MEA Tech & Startup Digest: Issue #72

Author

Mehmet Gonullu
June 23, 2024

Welcome to the 72nd 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 1931 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:

 

Fintech Innovations and Investments

 

  • Brookfield and ALTÉRRA's Catalytic Transition Fund: Brookfield Asset Management and UAE-backed ALTÉRRA have launched a $5 billion Catalytic Transition Fund to invest in clean energy and transition assets in emerging markets. The fund, anchored by a $1 billion commitment from ALTÉRRA, aims to address the significant underfunding of climate investments in regions such as South and Central America, South and Southeast Asia, the Middle East, and Eastern Europe. The fund seeks to achieve significant emissions reductions and positive economic returns in these underserved areas. Read More

 

Global Partnerships and Strategic Investments

 

  • develoPPP Ventures for South African Startups: The German Corporation for International Cooperation (GIZ) has launched develoPPP Ventures to support South African startups with up to EUR 100,000 in grants. This initiative targets small and growing businesses that demonstrate potential for social or environmental impact alongside economic benefits. Selected startups will also receive tailored technical assistance, helping them scale and attract further investment. Applications are open until June 30. Read More

 

Technological Innovation and Support Platforms

  • Climate Tech Funding in Africa: In 2024, climate tech startups in Africa have attracted $325 million, making up 45% of the total $721 million raised by tech startups on the continent. This marks a significant shift, as climate tech has overtaken fintech in funding for the first time, driven by the growing importance of sustainable solutions in addressing environmental challenges. Read More

  • Ixia Capital's Venture into UAE iGaming: Ixia Capital, a new venture capital fund, is focusing on the emerging igaming market in the UAE with a $20 million fund. The fund aims to invest in high-growth gambling companies at the seed to Series A stages, launching over 25 startups in online gaming, web3, and blockchain over the next five years. This move comes as the UAE prepares for regulated gaming, presenting significant opportunities for growth in the region. Read More

 

Sector-Specific Developments and Resilience

 

  • Logistics and Transport Funding in Africa: In 2024, logistics and transport have become the leading sectors for startup funding in Africa, securing $215 million, which is 29% of the total investment. This shift occurs amid a decline in fintech investments, which now account for only 22% of funding, down from over half the previous year. Additionally, Climate Tech has gained prominence, representing 45% of the total funding, highlighting a growing focus on sustainable solutions. Read More

  • Haveli Investments in Abu Dhabi: Brian Sheth’s Haveli Investments is establishing an office in Abu Dhabi, joining a wave of companies setting up in the region. This move is part of a broader agreement in which Abu Dhabi Catalyst Partners, a joint venture between Mubadala Capital and Alpha Wave Global, will invest in software strategies managed by Haveli. This initiative is expected to enhance the emirate’s position as a key hub for technology and investment. Read More

 

Investment Trends and Opportunities

 

  • Breega's $75 Million Fund for African Startups: Paris-based venture capital firm Breega has launched a $75 million fund, Breega Africa Seed I, to invest in early-stage startups across Africa. The fund aims to support 40 startups, particularly in Francophone Africa, focusing on sectors like ed-tech, agrotech, insurtech, fintech, logistics, and healthtech. Breega, which has previously invested in over 100 startups globally, will provide financial support along with operational expertise and international exposure to the selected African startups. Read More

  • Rasan's IPO Success: Saudi fintech startup Rasan has gone public on the Tadawul exchange, seeing its shares surge by 30% on the first day of trading. The IPO was significantly oversubscribed, attracting $29 billion in orders while aiming to raise $224 million. This public offering has pushed Rasan’s market cap close to $1 billion. Rasan, founded in 2016, operates Tameeni, Saudi Arabia’s largest online insurance aggregator, and plans to use the IPO proceeds to further its growth and innovation in the InsurTech sector. Read More

 

 Global Tech Industry and Startup Trends & News This Week

 

Good news for Indian startups! Overall funding saw a slight uptick at $4.1 billion in the first half of 2024 [ET Tech]. There was also a significant weekly jump with deals reaching $748.5 million [ET Tech].

The US banned the sale of Kaspersky antivirus software due to security concerns tied to the Russian government [Business Today].

 

 Episodes Recap:

 In this episode of The CTO Show with Mehmet, we welcome Karthik Suresh , co-founder of Ignition, an AI product success platform. Karthik shares his remarkable journey from Wall Street’s high-frequency trading to product management roles at Facebook, and ultimately to co-founding Ignition. He discusses the pivotal moments that led him to focus on product management and startup growth, highlighting the differences between working in large corporations and startups. Karthik explains the market gap that Ignition addresses, particularly in the go-to-market process and product launches.

In this episode of The CTO Show with Mehmet, Matt Swalley , co-founder and Chief Business Officer of Omneky, joins us to explore the transformative power of AI in marketing. Matt shares his journey from a 13-year tenure at AT&T, leading sales teams and corporate strategy, to co-founding Omneky, an AI-powered marketing platform. He discusses how Omneky leverages data and generative AI to create personalized and scalable advertisements, addressing the challenges posed by today’s fragmented and fast-paced digital environment. 

In this episode of The CTO Show with Mehmet, we sit down with Sonia Couto , a two-time tech founder from Toronto, Canada. Sonia shares her incredible journey from working in accounting and operations to becoming a successful entrepreneur in the tech industry. She discusses the pivotal moments in her career, the importance of resilience and authenticity in leadership, and how she turned challenges into opportunities.

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Thank You 🙏: Your engagement drives our shared journey forward. Here's to another week of innovation and growth!

 

Best, Mehmet