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- Startup Researcher - Middle East: Week 47, 2024
Startup Researcher - Middle East: Week 47, 2024
November 18th - November 24th
Hello there,
Welcome to another edition of π Startup Researcher - Middle East, your essential digest delivering the latest news and premium insights on startups and venture capital across the region π
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Let's delve into the core sections of our weekly newsletter:
π° Important News
πΈ Top Funding Rounds
π°οΈ Notable Exits
π¦ About Investors
ποΈ Curated Lists
π Deep Dive Bites
ποΈ Expert Insights
π€ Diversity Spotlight
π Startup Of the Week
πΌ Investor of the Week
π€ Opportunity Radar
π° Important News
AHOY launched an initiative to empower 10,000 entrepreneurs by 2030, fostering GCC innovation in transport, aviation, and smart cities.
The Arab SMEs Summit-Rowad Conference in Doha concluded with over $300 million in commitments to support SMEs.
PayBy, part of Astra Tech, becomes the first fintech in the UAE to secure a Gaming-Related Vendor License from GCGRA.
SuiHub has launched a 12-week Accelerator Program to support Web3 startups building on the Sui blockchain, offering up to $200,000 in funding.
Wala Plus and Aramco have partnered to offer employees reward points redeemable for top brands, enhancing workplace value and satisfaction.
πΈ Top Funding Rounds
Saudi fintech EdfaPay raised $5 million in a pre-Series A round led by OmanTel Innovation Labs to expand across MENA and Pakistan.
UAE-based maritime finance platform Shipfinex has closed a $1.5 million seed funding round led by Gaurav Mehta.
Dubai-headquartered JADA raised $1 million to train over 100 AI and data professionals annually, addressing the global talent shortage.
Qatar Development Bank has signed investment agreements with Wahed and Nybl.
Wathiq secured an angel investment to develop advanced tech solutions that simplify Hajj and Umrah rituals.
π°οΈ Notable Exits
Talabat successfully covered its $1.5 billion IPO within minutes valuing the company at $10.2 billion, with shares set to begin trading on December 10.
PwC Middle East has finalized the acquisition of Emkan Education, a Saudi-based consultancy specializing in education and skills development.
π¦ About Investors
Jada Fund of Funds invested in SEEDRA Ventures Fund II to support early-stage businesses and drive economic transformation in Saudi Arabia.
EFG Hermes has launched a $300 million Saudi Education Fund to build a world-class K-12 operator in Saudi Arabia.
Merak Capital has launched an $80 million fund and accelerator, Exel by Merak, to support 15-20 gaming startups across MENA.
ποΈ Curated Lists
Explore how Saudi Arabia's dynamic incubators and accelerators are driving the kingdom's entrepreneurial growth and innovation. These programs are fostering the next wave of startups across multiple sectors by offering mentorship, funding, and access to invaluable resources. Delve into the full article to discover the key players in Saudi Arabia's startup ecosystem, how they are shaping the future of business in the region, and the critical role they play in the nationβs ambitious economic transformation.
π Startup Of the Week
Introducing our Startup of the Week π
EdfaPay
Saudi fintech EdfaPay has raised $5 million in a Pre-Series A round led by OmanTel Innovation Labs, with participation from Aljabr MENA and Waad Investment, to expand across the MENA region and Pakistan. Founded in 2022 by Eng. Ghormallah Alghamdi (CEO) and Eng. Nedal Sabbah (CTO), EdfaPay provides SMEs with tap-to-pay solutions via smartphones, replacing traditional POS devices. With previous funding of $1.6 million in 2022, the company has grown into markets like Tunisia and Morocco and now plans to strengthen its technological capabilities and enter Oman.
πΌ Investor of the Week
Introducing our Investor of the Week π
Jada Fund of Funds
Jada Fund of Funds has invested in SEEDRA Ventures Fund II, an early-stage, sector-agnostic venture capital fund managed by SEEDRA Ventures, to support innovation and entrepreneurship across Saudi Arabia and the MENA region. Jada Fund of Funds, established in 2018 by Saudi Arabia's Public Investment Fund, aims to strengthen the Kingdom's private equity and venture capital ecosystem. It focuses on driving economic growth by investing in funds targeting promising startups. This investment aligns with Jadaβs mission to expand access to capital, empower startups, and drive economic transformation under Vision 2030.
π€ Opportunity Radar
Meta's Llama 3.1 Impact Grants application deadline has been extended to December 1, 2024, at 11:59 PM PT, offering organizations a chance to secure funding of up to $500,000. The program supports innovative projects leveraging Llama 3.1 or 3.2 to address global challenges in areas like economic development, science and innovation, public services, and education. Participating organizations must demonstrate technical feasibility, impactful solutions, and a robust business plan. Whether enhancing multilingual AI capabilities or creating tools to lower barriers for developers, this grant aims to foster groundbreaking applications with social impact.
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If you're interested in staying updated on the latest trends, startups, and investments in other regions, don't miss out on:
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π Startup Researcher - Europe: Stay updated on Europe's innovation scene, featuring insights into groundbreaking startups, investment trends, and entrepreneurial developments.
ποΈ Startup Researcher - Latin America: Keep track of Latin America's fast-growing startups, investment trends, and disruptive technologies driving economic growth.
ποΈ Startup Researcher - NAI: Stay ahead with coverage of the North American startup ecosystem, focusing on cutting-edge ventures, investment insights, and tech advancements.
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