MEA Tech & Startup Digest: Issue #70
Mehmet Gonullu
Igniting Tech & Venture Ecosystems | Startup Advisor | GTM Partner | Investor | Podcast Host | Keynote Speaker
Welcome to the 70th 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 1906 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.
?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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??? Regional Investment Highlights & Startup Insights:
?Funding Highlights
?MENA Startups Raise $282 Million in May 2024
In May 2024, MENA startups raised an impressive $282 million, marking a 413% month-on-month increase. This surge was primarily driven by debt financing, which accounted for nearly $140 million. Despite this monthly growth, there was a 58% year-on-year decline from the $445 million raised in May 2023. The UAE led the region with $189 million in investments, followed by Saudi Arabia and Egypt.
SiFi Raises $10 Million in Seed Funding
Riyadh-based fintech SiFi has raised $10 million in a seed round led by Sanabil Investments and Raed Ventures. Founded by Ahmed Alhakbani, SiFi offers a spend management platform that automates expense processes and provides corporate cards for employees. The funds will help SiFi enhance its platform and expand its market presence in Saudi Arabia.
qeen.ai Secures $2.2 Million Pre-Seed Funding
UAE-based AI startup qeen.ai has secured $2.2 million in a pre-seed funding round led by Wamda Capital, with participation from international and regional investors. qeen.ai provides accessible AI solutions tailored to e-commerce businesses, aiming to simplify intelligent commerce.
Elevate Raises $5 Million Pre-Series A
Dubai-based fintech Elevate raised $5 million in a pre-Series A round from Negma Group, combining equity and debt. Elevate offers global USD accounts for remote workers in emerging markets, enabling them to receive wages and manage funds efficiently.
Industry News
Turkish Startup Ecosystem Sees Fewer Deals in Q1 2024
The Turkish startup ecosystem experienced a significant decline in deal volume in the first quarter of 2024, dropping to $27.7 million from $45.2 million in the same period the previous year. Including acquisitions, the total deal volume was $43.1 million across 54 deals. The fintech sector had the highest number of deals, while AI received the most funding at $15.4 million.
Rasmal Ventures Targets $100M Innovation Fund in Qatar
Rasmal Ventures has launched a $100 million innovation fund in Qatar to boost the local tech ecosystem and support startups. This initiative aims to compete with neighboring countries like Saudi Arabia and the UAE, targeting various sectors, including fintech, proptech, and agritech.
Accelerator Programs
AI Healthcare Innovators from Africa Join Google’s Accelerator
Several African AI healthcare startups have been selected to join Google’s Growth Academy: AI for Health program. This three-month accelerator will provide intensive training, mentorship, and networking opportunities to the participants, including South Africa’s Zoie Health and Nigeria’s Healthtracka.
Kenyan Startups Join Google’s Growth Academy
Two Kenyan startups, Thalia Psychotherapy and TibuHealth, have been selected for Google’s Growth Academy: AI for Health program. Thalia Psychotherapy focuses on increasing access to mental health support through an AI-powered chatbot, while TibuHealth delivers affordable outpatient services via “minute clinics” in pharmacies.
领英推荐
Accelerate Africa Unveils First Cohort of Startups
Accelerate Africa has unveiled its first cohort of 10 startups, with Nigeria dominating the selection. The program, in partnership with Future Africa and Prosper Africa, focuses on pre-seed and seed-stage startups across various sectors including fintech, proptech, and agritech.
Proptech
Birdnest Secures Pre-Series A Funding for Market Expansion
Egyptian proptech startup Birdnest has secured an undisclosed amount in pre-Series A funding to expand its market presence. Birdnest specializes in furnishing and rental management services, aiming to extend its services to key regional hubs, including Athens, Dubai, and Riyadh.
??? Actionable Insights From Mehmet
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Adapting to Dynamic Funding Landscapes:
The recent spike in MENA startup funding, particularly driven by debt financing, signals a need for startups to diversify their funding strategies. Entrepreneurs should explore debt financing as a viable option alongside equity to maintain growth momentum. Additionally, understanding the year-on-year fluctuations can help in strategic planning and preparing for potential market downturns.
Resilience and Adaptability:
The Turkish startup ecosystem’s decline in deal volume underscores the need for resilience and adaptability in uncertain times. Entrepreneurs should design their business models to withstand economic fluctuations by maintaining lean operations, focusing on core customer needs, and securing diverse funding sources.
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Global Tech Industry and Startup Trends & News This Week
Robinhood Expands in Crypto: Robinhood acquired crypto exchange Bitstamp for $200 million, signaling their intention to become a bigger player in the global cryptocurrency market [Tech Funding News].
AI in Construction: AI-powered robots are being used on a construction site in Seattle to speed up the building process and improve safety [GeekWire]. This is an example of how AI is increasingly being used in the real world.
?Episodes Recap:
In this insightful episode of “The CTO Show with Mehmet,” host Mehmet Gonullu sits down with Ken Pomella , the CEO of RevStar, to explore the transformative power of AI for small businesses and startups. Ken shares his extensive experience in the tech industry, from his early fascination with technology to founding and growing RevStar, a company that specializes in custom AI solutions. This episode dives deep into how AI can be a game-changer for businesses of all sizes, particularly focusing on practical applications and strategic implementation.
?In this episode of The CTO Show with Mehmet, we are joined by Sam Obletz , CEO and co-founder of Claim, a rewards-based social app designed for Gen Z. Sam shares his inspiring entrepreneurial journey, starting from his early ventures in Portland, Oregon, to founding Claim and securing funding from major investors like Sequoia Capital. We delve into the motivations behind Claim, the challenges faced in the startup journey, and the innovative strategies used to engage Gen Z consumers.?
?In this episode, Mehmet sits down with Alexander Ponomarev , the COO of Syrve in the Middle East, to discuss the transformative role of technology in the restaurant industry. Alexander shares his journey from IT and hardware technology to food tech, emphasizing the integration of AI and automation in enhancing restaurant operations. The conversation covers key trends, challenges, and the future outlook for technology adoption in the F&B sector, particularly in the MENA region.
?Connect & Grow with Us
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Thank You ??: Your engagement drives our shared journey forward. Here's to another week of innovation and growth!
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Best, Mehmet
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Can't wait to dive into this edition! ??