Dash Venture Labs: Our Weekly Picks (Issue No.94)

1. Entrepreneurship/Startups

Emirates Entrepreneurship Association and Deliveroo Join Forces to Boost UAE Entrepreneurs and SMEs

In a significant move to bolster the UAE entrepreneurial ecosystem, the EEA and Deliveroo have formalized their commitment through a Memorandum of Understanding (MoU). The signing ceremony, held at Deliveroo's headquarters in Dubai, marked the initiation of a partnership aimed at supporting local entrepreneurs and SMEs while contributing to the overall economic growth.

Under this agreement, Emirati Food & Beverage (F&B) companies based in Abu Dhabi and affiliated with EEA can seamlessly integrate with the Deliveroo platform to showcase their products. This collaboration not only expands their market reach but also provides direct access to Deliveroo's extensive customer base and efficient logistical infrastructure.

This strategic collaboration reflects EEA's ongoing commitment to fostering partnerships that empower Emirati entrepreneurs, offering SMEs access to global best practices to elevate the national entrepreneurship landscape. It also exemplifies the concerted effort to bridge opportunities for local businesses, reinforcing the UAE's position as a hub for innovation, growth, and support for the entrepreneurial spirit.

CoreVision Expands Saudi Startup Ecosystem with VeFund Acquisition

Saudi investment fund CoreVision has acquired VeFund, a regional venture evaluation platform, to bolster the startup ecosystem. The move integrates advanced artificial intelligence (AI) technologies for enhanced venture assessment, innovation, and strategic growth.

VeFund, known for its venture evaluation expertise and investor connections, brings valuable AI-driven capabilities to CoreVision's portfolio. The acquisition aligns with CoreVision's goal of leveraging technology to support startups in navigating competitive markets.

CoreVision's CEO, Faisal Al-Abdulsalam, with a portfolio of over 80 investments, will now lead VeFund. Currently, VeFund hosts 1,400 startups on its platform and collaborates with 400 angel investors and funds across Saudi Arabia, the UAE, Egypt, and Pakistan.

ManageEngine Enhances Support for Saudi SMEs with Tailored IT Solutions

ManageEngine, in a strategic move, is intensifying its support for Saudi SMEs by localizing support, increasing product accessibility, and conducting educational initiatives across Saudi cities. This initiative aligns with Saudi Vision 2030, recognizing the vital role of SMEs in regional development and economic diversification.

Saudi SMEs often face challenges in expertise, finances, and technology adoption. ManageEngine's suite of IT solutions aims to address these issues by offering scalable, affordable, and customizable solutions. The real-time IT management tools provided empower SMEs to optimize their IT infrastructure, fostering cloud adoption and enabling a seamless transition into the digital era.

By aligning with local regulations and cultural nuances, ManageEngine's initiative is poised to play a crucial role in supporting the growth and competitiveness of Saudi SMEs, contributing to the broader goals of economic diversification outlined in Saudi Vision 2030.

EYouth and VMS Launch Saudipreneur Program to Empower Saudi Youth in Entrepreneurship

In celebration of the Kingdom of Saudi Arabia's Founding Day, EYouth and VMS proudly introduce the Saudipreneur program, aligning with the nation's ambitious Vision 2030 and under the theme "Empowering Youth for Tomorrow's Entrepreneurship."

The Saudipreneur program aims to cultivate an entrepreneurial spirit among the 11 million young individuals in the Kingdom. This program spans three months, providing participants with intensive educational training, personalized mentoring, and guidance sessions. The program concludes with a ceremonial event recognizing and rewarding the best projects with valuable financial awards.

This collaborative effort reflects a commitment to nurturing the entrepreneurial spirit among Saudi youth, contributing to the realization of Vision 2030's goals to empower the younger generation, foster innovation, and bolster startup initiatives. The Saudipreneur program is a testament to the dedication of EYouth and VMS in shaping a promising entrepreneurial future for the Kingdom.

Seed Group and ONDA Revolutionize MENA Travel Industry

Seed Group, affiliated with the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, has partnered with Seoul-based hospitality tech startup ONDA to transform the Middle East and North Africa (MENA) travel industry. ONDA, known for digital hospitality solutions, expands into MENA with Seed Group's support, creating a gateway to the region.

Leveraging Seed Group's network, ONDA aims for successful market entry and growth in Dubai and MENA. The collaboration combines ONDA's technology with Seed Group's regional expertise to reshape the hospitality industry. Together, they aspire to enhance guest experiences and empower accommodations, marking a milestone in ONDA's global expansion and redefining the MENA travel sector.

2. Technology

UAE Bank Transforms Customer Service with Emerico’s 3rdGeneration X-series VTM and Alexis Digital Transformation Platform

A major UAE bank is partnering with Emerico for a customer service revolution. Adopting Emerico's X-series Virtual Teller Machine (VTM) and Alexis Digital Transformation platform, the bank aims to introduce seamless automated and interactive customer service across its Gulf branches. The X-series virtual tellers, powered by Alexis, enable centralized advisors to engage customers directly, enhancing acquisition, improving efficiency, and reducing in-branch costs. Emerico's unified platform eliminates the need for multiple software solutions, and the success in the UAE has prompted expansion into Saudi Arabia with the latest 3rd generation X-series machines.

Abu Dhabi's IHC Appoints AI-Driven Observer to Board

International Holding Company (IHC), a $239 billion conglomerate, takes a groundbreaking step by appointing an AI-powered observer named "Aiden Insight" to its board. With Group 42 and Microsoft driving its AI capabilities, Aiden Insight aims to enhance data analysis, support strategic decision-making, and foster a culture of innovation. This move positions IHC as a pioneer in leveraging AI for corporate governance, contributing to efficient resource management and advanced risk management. The initiative aligns with Abu Dhabi's broader push into AI, reflecting the UAE's commitment to becoming a global leader in AI technology testing and regulation.

NVSSoft Showcases a range of AI Solutions at LEAP 2024 in Riyadh

NVSSoft, a leader in Enterprise Information Management Solutions, is set to make its debut at LEAP 2024, the prominent tech event in Riyadh from March 4th to 7th. Known for its presence at major tech expos like Gitex, NVSSoft's move to engage with LEAP highlights the growing importance of the Saudi market in the tech and innovation landscape.

Specializing in AI-powered Enterprise Content Management (ECM) and collaboration solutions, NVSSoft empowers enterprises and governments in navigating digital data complexities. At LEAP 2024, the company will showcase its flagship ArcMate ECM suite, featuring advanced solutions for document and records management, along with the Tarasol platform for collaboration and correspondence management, enriched with the latest AI features.

NVSSoft is collaborating with Transtek, a key enterprise solution provider in the GCC and MENAT regions, emphasizing its commitment to comprehensive digital transformation solutions.

Intellect Design Arena Unveils Groundbreaking 'First Principles' Technology Suite, eMACH.ai, for Middle East and Africa Banks

Intellect Design Arena Ltd, a prominent Financial Technology company, has launched its innovative 'First Principles' Technology suite, eMACH.ai, tailored for technology-savvy bankers in the Middle East and Africa. This cloud-native suite focuses on customer-centric banking, incorporating events in financial journeys, operational activities, and compliance.

eMACH.ai, built on Microservices and APIs, operates in a native Cloud environment, ensuring a seamless banking experience with feature-rich UI/UX or Headless options. The suite offers 329 Microservices, 1757 APIs, and 535 Events, empowering banks to design future-ready technology solutions. With embedded AI for efficiency and decision-making, eMACH.ai aims to redefine financial technology in the region, providing a global edge to banks.

Middle East Construction Industry Embraces Digital Transformation

The traditionally conservative Middle East construction sector is witnessing a surge in digital adoption driven by infrastructure demands and a shortage of skilled labor. Government mandates are pushing for widespread digital tool usage, resulting in increased efficiency and transparency.

Digital twins, Building Information Modelling (BIM), drones, and AI data analytics emerged as key technologies transforming project delivery. BIM, actively used by 78% of respondents, is a digital twin backbone, enhancing collaborative data models beyond design and construction.

While drones are proving valuable in construction projects, with 18% of respondents witnessing their use, the technology is still in its early stages, presenting growth opportunities. The incorporation of AI in data analysis is set to prevent cost overruns and enhance designs.

As the industry matures, integrated solutions aligned with the full ecosystem and smart construction are expected to be the future. Increased technological adoption is anticipated, supported by government ambitions for a digitized economy.

3. Funding Activity

UAE Neighborhood App, Hayi, Secures Seed Funding from Plus VC for Expansion

Dubai-based neighborhood app, Hayi, has successfully secured an undisclosed amount in a seed funding round led by Plus VC, a prominent venture capital firm specializing in early-stage investments in the MENA region and its diaspora. The round also saw participation from key regional angel investors.

The undisclosed seed funding will enable Hayi to scale its operations, boost marketing initiatives, and expand its presence not only in the UAE but also beyond its borders. The funding round follows Hayi's significant milestones achieved over the past year, with the app consistently maintaining positive cash flow, marking its transition into a profitable and sustainable business.

With Plus VC's strategic backing and the support of regional angel investors, Hayi is poised for accelerated growth, leveraging its unique approach to digital community building and enhancing its footprint in the dynamic landscape of neighborhood connectivity apps. The successful seed funding round propels Hayi toward further innovation and expansion, solidifying its position as a leader in the neighborhood app space.

Omniful Secures $5.85 Million Seed Funding, Outlines Ambitious Plans for Saudi E-commerce Expansion

Omniful, the e-commerce and supply chain platform, is set to boost its presence in the Saudi market with a successful $5.85 million seed funding round. CEO Mostafa Abolnasr outlined post-funding strategies, emphasizing scaling operations domestically and internationally, investing in technology, and forming strategic partnerships.

Abolnasr highlighted Omniful's focus on becoming a key enabler in Saudi Arabia's e-commerce sector. The company plans to tailor solutions to local practices and regulatory needs. Active engagement in confidential partnerships aligns with the national e-commerce strategy, supporting Omniful's expansion.

Omniful already serves global clients, with plans for strategic launches in the Middle East, North Africa, and beyond. To maintain a competitive edge, the platform invests in AI, machine learning, and emerging technologies for enhanced efficiency.

COTU Ventures Launches $54M Fund to Boost MENA Startups

Amir Farha's COTU Ventures is making waves in the MENA startup scene with a robust $54 million fund. Geared towards early-stage innovation, especially in fintech and B2B software, the fund represents a strategic response to the evolving venture capital landscape in the region. Farha, known for co-founding Beco Capital, emphasizes a holistic approach, offering not just financial backing but strategic guidance and mentorship. With over 20 startups already backed, COTU Ventures is a beacon of hope for entrepreneurs in the UAE, Saudi Arabia, Egypt, and Pakistan. The fund signifies growing confidence in the region's startups and underscores untapped potential. As the venture capital landscape evolves, COTU Ventures stands ready to lead, discover and supporting the innovators shaping the future.

Ahli Islamic Introduces 'Tamkeen Islami' Crowdfunding for Omani SMEs

Ahli Islamic has launched 'Tamkeen Islami,' a unique crowdfunding initiative designed to support Small and Medium Enterprises (SMEs) in Oman. This first-of-its-kind program offers bespoke financial solutions through Shariah-compliant products, such as Murabaha, and services like Ijara, promoting hassle-free access to finance for SMEs. Ranging from OMR 20,000 to OMR 100,000, Tamkeen Islami provides competitive pricing, simplified procedures, and flexible repayment terms without requiring equity or collateral. The initiative aims to enhance financial inclusion, alleviate cash flow barriers, and boost the growth of SMEs, aligning with the goals of Oman Vision 2040.

Egyptian Fintech MoneyHash Secures $4.5M in Seed Funding from Key Investors

MoneyHash, an Egyptian fintech startup, has successfully raised $4.5 million in seed funding. Led by COTU Ventures and Sukna Venture, the round saw participation from investors like Tom Preston-Werner (GitHub founder) and RZM Investment. MoneyHash, founded in 2020, offers a unified payment API platform for MEA merchants, addressing challenges in the region. CEO Nader Abdelrazik stated that only 10% of payments in MEA are digital, positioning MoneyHash for growth. Currently serving 50 paying customers, the platform charges $500 for SaaS and 0.4% in transaction fees.

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