The CTO Show with Mehmet - Week in Review: Feb 18, 2024

Welcome to the 54th edition of "The CTO Show With Mehmet" Weekly Recap Newsletter! If you're new here, I extend a warm welcome to you, joining our dynamic community of 1655 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.

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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!

 🌍 Weekly Startups Insights:

 Diving into this week's insights, we've witnessed an array of significant investments and strategic moves across the MEA region, each aiming to reshape their respective sectors with innovation and foresight.

Fintech Sector

• Kema's Pre-Seed Funding Success: UAE's Kema has clinched a $2 million pre-seed funding round, orchestrated by Speedinvest and the Dubai Future District Fund. Specializing in SaaS for B2B SMEs, Kema is on a mission to refine cash flow through invoicing automation, eyeing UAE-wide expansion and talent acquisition for its growth. Read more

Venture Capital and Women Leadership

• Globivest's Fund Milestone: Lebanon's women-led VC, Globivest, has impressively secured two-thirds of its $25-30 million target for its inaugural fund, championing startups with societal impacts. Read more

Technology and Entrepreneurship Ecosystem

• ISSF's Investment in MSA Novo: The ISSF's $5 million injection into MSA Novo's MENA-focused fund highlights a commitment to bolstering Jordanian startups, emphasizing the nation's tech and entrepreneurial ecosystem. Read more

Media and Content Creation

• Sowt Media's Strategic Acquisition: By acquiring Rising Giants Network, Jordan's Sowt Media expands its repertoire, underlining its ambition in Arabic and English audio content. Read more

Logistics and E-commerce

• Logidoo's Investment for Expansion: With a fresh $1.55 million, Logidoo gears up to broaden its cross-border logistics for e-commerce in Africa, marking a significant stride in operational efficiency. Read more

Electric Mobility and Climate Tech

• Roam's Series A Funding: Kenya's Roam secures $24 million to boost its electric motorcycles and buses production, led by Equator. Read more on TechCrunch

• Catalyst Fund's Climate Tech Support: With $1.8 million invested in African climate tech startups, the Catalyst Fund bolsters innovations tackling climate-related challenges. Read more on TechTrendsKE

AI and Open-Source Innovation

• Falcon Foundation's Launch: The UAE unveils the Falcon Foundation, a $300 million endeavor to develop open-source generative AI models, reinforcing its tech innovation leadership. Read more

Foodtech and E-commerce

• Investments in Bahrain Startups: Right Calories and Motolines bag a combined $347,000 on the Beban TV show, spotlighting Bahrain's growing startup ecosystem. Read more

Web3 Gaming

• Exverse's Investment Milestone: Exverse, a pioneer in Web3 gaming, lands a $3 million investment to revolutionize the gaming experience with high-quality offerings. Read more

🔍 Conclusion

Overall, there is a clear trend of investment in sectors that focus on digitization and sustainability in the MENA region and Africa. This aligns with global trends of digital transformation and the transition to a more sustainable economy. With the continued flow of investment, these regions are positioning themselves as significant players in these vital sectors. However, it will be essential for stakeholders to ensure sustainable growth and to address any regional challenges that may arise, including regulatory hurdles and infrastructure needs. It will also be interesting to see if these trends continue in the coming weeks.

 Global Tech Industry and Startup Trends & News This Week

• OpenAI's New Release: OpenAI introduced Sora, the text to video AI model, capturing significant attention in the tech community..

• Y Combinator's Biotech Initiative: Y Combinator is focusing on increasing MRI scans to aid biotech startups, targeting cancer research from new angles.

• Video Game Startups: Despite market pressures, the video game industry remains a promising area for venture capital in 2024.

Sources: Techcrunch, Geekwire, Crunchbase

 Episodes Recap:

 On Episode 295:

Ever wondered what fuels the rapid growth of startups in the heart of Dubai's bustling market? This episode pulls back the curtain, as we sit down with iACCEl Gulf Business Incubator CEO & co-foudner Deepak Ahuja , an ex-banker turned investor, who navigated the shift from high finance to high stake investments with an eye on nurturing future unicorns. Deepak brings to the table an unfiltered look into an ecosystem that's evolving at an astronomical pace, tackling unemployment with a surge of entrepreneurial spirit, and attracting serious investment from those with a knack for spotting potential.

On Episode 296:

Unlock the transformative power of AI with our esteemed guest Robert Plotkin , the sharp-witted patent attorney who's once again gracing our studio with his insight on the latest AI upheavals. This episode sails through the emergence of chat GPT and its role in the democratization of AI, making powerful tools like natural language processing accessible to the masses. We dissect the daily advancements in AI, showcasing how these technologies arm professionals from myriad fields with capabilities that were once the stuff of sci-fi dreams.

 On Episode 297:

Embark on a technological expedition with Praveen Kalamegham , the visionary CTO of Workrise, who joins us to unravel his journey from an inquisitive child playing with embedded systems to a master orchestrator of innovation in the energy sector. Praveen's tale is infused with inspiration, tracing back to the influence of his father, and spans a career marked by strategic decision-making and a commitment to impactful work. As we converse, we uncover the intricate layers of vendor management, the challenges of updating supplier databases for project efficiency, and the undeniable import of fostering trust through digital transformations.

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Best, Mehmet