was the introduction of the SDB Award, recognizing 20 outstanding entities, including intermediaries and micro-enterprises, for their exceptional contributions to supporting the bank's target demographics. The award aims to incentivize and commend achievements in sectors vital to SDB’s mission, showcasing inspiring projects and initiatives within the Kingdom.

Saudi Ministry of Energy Joins Forces with SNB to Launch Social Entrepreneurship Accelerator

The Ministry of Energy in Saudi Arabia has joined forces with the Saudi National Bank (SNB) to offer government-level support for community-focused entrepreneurs. In a signed agreement on January 21, Minister of Energy Prince Abdulaziz bin Salman and SNB Chairman Saeed Mohammed Al-Ghamdi formalized the collaboration.

This collaboration introduces a social entrepreneurship accelerator, aiming to transform innovative ideas from independent business owners, emerging projects, and small enterprises into viable investment opportunities within the energy sector. The initiative aligns with the Ministry's strategy to encourage energy companies to engage in socially responsible initiatives and enhance the technical performance of participating organizations.

Beyond immediate goals, the Ministry of Energy aims to raise awareness for sustainable development objectives, foster a culture of volunteer work, and support social innovation in the energy sector. This collaborative effort signifies a pivotal step in empowering the energy sector's contribution to societal development and innovation in Saudi Arabia.

2. Technology

TII and Aspire Partner with Maqta Gateway to Enhance Autonomous Technologies

In a significant leap towards advancing autonomous technologies, Abu Dhabi's Technology Innovation Institute (TII) and Aspire have inked a groundbreaking Proof-of-Concept (PoC) agreement with Maqta Gateway, a part of the AD Ports Group's Digital Cluster.

This strategic collaboration aims to propel the development of cutting-edge artificial intelligence (AI) and robotics projects across terrestrial, aerial, and marine domains by pooling their expertise and resources. This multidimensional approach reflects a comprehensive strategy to explore and implement autonomous technologies across various sectors. The joint efforts will not only drive the development of autonomous solutions but also contribute to the growth of Abu Dhabi's reputation as a hub for technological innovation.

UAE Launches Global TradeTech Sandbox to Drive Innovation in Trade Technology

In a collaborative effort with the Ministry of Economy, the Abu Dhabi Department of Economic Development (ADDED), and the World Economic Forum (WEF), the UAE government has introduced the Global TradeTech Sandbox as part of the TradeTech Initiative.

This innovative initiative aims to foster creativity in trade technology and set global best practices. By implementing adaptable regulatory frameworks, the TradeTech Sandbox seeks to unlock the potential of trade technologies. The initiative focuses on creating a more efficient and interconnected global trade environment by facilitating smoother interactions among exporters, logistics companies, ports, regulators, and customs officials.

The Global TradeTech Sandbox marks a significant step in positioning the UAE as a hub for trade technology innovation, contributing to the evolution of international trade practices. This collaborative effort underscores a shared commitment to shaping a technologically advanced future for global trade.

Paymob Teams Up with Mastercard to Boost Digital Payments in MENA

Paymob has teamed up with Mastercard in a strategic alliance to accelerate digital payment adoption across the Middle East and North Africa (MENA) region.

The partnership involves integrating Paymob's payments infrastructure with Mastercard's technology, focusing on delivering low-cost solutions to micro, small, and medium-sized businesses (MSMEs) in key MENA markets. Specifically, the collaboration will accelerate Tap on Phone services, e-commerce gateways, and payment links.

Emphasizing affordability, the collaboration aims to ensure digital payment acceptance among smaller businesses, addressing cases not adequately served by current solutions. This partnership reflects a joint commitment to driving financial inclusion and enhancing the accessibility of digital payments in the evolving MENA business landscape.

AD Ports Group Owned Maqta Gateway to Digitize Jordan's Aqaba Port Operations

Maqta Gateway, part of the AD Ports Group, is set to acquire a 49% stake in 'Maqta Ayla,' a new company facilitating the digitization of operations at Jordan's Aqaba port. The Aqaba Development Corporation will hold the remaining 51% stake.

This milestone marks the export of Abu Dhabi's port digitalization expertise to Aqaba, introducing the Port Community System to enhance communications and transactions among port stakeholders. The system will connect the Aqaba port, terminal operators, ASEZA, the Aqaba Development Corporation, and other ecosystem partners, aiming to streamline services and elevate operational efficiency.

Anticipated to be operational within a year, the digital solution also targets substantial carbon emission reductions, equivalent to 90,000 in-person visits in the first year. This initiative showcases the transformative impact of digitalization in fostering connectivity, efficiency, and environmental sustainability in port operations.

3. Funding Activity

Dubai-Based Tumodo Secures $35M in Pre-Seed Funding for Global Expansion

Tumodo, a startup business travel platform based in Dubai, has successfully raised $35 million in pre-seed funding. The funding round, co-led by MENA-focused angel investors, is earmarked for expanding Tumodo's footprint in the United Arab Emirates and further enhancing its product. The ambitious goal is to extend the platform's reach to over 25 countries worldwide by 2026.

Established in 2023, Tumodo has rapidly gained traction and is currently adopted by over 100 companies in the MENA region. The platform facilitates seamless business travel with partnerships spanning more than 400 airlines and provides access to a vast selection of over two million accommodation options. The substantial pre-seed funding positions Tumodo for significant growth and global expansion in the coming years.

Crysp Farms Secures $2.25 Million Pre-Series A Round

Crysp Farms, a pioneer in decentralized vertical farming across the GCC, has successfully closed a $2.25 million 'Pre-Series A' funding round. The round, led by Gate Capital with participation from UAE and Saudi investors, positions Crysp Farms as a major player in sustainable agriculture.

As a homegrown 'Farming as a Service' provider, Crysp Farms designs and operates tailored hydroponic farms for hospitality, healthcare, and hypermarkets. Renowned for its premium produce featured in venues awarded by Gault & Millau and Michelin, the company plans to utilize the funding to scale its expansion across the region and fulfil international contracts.

The latest funding will assist in implementing new farms within well-known hotels and resorts overseen by international industry giants such as Hilton Worldwide, Jumeirah Group, and Marriott International. Having recently partnered with five new properties, Crysp Farms now operates sustainable farms in over 20 locations across the UAE, with plans for further expansion in regional and international destinations, including the Seychelles and Maldives. A key focus is on imminent expansion into the Kingdom of Saudi Arabia, aligning with Saudi Vision 2030 to revolutionize local food production through innovative technology. It aims to contribute to the hospitality and healthcare sectors, supporting major cities and new development projects in the Kingdom.

Saudi Fintech Startup Takadao Raises Funds From Adverse

Fintech startup Takadao, based in Saudi Arabia and Singapore, has received an undisclosed investment from Adaverse, a Web3-focused accelerator and seed fund in the Cardano ecosystem. The funding will bolster the launch of Takadao's product, Takasure, scheduled for June 2024.

Founded in May 2022, Takadao is a decentralized finance platform offering community-driven financial solutions. Its innovative offerings include Takaturn for savings and yield generation and Takasure, a cooperative life insurance DAO. Utilizing blockchain technology, Takadao provides transparent, cost-effective, and halal insurance solutions globally.

The company previously raised $1.6 million in a pre-seed round led by Silicon Valley investor Tim Draper. Adverse, with 60 investments across 13 nations, plans to invest $10 million in local Web3 startups in 2024 and actively supports its portfolio companies in strategy development and community building.

DXwand Secures $4 Million in Series A Funding to Propel Conversational AI in MENA

DXwand, the Cairo- and Dubai-based startup specializing in conversational AI for business automation, has raised $4 million in Series A funding. Leading the investment are Shorooq Partners from the UAE and Algebra Ventures based in Cairo, with participation from existing investor Dubai Future District Fund.

The funding will play a vital role in DXwand's expansion across the Middle East and North Africa (MENA) region. The startup aims to solidify its presence in key markets, focusing on providing innovative solutions for customer service automation and employee assistance.

A significant portion of the funds will be dedicated to accelerating research and development efforts in generative AI, knowledge mining, and omnichannel conversational AI within the MENA region. This strategic move positions DXwand to meet the growing demand for efficient and automated business communication tools in the region.

The successful Series A funding not only reflects investor confidence but also sets the stage for DXwand's growth, innovation, and market leadership in the evolving field of conversational AI in MENA.

Qatari Fintech KARTY Secures Over $2 Million in Seed Funding for Upcoming Launch

Qatar-based fintech startup KARTY has successfully concluded a substantial seed funding round, raising more than $2 million from various local investors, equivalent to over 7.3 million Qatari Riyals. This funding milestone marks a significant turning point for KARTY as it prepares to make a substantial impact in the Qatari market. The infusion of capital comes ahead of the much-anticipated official launch, contingent upon the final approval and licensing from the Qatar Central Bank.

KARTY, having secured in-principle approval for development and demo in collaboration with Masraf Al Rayan, complies with Qatar Central Bank regulations. This strategic partnership positions KARTY for the full-scale launch of its innovative e-Wallet and financial resource management application. The startup's commitment to compliance and collaboration reflects its dedication to bringing cutting-edge financial solutions to the Qatari market. The official launch is eagerly awaited as KARTY continues its trajectory toward becoming a significant player in Qatar's evolution.

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