#21 This Week In MENA🚀
Dive into the latest Startup News, Trends & Opportunities shaping the MENA region
Greetings MENA entrepreneurs!
Welcome to another exciting edition of our newsletter, bringing you the latest highlights from the MENA startup ecosystem
Trending This Week:
Weekly Funding Roundup
In The News
Ecosystem Updates
Startups Highlights
Upcoming Programs
Cool Events
Interesting Stuff
Techy Bytes
Let’s dive in!
Weekly Funding Roundup
Comfi (UAE/Fintech) secured $5 million to expand its fintech services. Comfi, a startup specializing in financial management solutions for SMEs, will use the funds to enhance its platform, improve user experience, and support its growth in the competitive fintech market
Angelspark (UAE) invested in NOOD, a fashion brand known for its innovative designs. This investment will help NOOD expand its product lines and market reach. NOOD plans to use the funds to enhance its design capabilities and increase its presence in the MENA region
Jeel (KSA/EdTech) raised $1.1 million to bolster its digital content offerings. Founded in 2019, Jeel provides Arabic educational content for children, adolescents, parents, and educators. The new funding will help Jeel expand its library of materials and enhance its platform to better serve its audience
Sweply (KSA/AdTech) raised SAR 7.5 million (approx. $2 million) in a seed round to enhance its advertising technology solutions. Sweply focuses on optimizing ad placements using advanced algorithms to improve ROI for advertisers. The investment will allow Sweply to further develop its technology and expand its market presence
Connect Money (Egypt/Fintech) raised $8 million to expand its comprehensive financial services. Connect Money offers a range of fintech solutions including payments, savings, and investments. The new funds will be used to develop advanced financial products and grow their customer base across Egypt and the MENA region
Alsaree3 (Iraq/Food Delivery) secured Series A funding to scale its food delivery operations. Alsaree3, a leading food delivery service in Iraq, plans to use the funding to enhance its logistics infrastructure, expand its delivery fleet, and extend its service areas to meet growing customer demand
In The News
e& Acquires GlassHouse
e& enterprise, a leading provider of digital solutions in UAE, has acquired GlassHouse, a prominent digital infrastructure provider in Turkey. This acquisition aims to expand e& enterprise’s digital footprint and enhance its cloud and managed services capabilities across the MENA region
Mubadala Injects $250M into Getir
Mubadala, a global investment company based in Abu Dhabi, has invested $250 million into Getir, the Turkish rapid grocery delivery startup. This investment will support Getir’s expansion plans and operational growth, reinforcing Mubadala’s commitment to investing in innovative and high-growth technology companies
Smpl Holdings Launches $10M Fund
Smpl Holdings, a prominent investment firm focused on innovative technologies in UAE, has introduced a $10 million fund to support tech and AI startups across MENA. This fund aims to accelerate the growth of startups in the technology and AI sectors by providing financial resources and strategic guidance
UAE Implements New Crypto Regulations
The UAE has implemented new regulations to regulate the crypto market. These regulations are designed to enhance transparency, reduce risks, and foster a safer and more secure crypto trading environment in the country.
Key aspects of the regulations include stricter compliance requirements for crypto exchanges, enhanced due diligence procedures, and improved investor protection measures. This move aims to position the UAE as a leading hub for cryptocurrency innovation while ensuring a robust regulatory framework.
Mumtalakat Funds Italian Motorsport Safety Product Maker
Mumtalakat, the sovereign wealth fund of Bahrain, has funded an Italian motorsport safety product manufacturer. This investment will help the company advance its safety technologies and expand its presence in the global motorsport industry
Hashed VC Expands to Abu Dhabi
Hashed, a South Korean venture capital firm focused on blockchain and cryptocurrency investments, has expanded its presence to Abu Dhabi. This expansion aims to leverage the region’s dynamic startup ecosystem and support the growth of blockchain and cryptocurrency ventures in the Middle East
SAMA Authorizes Sulfah and Wadaie
The Saudi Central Bank has authorized Sulfah | سلفة and Wadaie | ودائع to operate under the Regulatory Sandbox. Sulfah is a fintech startup providing quick and easy access to short-term personal loans, while Wadaie offers innovative savings solutions tailored to the needs of individuals in Saudi Arabia. This authorization will allow both companies to develop and test their financial products and services in a controlled environment
Ooredoo Signs AI Deal with Nvidia
Ooredoo, a leading telecommunications company in Qatar, has signed an AI deal with Nvidia. This partnership aims to integrate advanced AI technologies into Ooredoo’s network to enhance its service offerings and improve customer experience
Ecosystem Updates
DIFC and du Introduce New Entrepreneurship Program in UAE
The Dubai International Financial Centre (DIFC) and du have introduced a new entrepreneurship program aimed at fostering innovation and supporting startups in the UAE. This program will provide entrepreneurs with access to resources, mentorship, and networking opportunities to help them scale their businesses
Dubai AI Campus Hosts First Demo Day
The Dubai AI Campus recently hosted its highly anticipated first Demo Day, showcasing the potential of eight cutting-edge AI startups. The startups that pitched included:
NayaOne: Accelerating AI-driven financial innovation.
DeepOpinion: Simplifying business process automation with AI.
Rubriic: Enhancing customer engagement through AI solutions.
DXwand: Revolutionizing customer service with AI chatbots.
Webidoo: Empowering businesses with AI-powered digital solutions.
Camb.ai: Innovating AI-driven marketing solutions.
Twyn: Pioneering AI technology in personalized learning.
Uktob.ai: Leading advancements in AI-driven content creation.
The event culminated with Camb.ai winning the du Rising Star Award
Tamkeen Wins Bahrain Digital Content Award
Tamkeen has been awarded the Bahrain Digital Content Award, recognizing its efforts in enhancing digital content creation and innovation within the country. This award underscores Tamkeen's commitment to fostering a digital economy in Bahrain
Falak Investment Hub Partners with TACT+HUB
Falak Investment Hub, based in Saudi Arabia, has partnered with Germany's TACT+HUB to empower climate tech startups. This collaboration aims to provide startups with the necessary resources and support to develop and implement sustainable technologies
Iraqi Government to Launch Tech Incubators in Universities
The Iraqi government is set to launch tech incubators in universities across the country. These incubators will provide students and budding entrepreneurs with the tools and support needed to develop their tech startups, fostering innovation and economic growth
Banque Misr Starts Third Cycle of Taqaddar Acceleration Program
Banque Misr has launched the third cycle of its Taqaddar acceleration program, aimed at supporting early-stage startups in Egypt. The program offers funding, mentorship, and resources to help startups scale and succeed in the competitive market
21 Startups Selected for AIR Program
The AIR program in Tunisia has selected 21 promising startups to participate in its latest cohort. These startups span various sectors, including fintech, health tech, and e-commerce, and will receive support to accelerate their growth and innovation
Startup Highlights
Enhancing Fraud Detection: FinTech Galaxy, a UAE-based open banking platform, has partnered with Euronet to improve fraud detection. This partnership leverages Euronet’s advanced payment technology to enhance security and efficiency in financial transactions across the MENA region
AI-Generated Design: Maly (UAE/Fintech) has introduced a new AI-generated Visa card design feature. This innovative tool allows users to personalize their Visa cards with unique designs created by AI, offering a blend of technology and creativity
Bond Trading Partnership: GTN (Fintech/UAE) has partnered with Revolut to enable bond trading via their super app. This collaboration aims to make bond trading more accessible and integrated within the Revolut platform, providing users with new investment opportunities
Peer-to-Peer Financing: Sulfah | سلفة (KSA/Fintech) has launched its peer-to-peer financing service. This platform facilitates direct loans between individuals, offering a flexible and accessible financing solution in the region
Startup Pitch Winner: Daleel (Bahrain/Fintech) has won first place at Startup Bahrain's 12th Pitch. Daleel’s innovative fintech solutions impressed the judges, securing them the top spot and highlighting their potential in the industry
Upcoming Programs & Opportunities
Mustaqbali Program
The Mustaqbali Program by Sandooq Al Watan in the UAE aims to empower young Emiratis with the necessary skills and resources for professional and entrepreneurial success. The program offers mentorship, training, and networking opportunities to help participants achieve their career goals
CyberE71 Program
The CyberE71 Program by Cyber71 in the UAE is designed to enhance cybersecurity capabilities. This initiative provides startups with specialized training, resources, and support to tackle cybersecurity challenges and advance their technological solutions
ScaleSmart Program
The ScaleSmart Program by Berytech in Lebanon focuses on helping startups scale their operations. The program offers comprehensive support, including mentorship, training, and funding opportunities, to ensure sustainable growth and success in the competitive market
Bootcamp for Accelerator Managers
The Bootcamp for Accelerator Managers by 500 Global in Egypt is tailored for directors of startup support organizations. This program aims to enhance their competitive edge, build thriving startup ecosystems, and connect with industry leaders
Woman Social Entrepreneur Support Program
The Woman Social Entrepreneur Support Program by Rama Impact in the MENA region focuses on empowering female social entrepreneurs. The program offers funding, mentorship, and resources to help women-led startups drive social change and innovation
Bridging Start-Ups to Incubation Program
The Bridging Start-Ups to Incubation Program by DisruptX in the EMEA region aims to support early-stage startups by providing incubation services, mentorship, and funding opportunities to help them grow and succeed
THRIVE Global Impact Challenge
The THRIVE Global Impact Challenge is an Agritech-focused global competition that supports startups addressing critical sustainability challenges in agriculture. Winners receive funding, mentorship, and exposure to advance their innovative solutions
Apply to AngelSpark for Funding
AngelSpark offers funding and mentorship to early-stage startups, helping them scale and succeed with access to a network of investors and industry experts
Must Attend Events This Week
Flat6Labs - Online Info-Session: Learn about opportunities and programs from Flat6Labs. | 01 July, Virtual
Angelspark Live Startup Pitch Event: Watch startups pitch live and network with investors and entrepreneurs. | 01 July, Dubai
StartMashreq Demo Day: Discover the latest innovations from startups in the Mashreq region. | 01 July, Amman
AUC Venture Lab Spring'24 Demo Day: Witness innovative startups from AUC Venture Lab. | 02 July, Cairo
Hacking Content Creating with AI - Alia ElKhatib: Learn to craft effective prompts and streamline content creation workflows using AI. | 02 July, Virtual
Brinc x PBA Pitch Week: Explore Web3 innovations from cutting-edge startups over three days. | 03-05 July, Virtual
MVP Mastery: Lessons Learned with Zealous Masterclass: Gain insights on mastering your MVP. | 03 July, Virtual
Shaping the Future of AI Governance: A discussion on AI governance and its implications. | 03 July, Dubai
Investment and Growth: Strategies for Startups: Strategies to scale and grow your startup. | 03 July, Riyadh
A Glimpse into AI-Powered Content Creation: Insights into leveraging AI for content creation. | 03 July, Dubai
From Idea to 350,000+ Orders: Tariq's Journey with BloomingBox.com: Hear Tariq’s entrepreneurial journey and success with BloomingBox.com. | 04 July, Virtual
Egypt’s Entrepreneur Awards 2024: Celebrate the top entrepreneurs in Egypt. | 04 July, Cairo
Ahli Fintech Accelerator Wave 2 Demo Day: Discover the latest innovations from Ahli Fintech Accelerator. | 06 July, Amman
How to Acquire Your First 100 B2C Customers: Learn strategies to acquire your first 100 B2C customers. | 08 July, Virtual
Startup Legal Essentials: Navigating the Path to Success: Understand the legal aspects of setting up your startup. | 08 July, Virtual
Interesting Stuff
Saudi Startup Ecosystem: Exploring the growth and innovation in Saudi Arabia's startup scene, highlighting key developments and opportunities
Food Market Surge: Saudi brands are cashing in on the Gaza boycott, leading to a surge in the food market
Millionaire Magnet: UAE is becoming the desired destination for millionaires seeking new opportunities and a luxurious lifestyle
Successful Exits: Six Arab entrepreneurs who left their jobs at Uber and Careem to launch successful startups in the region
Building Success from Scratch: Insights into how startup studios create successful projects from the ground up, focusing on innovative strategies and methodologies
Podcast: The First 100 with Karim Helal, founder of ProTenders (UAE/ConTech), discussing his journey and success in the construction tech industry
Techy Bytes
Google Innovations: Google has introduced several new features to enhance its suite of tools. Google introduced its Gemini AI to Gmail, which helps users write and summarize emails directly within the app. Additionally, Google Translate added support for 110 new languages, significantly expanding its accessibility. Lastly, Google Analytics has incorporated AI insights, cross-channel tools, and privacy-first features to provide deeper data analysis and better user experience
OpenAI Acquisitions: OpenAI is expanding its capabilities through strategic acquisitions. The company has acquired a remote collaboration platform to enhance its team collaboration and productivity tools. Additionally, OpenAI has acquired another company specializing in AI-driven automation solutions, which will further bolster its AI capabilities and expand its suite of AI tools and applications
Figma's New Features: Figma has launched a redesigned platform with AI-powered features, enhancing its capabilities for designers and teams
PayPal's Decline: PayPal has lost six million active users over the past year, reflecting challenges in user retention
Quantum Computing Soars: Quantum computing is taking off with $55 billion in global investments, highlighting its growing significance in tech advancements
That’s a wrap!
Thank you for joining us on this week’s journey through the MENA startup scene.
We’ll be back next week with more updates, opportunities, and stories.
Until next time,
The Startup3lMashi ستارتب على الماشي Team
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