Startup Researcher - Middle East: Week 19, 2024

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Welcome to another edition of 🔍 Startup Researcher - Middle East, your essential digest delivering the latest news and premium insights on startups and venture capital across the region 🌍

If you haven't subscribed yet, now's the perfect time. Don't miss the opportunity to supercharge your understanding and stay ahead in this dynamic world.

Let's delve into the core sections of our weekly newsletter:

• 📰 Important News

• 💸 Top Funding Rounds

• 💰️ Notable Exits

• 🏦 About Investors

• 📈 Deep Dive Bites

• 🤝 Diversity Spotlight

• 🚀 Startup Of the Week

• 💼 Investor of the Week

📰 Important News

• UAE's Mubadala Capital plans to invest $13.5 billion over the next decade in Brazil's biofuel sector, aiming to produce renewable diesel and sustainable aviation kerosene. The initiative, led by Mubadala's Brazilian subsidiary Acelen, will involve developing large-scale biofuel projects and converting an existing oil refinery in Bahia.

• The UAE plans to invest up to $1 billion in South Korean startups through a joint venture managed by Seoul-based LB Investment. This initiative is part of a broader strategy to allocate $30 billion across strategic sectors in Asia's fourth-largest economy.

💸 Top Funding Rounds

• Dubai's SecureMyScholarship secured $550,000 in bridge funding, with a valuation of $6 million. Investors include notable names like Kaustubh Wagle from Boston Consulting Group Middle East and Ramit Harisinghani from Chalhoub Group.

💰️ Notable Exits

• Abu Dhabi's Phoenix Group ventures into Web3 gaming by acquiring a 12.5% stake in Rekt Studios, known for its immersive experiences. This move marks a strategic shift beyond cryptocurrency mining for Phoenix, aiming to pioneer advancements in Web3 gaming.

🏦 About Investors

• Investcorp closed a $570 million fund, surpassing its $500 million goal, to invest in software, data/analytics, cybersecurity, and fintech startups, following the success of its previous $400 million fund.

📈 Deep Dive Bites

Oman's startup ecosystem has experienced notable growth, with increasing investment and significant M&A activity. Key players like the Oman Technology Fund, IDO Investments, and Phaze Ventures are driving innovation, while notable startups like KitchenomiKs are reshaping industries with technology-driven solutions. Exciting developments in 2024, such as funding for Innotech and the launch of the Jasoor Fund, highlight the momentum and potential in Oman's dynamic startup landscape.

Read the full article to gain deeper insights into the trends, key players, and exciting developments driving Oman's startup ecosystem forward.

🤝 Diversity Spotlight

Discover the leading female venture capital partners shaping innovation and investment in the Middle East in 2024. From driving growth in startups to fostering entrepreneurship, these trailblazing women are redefining the landscape of venture capital.

Read the full article to learn more about their inspiring journeys and contributions to the region's startup ecosystem.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆:

SecureMyScholarship

This Dubai-based edtech platform has just raised $550,000 in bridge funding, valuing the company at $6 million. Founded in November 2021, SecureMyScholarship has already listed 414 universities on its platform and disbursed over $8.2 million in scholarships to more than 1,500 students globally. With accelerated product development and expansion into the Indian market on the horizon, SecureMyScholarship is poised for an even greater impact in the education sector.

💼 Investor of the Week

Introducing our Investor of the Week 🏆:

Investcorp

Investcorp recently closed its Investcorp Technology Partners V (ITP V) fund at an impressive $570M, surpassing its $500M target. This fund will focus on investing in software, data/analytics, cybersecurity, and fintech startups, building on the successes of its previous $400 million fund.

With a track record of investing in B2B technology businesses in the lower middle market, Investcorp remains committed to achieving attractive returns for its investors. Learn more about Investcorp and its dedication to accelerating the growth of promising companies in the technology sector.