The CTO Show with Mehmet - MEA Tech & Startup Digest: Mar 3, 2024

Welcome to the 56th 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 1685 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:

1. Qatar Investment Authority's Strategic Move: In a bid to bolster the fintech, edtech, and healthcare sectors, the Qatar Investment Authority (QIA) has announced a colossal $1 billion venture capital fund of funds. This initiative is set to attract both international and regional VC funds and startups, further enhancing Qatar's startup ecosystem and contributing to the Gulf's economic diversification away from oil. The focus remains on fund managers with a solid track record in the Gulf's VC ecosystem. Read more

2. Hayi's Community Connect: UAE-based social networking app Hayi has secured an undisclosed Seed round investment led by Plus VC, aiming to connect neighborhood residents across the UAE and beyond. This investment will fuel their mission to foster community engagement and expand their operations. Read more

3. Glamera's Beauty Tech Growth: Saudi Arabia's Glamera, a SaaS platform for lifestyle service providers, has received a $350,000 investment to expand its regional footprint. This strategic investment was made through its participation in the Beban TV show, highlighting the platform's potential in transforming the beauty and wellness industry. Read more

4. Tappi's E-commerce Innovation: Kenyan e-commerce enabler tappi has attracted a $1.5 million pre-seed funding round, led by Egypt's Acasia Ventures. Aimed at empowering MSMEs in Africa, tappi's SaaS platform is poised for significant growth, enhancing digital presence across the continent. Read more

5. CoreVision's Strategic Acquisition: Saudi investment firm CoreVision has acquired a stake in VeFund, aiming to connect startups with investors through AI-driven technologies. This move signifies CoreVision's commitment to driving innovation and success in the MENA startup ecosystem. Read more

6. COTU Ventures' Early-Stage Support: With a $54 million fund, COTU Ventures is set to empower early-stage startups in the Middle East, focusing on fintech and B2B software. This initiative aims to bridge the market gap by providing comprehensive support to burgeoning startups. Read more

7. Qatar's Tech Ecosystem Spotlight: The Qatar Web Summit 2024 showcased the nation's ambitious plans to revolutionize its startup ecosystem, with the launch of the first Venture Capital Fund of Funds by QIA and the "Startup Qatar" platform. These efforts underscore Qatar's strategy to foster innovation and entrepreneurship. Read more

8. CAI Concierge AI's Productivity Boost: CAI Concierge AI, a UAE-based startup, has secured an undisclosed investment to develop AI-powered tools aimed at enhancing productivity for entrepreneurs. This funding will expand their innovative business management solutions in the UAE. Read more

🔍 Analysis

This week's insights reveal a vibrant investment landscape across the MENA region and Africa, emphasizing the tech sector's dynamic growth. In the MENA region, we observe a strong focus on fintech, edtech, healthcare, and SaaS platforms, with significant investments in startups like Hayi and Glamera, and strategic acquisitions enhancing the startup ecosystem. Africa's trend is highlighted by the support for e-commerce enablers like tappi, showing a push towards digitalizing MSMEs. The UAE's emphasis on AI and venture capital, with the launch of substantial funds for early-stage startups, signals a broadening support network for innovators. Qatar's substantial investment in a Venture Capital Fund of Funds and initiatives like "Startup Qatar" indicate a strategic move to diversify and strengthen the local and regional startup ecosystems. This week's trends underscore a regional shift towards diversifying economies through technology and innovation, with a notable emphasis on supporting early-stage startups and digital transformation.

Global Tech Industry and Startup Trends & News This Week

• Apple abandons self-driving car project ("Apple abandons its car" on TechCrunch): After years of development, Apple reportedly scrapped its ambitious self-driving car project, raising questions about the future of the company's automotive ambitions.

• Security researchers discover leak of two-factor authentication codes ("Security. A leaky database" on TechCrunch): A security breach exposed two-factor authentication codes for several major tech companies, raising concerns about online security and the potential for account takeovers.

• Waymo rolls out commercial robotaxi service in Los Angeles ("StrictlyVC - Los Angeles" on TechCrunch): The self-driving car company Waymo launched its commercial robotaxi service in Los Angeles, marking a significant step towards the mainstream adoption of autonomous vehicles.

Episodes Recap:

On Episode 301:

Unlock the secrets of entrepreneurial finesse with Jodi Hume , as she guides us through the labyrinth of leadership and decision-making strategies that have defined her journey from engineering to psychology, and ultimately, to business betterment. Our in-depth conversation with Jodi is an expedition across the terrain of business growth, where we uncover the strategic use of one's innate superpowers and the art of delegation. As we traverse this path, Jodi spotlights the parallels between IT troubleshooting and business challenges, emphasizing the importance of isolating variables to craft effective solutions.

 On Episode 302:

Have you ever wondered how a leap of faith from agency life to the stock market can redefine success? Sean Tepper joins me, Mehmet, to share precisely that—a journey marked by resilience and a keen understanding of value investing, akin to the philosophies of Warren Buffett and Charlie Munger. As we traverse Sean's path, we unlock the Excel system that catapulted him to consistent market outperformance, leading to the birth of a SaaS platform that's reshaping how investors interact with the stock market.

On Episode 303:

Embark on a voyage of entrepreneurial wisdom as Hakob Sharabkhanyan , a visionary leader who crafted his tech empire from Armenian roots to the dynamic MENA market, sits down with me, Mehmet. Uncover the secrets behind transforming a tech-savvy mind into a CEO's strategic outlook, and why the early investment in a CTO or product manager can catapult a startup to stardom. His insight into not just supplying talent but embedding crucial processes and frameworks into growing enterprises is a masterclass in building a startup with staying power. Plus, we dissect the common traps of SaaS development through the lens of Hakob's own roller coaster of successes and stumbles.

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A Big Thank You 🙏

Your support, feedback, and engagement make this journey worthwhile. Here's to another week of learning, innovation, and growth!

Best, Mehmet