MEA Tech & Startup Digest: 67th Edition - Strategic Investments & Innovation Highlights

Welcome to the 67th edition of " The CTO Show's MEA Tech & Startup Digest" Weekly Newsletter! If you're new here, I extend a warm welcome to you, joining our dynamic community of 1832 subscribers across LinkedIn and Beehiiv . Your presence, whether as a first-timer or a loyal follower, is the heartbeat of this platform dedicated to unfolding narratives in tech, startups, and entrepreneurship.

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What is inside?

-????? Weekly Startup Insights From Middle East, Türkiye & Africa

-????? Global Tech Industry and Startup Trends & News This Week

-????? Episodes Recap

?Let's not wait any longer and dive into this week's rich insights!

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Today we are bringing 20 stories!

??? Regional Investment Highlights & Startup Insights:

?Sources: Wamda, Tech Trends KE, Cairo Scene, Trade Arabia, Business Wire, Menabytes, Entrepreneur, TechCrunch, Arab News

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1. Fintech Innovations and Investments

• Lune? 's $1.5 Million Seed Round UAE-based data analytics startup Lune has secured $1.5 million in a seed round led by Dubai Future District Fund (DFDF), with participation from Plus Venture Capital, Reach International, Judah Ventures, family offices, and angel investors. Founded in 2020, Lune enables financial institutions to derive insights from transaction data to enhance user experiences. The funds will support regional expansion and product development.
• Qsalaryapp and Itqan Capital Launch $80 Million Fund Saudi Arabia-based Qsalary, a digital payment solutions company, has partnered with Itqan Capital to launch an $80 million investment fund aimed at accelerating salary payments and managing scattered expenses for companies. This initiative offers innovative financial solutions, enhancing employee loyalty and reducing administrative costs.

2. Logistics and Proptech Developments

• WheeKeep 's $8 Million Series A Round Saudi-based logistics startup WheeKeep has raised $8 million in a Series A funding round led by Fintech Collective. Founded in 2020, WheeKeep offers mobile self-storage units for individuals and businesses, featuring weather-resistant security and technology solutions. The funds will support the company's expansion plans within Saudi Arabia and beyond.
• Keyper 's $4 Million Equity Funding Dubai-based proptech startup Keyper has raised $4 million in equity funding led by BECO Capital and Middle East Venture Partners, alongside $30 million in sukuk financing from Franklin Templeton Investments. Founded in 2022, Keyper's rent-now-pay-later platform allows landlords to collect annual rent upfront while tenants pay monthly. The funds will be used to scale the RNPL product and expand to Abu Dhabi.

3. Venture Capital Movements

• Glint Fund II's $3 Million Initial Close Egypt-based investment firm Glint has announced the first close of its second venture fund, Glint Fund II, at $3 million, with support from Wadi Degla Group. The fund aims to support Egyptian startups in the early stages, focusing on investments in AI, fintech, and other disruptive technologies.
• 1957 Ventures' New Fintech Fund Riyad Capital, a subsidiary of Riyad Bank, has launched 1957 Ventures, a new investment fund targeting fintech startups in Saudi Arabia. This initiative aims to support the Kingdom's digital transformation and economic diversification under Vision 2030.

4. Global Strategic Investments

• Property Finder 's $90 Million Debt Financing Property Finder, a leading real estate portal in the Middle East and North Africa, has secured $90 million in debt financing from Francisco Partners. The funds will be used to buy back shares from BECO Capital, its initial institutional investor, and to further expand its market presence in Saudi Arabia and Turkey.
• Investcorp 's ITP V Fund at $570 Million Bahrain-based Investcorp has closed its Investcorp Technology Partners V (ITP V) fund at $570 million, surpassing its $500 million target. The fund focuses on acquiring controlling stakes in software, data and analytics, cybersecurity, and fintech companies.

5. Sector-Specific Developments

• SEAMFIX 's $4.5 Million Funding Nigerian digital identity solutions provider Seamfix has secured $4.5 million in funding from Alitheia IDF. The investment will be used to scale its technology infrastructure, improve data flow for continental trade, and expand its digital ID and credential services into five new African countries.
• Maad 's $3.2 Million Seed Funding Senegalese B2B e-commerce startup Maad has raised $3.2 million in seed funding led by Ventures Platform. The funds will support its end-to-end distribution platform for informal retailers, enabling them to source FMCG products directly from suppliers.

6. Other Notable Investments and Developments

• A1RWATER 's Investment from Tau Capital UAE-based cleantech company Airwater Co. has secured an investment from Abu Dhabi's Tau Capital to enhance its air-to-water technology. The funds will support scaling manufacturing, infrastructure, and distribution, focusing on large commercial and industrial applications.
• Dendra Systems ' Series B Funding Round Aramco Ventures has participated in a $15.76 million Series B funding round for Dendra Systems, a British AI-driven environmental tech company. Dendra Systems uses high-resolution data and drone-based seeding to restore ecosystems.
• Revent 's $900,000 Pre-Seed Round Revent, a UAE-based electronics marketplace, has raised $900,000 in a pre-seed round led by Techstars and angel investors. The funding will help expand Revent's operations in Saudi Arabia and build a self-service platform for businesses to manage device subscriptions and support requests.
• Param Labs 's $7 Million Series A Funding UAE-based Param Labs has secured $7 million in a Series A funding round. The investment will support the development and scaling of their AI-driven healthcare solutions.
• SVC 's $31 Million Investment in General Atlantic Saudi Venture Capital Company (SVC) has invested SAR 112.5 million ($31 million) in a private equity fund managed by General Atlantic. This investment aims to attract global fund managers to invest in Saudi companies and stimulate investment in later-stage enterprises.
• 500 Global and Sanabil Investments ' Accelerator Program 500 Global and Sanabil Investments have announced the seventh batch of the Sanabil 500 MENA Seed Accelerator Program, which includes 12 selected startups from diverse sectors like fintech, foodtech, SaaS, and AI. These companies will present at a Demo Day on May 29, 2024, at the Four Seasons Hotel in Riyadh.
• eyewa 's Fresh Funding Dubai-based eyewear startup Eyewa has secured fresh funding from General Atlantic. While the specifics of the investment round were not disclosed, this funding aims to support Eyewa's growth in both its online and offline presence.
• Golden Gate Ventures ' $100 Million MENA Fund Singapore's Golden Gate Ventures has launched a $100 million MENA fund, securing $20 million in its first close. The fund will invest in startups across sectors such as alternative energy, green tech, B2B AI, fintech, healthtech, and edtech.
• MDD | ??? 's Series A Funding Round Saudi Arabia-based logistics startup MDD has completed its Series A funding round, selling a 5% stake at a valuation exceeding SAR 100 million ($26 million). Founded in 2019, MDD specializes in supply chain solutions and integrates financial technology with procurement management.
• Turkish Tech Startups' $4 Billion Investment Surge Turkey's tech startups have attracted billions in global investments, driven by advancements in health, green technologies, digital transformation, and AI. Over the past three years, investments have surged to $4 billion, leading to the rise of several "Turcorns" valued over a billion dollars.

?? Actionable Insights From Mehmet

?Embrace Technological Advancements: Investments in AI-driven technologies and digital platforms are on the rise, as seen with Glint Fund II's focus on AI and fintech startups. Embracing advanced technologies such as AI, machine learning, and blockchain can provide startups with a competitive edge. For example, Param Labs is leveraging AI to enhance healthcare delivery, showcasing the potential of tech-driven innovation.

?Prioritize Sustainability and Social Impact: Investments in cleantech and environmental tech, like Dendra Systems' ecosystem restoration technology, indicate a growing emphasis on sustainability. Startups should prioritize solutions that address environmental and social challenges, aligning with global sustainability goals. This focus can attract impact-driven investors and position startups as leaders in sustainable innovation.

?Capitalize on Accelerator Programs and Funds: Programs like the Sanabil 500 MENA Seed Accelerator offer valuable opportunities for startups to gain mentorship, funding, and market exposure. Participating in such programs can accelerate growth and provide access to critical resources. Startups should actively seek out and engage with accelerator programs and investment funds that align with their strategic goals.

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?Global Tech Industry and Startup Trends & News This Week

AI and Healthcare Leading Funding: The first quarter of 2024 saw AI and healthcare sectors dominate global venture funding. AI companies raised $11.4 billion, driven by large rounds for firms like Moonshot AI and Figure. Healthcare and biotech companies raised even more, totaling $15.7 billion, indicating strong investor interest in these fields (Crunchbase News).

Tech.eu Summit in London: The Tech.eu Summit took place in London, featuring key industry leaders and investors discussing the latest trends in tech and startups. Topics included advancements in AI, sustainable technology, and funding strategies for European startups (Tech.eu ).

GITEX Africa: The GITEX Africa event in Marrakech will showcase Africa's growing tech scene, with discussions on AI, cybersecurity, and digital cities. (GITEX Africa).

?Episodes Recap:

?#334 The Alpha Movement: Seif El Hakim’s Blueprint For Entrepreneurial Grit, Leadership, & Innovation

?In this episode of "The CTO Show with Mehmet," we dive deep into "The Alpha Movement" with SEIF EL HAKIM (The Alpha) , a seasoned entrepreneur and former CMO of Samsung. Seif shares his extensive experience and unique insights into the entrepreneurial journey, discussing the critical elements of grit, leadership, and innovation. Whether you’re an aspiring entrepreneur or an established business leader, this episode offers valuable strategies and real-life advice to help you navigate the challenges of the business world.

#335 AI as Your Co-Pilot: Leveraging Technology for Business Growth with Ryan Pollyniak

?In this enlightening episode of The CTO Show with Mehmet, I sit down with Ryan Pollyniak , a seasoned technology consultant with two decades of experience in IT, business systems, and sales. Ryan has extensive expertise in helping businesses of all sizes embark on their digital transformation journeys, particularly within the Microsoft ecosystem. This episode delves into how AI can act as a co-pilot for business growth, guiding organizations through technological advancements and strategic upgrades.

#336 Building Sustainable Growth: Bill Simmons on the Role of Fractional COOs in Startups

?In this episode of?The CTO Show with Mehmet, we are joined by Bill Simmons , the co-founder of Thrive Business Operations. Bill shares his extensive experience and insights into the growing trend of fractional Chief Operating Officers (COOs) and how they play a crucial role in driving sustainable growth for startups. We dive deep into the Thrive Ops Cycle, a business operating system designed to help small to mid-sized businesses achieve operational excellence. Bill also discusses the balance between innovation and efficiency, the importance of clear communication, and how strategic interventions can help businesses get unstuck and scale successfully.?

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Best, Mehmet

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