MEA Tech & Startup Digest: Issue #71

Welcome to the 71st 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 1920 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:

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Fintech Innovations and Investments

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4Di Capital Prepares to Launch Third Venture Fund for Early-Stage African Startups 4Di Capital is set to launch its third venture fund, targeting early-stage startups in Africa. Despite global funding challenges, the Cape Town-based firm, known for its investments in various African tech startups, is optimistic about securing international funding. The new fund will build on the success of their previous funds, aiming to support more startups across the continent. Read more

Dubai-based Fintech Stake Raises $14 Million in Series A Dubai-based fintech Stake has raised $14 million in a Series A round led by MEVP, with participation from Wa’ed Ventures, Mubadala Investment Company, and others. Founded by Rami Tabbara and Manar Mahmassani, Stake’s platform allows global investors to invest in UAE real estate with as little as $136. The funds will support expansion into Saudi Arabia and growth in the UAE, aiming to make real estate investments accessible and transparent. Read more

Egyptian Fintech Startup Sahl Secures $6 Million Through Dual Funding Rounds Egyptian fintech startup Sahl has secured $6 million through Series A and seed funding rounds, led by Ayady for Investment and Development, with participation from Egypt Pay, Delta Electronic Systems, and E-Finance. Founded in 2020, Sahl offers a platform for bill payments and aims to expand its services into Saudi Arabia following its UAE launch. The new funding will enhance its offerings and strengthen its position in Egypt’s digital payments sector, aiming to streamline utility payments and broaden its user base. Read more

Global Partnerships and Strategic Investments

Tenderd Secures $30 Million Series A Led by A.P. Moller UAE-based contech company Tenderd has secured a $30 million Series A funding round led by A.P. Moller Holding, with participation from new investors like Quadri Ventures and Saurya Prakash, along with existing investors such as Wa’ed Ventures and Nakhla Ventures. Founded in 2018 by Arjun Mohan, Tenderd leverages AI to enhance asset utilization and reduce emissions in heavy industries. The new capital will support technological innovations and global expansion, focusing on integrating AI with physical operations in sectors like construction, mining, and logistics. Read more

Jordan’s ISSF Injects $2 Million into VentureSouq's Second Fund Jordan’s Innovative Startups and SMEs Fund (ISSF) has invested $2 million in VentureSouq Fund II. This investment aims to support the Jordanian startup ecosystem, particularly focusing on fintech. VentureSouq, a MENA-based venture capital firm, will reinvest in Jordanian companies to enhance the local market’s growth and development. Read more

HSBC Egypt to Launch $31.5 Million Fintech Fund HSBC Egypt plans to launch a $31.5 million fund to support fintech SMEs, managed by EFG Holding. The fund, set to launch in Q3, has contributions from several financial institutions, including the Suez Canal Bank, and has received approval from the Central Bank of Egypt. This initiative aims to bolster the fintech sector in Egypt. Read more

Technological Innovation and Support Platforms

Egyptian Medtech i’SUPPLY Closes Pre-Series A Round Led by Disruptech Egyptian medtech startup i’SUPPLY has closed a pre-Series A funding round led by Disruptech Ventures, with participation from OneStop Capital, Axian Investment CVC, and Egypt Ventures. This brings the company’s total funding to $2.5 million since its inception in 2022. i’SUPPLY, which digitizes pharmaceutical supply chains, will use the funds to expand its services, enhance fintech offerings, and support small and medium-sized pharmacies by addressing their financing needs. Read more

UAE-based MySafe Raises $4 Million for Smart Locker Solutions UAE-based MySafe has raised $4 million in funding to enhance its smart locker solutions designed for secure deliveries and storage. The investment will support the company’s expansion across the UAE and into new markets, aiming to meet the growing demand for contactless and secure delivery systems. MySafe’s lockers are utilized by e-commerce companies, residential complexes, and logistics providers to streamline and secure the delivery process. Read more

Egyptian Startup Mal Bazaar Acquires Licensed Brokerage to Expand Insurtech Platform Egyptian startup Mal Bazaar, an insurtech platform, has acquired a licensed insurance brokerage to enhance its offerings and become a comprehensive insurance service provider. The acquisition, approved by the Egyptian Financial Regulatory Authority, enables Mal Bazaar to offer a broader range of tech-enabled insurance products and services. The company plans to expand its “My Policy” management platform, aiming to streamline corporate insurance management and provide a seamless user experience. Read more

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Sector-Specific Developments and Resilience

Saudi Arabian Edtech Startup Tahdir Raises $270,000 Pre-Seed Round Saudi Arabian edtech startup Tahdir has raised $270,000 in a pre-seed funding round from angel investors. Founded by Mohammed Al-Doukhi and Khalil Al-Haid, Tahdir offers tools to automate school and educational management processes, currently serving 92 schools with over 30,000 users. The funds will be used to enhance Tahdir’s capabilities, expand its operations within Saudi Arabia, and further develop its educational technology platform. Read more

Kuwait-based Traveltech Waves Closes Investment Round Kuwait-based traveltech startup Waves has closed an investment round co-led by BNK Capital and Aujan Enterprises. Founded in 2021, Waves provides an online marketplace for booking sea trips, marine activities, and chalets, operating in Kuwait, Saudi Arabia, Qatar, and the UAE. The investment will primarily enhance its services in Saudi Arabia, aligning with Vision 2030 and the Red Sea projects, while supporting the growth of marine tourism and digital transformation in the region. Read more

Iraq-based E-commerce Platform Orisdi Lands Six-Figure Bridge Round Iraq-based e-commerce platform Orisdi has raised a six-figure bridge round of investment from existing investors, including Al Sharqiya TV Group and Iraq Venture Partners. Founded in 2019 by Ahmed Al Kiremli - Business Mentor, Strategist and Growth Marketer and Hala Usama, Orisdi offers a variety of products, including perfumes, cosmetics, appliances, and electronics. The funding will support Orisdi’s business development efforts and highlight the growing potential of Iraq’s e-commerce sector. Read more

Kenya’s Wowzi Partners with Mastercard in $2 Million Financial Management Deal for Content Creators Kenyan influencer marketing platform Wowzi has partnered with Mastercard and Masria Digital Payments in a $2.04 million deal to enhance financial management for content creators. The partnership will offer digital card solutions, providing creators with secure and seamless online and offline transaction capabilities. This initiative aims to address the underserved payment needs of the influencer and creator market, driving financial empowerment and convenience. Read more

Polynome Group Launches $100 Million Fund to Invest in AI Startups Polynome Group, a UAE-based technology company, has launched a $100 million fund to invest in AI startups, focusing on technology, AI software applications, and robotics. Starting in the first quarter of 2025, the fund will invest in seed, Series A, and growth-stage startups with investments ranging from $500,000 to $5 million per company. The initiative aims to enhance the UAE’s position as a leader in AI research and innovation, with Polynome leveraging its expertise and network to support portfolio companies. Read more

Egyptian Startup i'SUPPLY Closes Pre-Series A Round Egyptian medtech startup i’SUPPLY has closed a pre-Series A funding round led by Disruptech Ventures, with participation from OneStop Capital, Axian Investment CVC, and Egypt Ventures. This brings the company’s total funding to $2.5 million since its inception in 2022. i’SUPPLY, which digitizes pharmaceutical supply chains, will use the funds to expand its services, enhance fintech offerings, and support small and medium-sized pharmacies by addressing their financing needs. Read more

UAE-based NOW Money Closes $4 Million Equity Round UAE-based fintech startup NOW Money has closed a $4 million equity funding round. The company, which focuses on providing inclusive digital banking solutions for low-income workers in the Gulf Cooperation Council (GCC) region, plans to use the funds to scale its operations and enhance its technology offerings. This investment will help NOW Money expand its reach and improve financial inclusion for underserved communities. Read more

UAE-based Qstay Secures $4.6 Million in Pre-Series A Round UAE-based hospitality platform Qstay has raised $4.6 million in a pre-Series A funding round. Founded by Artur Khayrullin, Ekaterina Rogozhina, Alec Fesenko, and Natalya Fesenko, Qstay offers a virtual hotel brand with 200 units and app-based access to amenities. This funding will accelerate its growth and innovation in the hospitality sector. Read more

Egyptian Startup Potcast Productions Secures Follow-up Investment The Potcast Productions, an Egyptian podcast production company, has secured a follow-up investment from Innovative Media Productions and investor Ahmed Tarek Khalil. Founded by Islam Adel, Potcast produces diverse programs and has achieved 7 million listens and over 600,000 viewing hours within six months. The new funds will enhance content production, scale marketing efforts, and develop new podcast series. Read more

Shorooq Partners Makes First Investment in the Metaverse Sector Shorooq Partners, a UAE-based venture capital firm, has made its first investment in a company within the metaverse sector. This move underscores Shorooq Partners’ commitment to investing in innovative technologies and expanding its portfolio into emerging digital realms. The specific details of the investment and the company’s name were not disclosed. Read more

Web3 Startups in MENA Raise $1 Million in May 2024 In May 2024, Web3 startups in the MENA region raised $1 million through two investments, contributing to the total $282 million raised by 40 startups across various sectors. The UAE led the investment activity with $189 million, followed by Saudi Arabia and Egypt. Key sectors included proptech, fintech, logistics, agritech, and SaaS, highlighting a diverse and dynamic investment landscape in the region. Read more

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Global Tech Industry and Startup Trends & News This Week

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Amazon announced a $230 million pledge to support generative AI startups, a rapidly growing field of artificial intelligence [ET Tech].

Zomato, a major food delivery platform in India, is investing more money in their quick commerce unit Blinkit to compete with Zepto and Swiggy [The Economic Times].

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Episodes Recap:

?#346 Crypto Mining and Smart Investments: Insights from Roshan Shah

?In this episode, Mehmet Gonullu welcomes Roshan Shah , an accomplished entrepreneur and investor, to discuss his extensive experience in Bitcoin mining, real estate investments, and strategic growth in the digital currency space. Roshan shares his journey, insights, and advice on making smart investments in the evolving world of cryptocurrency and beyond.

?#347 Democratizing Data Access: Blake Burch on Low-Code Solutions and AI

?In this episode of The CTO Show with Mehmet, we are joined by Blake Burch , co-founder and CEO of Shipyard, a modern data operations platform. Blake starts by introducing himself and explaining how his background in marketing led him to teach himself SQL and Python to overcome the repetitive tasks he faced. This journey sparked the creation of Shipyard, which simplifies data workflows by allowing users to move data end-to-end either through low-code methods or by writing custom code.?

?#348 Building T-Shaped Teams: Ben Johnson on Startups Bootstrapping and Market Fit

?In this episode of The CTO Show with Mehmet, we welcome Benjamin Johnson , the CEO of Particle41. Ben shares his journey from being a paperboy to becoming a serial technical co-founder and leader of a technology services company. He discusses the concept of T-shaped teams, emphasizing the importance of combining deep technical expertise with broad soft skills for enhanced productivity and collaboration.

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Best, Mehmet

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