MEA Tech & Startup Digest: Issue #75
Mehmet Gonullu
Igniting Tech & Venture Ecosystems | Startup Advisor | GTM Partner | Investor | Podcast Host | Keynote Speaker
Welcome to the 75th 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 1970 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
-????? Episodes Recap
-????? Useful Resources
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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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Funding and Investments ??
1.????? MENA Startups Funding (June 2024)
?? MENA startups raised $116 million in June 2024, bringing the H1 total to $882 million. UAE startups led with $82.5 million. H1 2024 saw a 46% funding decrease compared to H1 2023 due to geopolitical uncertainties and investor caution. Read more (Wamda)
2.??? Maalexi’s $1 Million Investment
? UAE-based agri-fintech Maalexi secured a $1 million venture debt from Stride Ventures to enhance growth and operations, aiming to expand its user base and improve food security in the UAE and GCC region. Read more (Wamda)
3.??? Saudi Arabia’s $412 Million VC Funding
? Saudi Arabia attracted $412 million in VC funding in H1 2024, leading the MENA region. The funding primarily supported the e-commerce and retail sectors. Despite a 7% decline year-on-year, the Kingdom remains a top destination for startups and investors. Read more Read more (Arab News ) (????? ??????? ???????? )
4.?? ISSF’s $5 Million Investment in Jordanian Startups
The Innovative Startups and SMEs Fund (ISSF) invested $5 million in Global Ventures' third fund to support Jordanian startups, enhancing the local ecosystem and driving growth in strategic sectors. Read more (Wamda)
5.?? Innovate Africa’s $2.5M Angel Fund
Innovate Africa launched a $2.5 million angel fund to support up to 20 early-stage African startups in its first year, focusing on purpose-driven technology to address issues like insecurity, unemployment, and poverty. Read more (TechTrendsKE )
?Market Expansion ??
6.?? Hala’s Expansion into Egypt
?? UAE-based e-hailing service Hala is expanding into Egypt through a partnership with MwaslaTech, aiming to introduce advanced transportation technologies in the New Administrative Capital and other cities. Read more (Wamda)
7.??? Why Egyptian Startups Should Expand to the GCC
Expanding into the GCC offers Egyptian startups easier access to capital, a wealthier consumer base, and advanced infrastructure. However, higher operational costs and the need for market-specific adaptations should be considered. Read more Read more (Lucidity Insights ) (Tahseen ) (Scandicorp )
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Accelerators and Support Programs ??
8.?? NINJA Accelerator in South Africa
? The Japan International Cooperation Agency (JICA) launched the NINJA Accelerator in South Africa to enhance collaboration between local startups and Japanese corporations, promoting commercial partnerships and strategic alliances. Read more (InnoVillage )
9.?? Raya FutureTECH Accelerator
? Raya FutureTECH wrapped up its first accelerator program in Cairo, showcasing 13 tech startups. The program provided resources, training, and mentorship, with winning startups receiving additional support and funding. Read more (Wamda)
领英推荐
10. Startup Grind Qatar and Builder.ai Partnership
Startup Grind Qatar partnered with Builder.ai to support Qatari startups, providing access to Builder.ai 's AI-powered software development platform, workshops, and personalized consultations. Read more (Wamda)
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Regional Insights ??
?11.?? US-based VCs Investing in MENA Edtech
US-based VCs like NFX Ventures, 500 Global, and Partech are investing in MENA edtech startups due to the region's growth potential. Notable investments include Noon Academy, Orcas, Almentor, Classera, Englease, and Monkibo. Read more (Vator TV )
12. Africa’s Start-Up Funding in H1 2024
African startups raised significant funding in H1 2024, with Kenya leading at $244 million. The "Big Four" countries—Kenya, Nigeria, South Africa, and Egypt—dominated, attracting 79% of all investments. Read more (Tekedia )
13. Egypt’s Active Investors
Egypt's startup ecosystem is supported by over 160 VC firms and investors, both local and international, participating in over 800 deals worth more than $2 billion over the past five years. Key players include Flat6Labs and Falak Startups. Read more (Lucidity Insights ) (Lucidity Insights )
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Technology and Innovation ??
14. TüBITAK and Fintech Ventures in Turkey
Turkish startups secured $587 million in H1 2024, with TüBITAK’s BiGG Fund financing 136 seed investments. Fintech ventures attracted $181.5 million, and female entrepreneurs participated in 28% of deals, a five-year high. Read more (Daily Sabah )
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????Episodes Recap:
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?In this episode of “The CTO Show with Mehmet,” Mehmet welcomes Luis E. Garcia co-founder and president of PETE. PETE, which stands for Personalized Education, Training, and Enrichment, provides AI-powered learning tools for workforce development. Luis shares his journey from being a programmer to taking on various roles in project management, product management, and general management, eventually leading to his current role at PETE. He also discusses his significant achievement of launching an online university that grew to serve 12,000 students and employed 1,000 people, generating $180 million in yearly revenue.
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?In this episode of “The CTO Show with Mehmet,” we are joined by Dr. Michael Proksch, PhD , Chief Scientist at AccelerEd, who shares his extensive journey from academia to the industry, focusing on AI and value creation. Dr. Proksch discusses his background in economics and how it led him to work with organizations across the globe in the fields of data and AI. He emphasizes the importance of understanding the multiplicative relationship between various factors such as technology, data, business, and psychology in creating value within an organization.
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?In this episode of “The CTO Show with Mehmet,” we are joined by Brad Micklea , the CEO of Jozu. Brad shares his extensive experience in the tech industry, detailing his journey from leading the Amazon API Gateway to founding Jozu. Jozu is building what they believe is the first control plane for AI projects inside enterprises, aiming to help organizations accelerate their AI development and protect their operations.
??? Useful Resouces:?
-????? iAccel Gulf Accelerator : iAccel Gulf Business Incubator (“iAccel GBI”) is a Global Accelerator Network (GAN)?certified accelerator that aims to help early-stage tech startups turn their innovative ideas into successful businesses in MENA Region.
-????? VC Lab Cohort 16 Applications are now open : VC Lab is the leading venture capital accelerator for new and emerging managers worldwide. The 14-week program provides guidance, structure and a network to complete a fund closing in 6 months or less. Over the last couple of years, roughly half of all successful VC firms launched with VC Lab.
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?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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Building Europe‘s #1 Climate Tech Investing Syndicate | Building Websites That Grow Startups
4 个月Sounds like an impressive milestone. Ready to dive into those exciting insights Mehmet Gonullu