MEA Tech & Startup Digest: Issue #76

Author

Mehmet Gonullu
July 21, 2024

Welcome to the 76th 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 1987 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

-      Episodes Recap

-      Useful Resources

 

Let's not wait any longer and dive into this week's rich insights!

 This Newsletter is Supported by WOWS GLOBAL :

For Startups: Embark on your capital raise journey with WOWS. Our investment portal offers you the tools and support to connect with investors, manage your stakeholder relations, and navigate your financing requirements effectively. Start by listing your company and let us guide you towards your financing goals. Join and gain the attention of the biggest investors in ASEAN and MENA Region.

For Investors: Dive into a world of curated investment opportunities with WOWS' My Deal Flow. Our platform equips you with the insights to make well-informed decisions, the connections to get involved with high-potential startups, and the strategies to maximize returns. Get started with WOWS and transform your investment portfolio today.

🌍 Regional Investment Highlights & Startup Insights:

 

E-Commerce Trends

 

South Africa

The e-commerce landscape in South Africa is rapidly evolving, with over 56% of consumers making multiple purchases monthly, driven by convenience and advanced technologies. Clothing and fashion lead the sector, followed by food and drink, while security and customer reviews significantly influence purchasing decisions. Despite AI’s role in price finding and delivery tracking, consumers are less enthusiastic about AI chatbots for queries. Read more

 

Turkey

The Iyzico, ETID, and Dogma Alares report on Turkey’s e-commerce ecosystem highlights significant growth in online shopping, driven by increased internet penetration and mobile usage. Key findings include a rise in consumer trust in digital payments and a surge in e-commerce transactions, particularly in the fashion and electronics sectors. The report also emphasizes the role of technological advancements and regulatory support in shaping the future of e-commerce in Turkey. Read more

 

Funding and Acquisitions

 

Swyt

Swyt, a UAE-based IT solutions provider, has secured an undisclosed amount of seed funding. Founded in 2022 by Edouard Bouvet, Swyt aims to simplify and secure IT operations for businesses with its all-in-one platform. The funding will be used to accelerate R&D and expand Swyt’s presence in the Gulf region, addressing key IT challenges such as complex operations, security threats, and rising costs. Read more

 

Tokinvest

Tokinvest, a UAE-based tokenisation platform, has raised $500,000 in pre-seed funding to enhance its technological infrastructure, expand its team, and accelerate market penetration. Founded by Scott Thiel and Matthew Blom, Tokinvest aims to connect real-world asset issuers with global investors through virtual tokens representing asset rights. This funding follows initial licensing approval from Dubai’s Virtual Assets Regulatory Authority (VARA). Read more

 

Sentient Labs

UAE’s Sentient Labs, a blockchain-based AI startup, has raised $85 million in a seed funding round co-led by Pantera Capital and Framework Ventures. The company, founded in January 2024 by Sandeep Nailwal, Pramod Viswanath, and Himanshu Tyagi, aims to democratize AI development through an open-source platform. The funding will accelerate platform development, team expansion, and partnerships with academic and industry leaders. Read more

 

44.01

Oman-based climatetech startup 44.01 has raised $37 million in a Series A funding round led by Equinor Ventures, with participation from Shorooq Partners and other investors. Founded in 2020, 44.01 uses mineralization technology to eliminate CO2 by converting it into rock. The funding will help refine their technology, develop commercial-scale projects, and expand internationally. Read more

 

Grand Games

Grand Games, a Turkish startup based in Istanbul, has raised $3 million in pre-seed funding to revolutionize mobile game development using AI. The company, which focuses on developing social games, aims to leverage AI to enhance game design and player engagement. This funding will support the further development of their AI capabilities and expand their team to accelerate the creation of innovative mobile gaming experiences. Read more

 

Power League Gaming

Muller & Phipps Middle East has fully acquired Power League Gaming, a leading UAE-based gaming and esports agency. The acquisition will enable Muller & Phipps to scale operations in Dubai and expand into Saudi Arabia by Q4 2024. Founded in 2013, Power League Gaming specializes in gaming strategy, esports activations, content creation, and marketing, and will continue to operate under its current management team. Read more

 

Majarra and Lableb

Majarra, a leading Arabic digital content provider, has acquired Lableb, an Arabic AI and Natural Language Processing (NLP) startup, for an undisclosed amount. This acquisition strengthens Majarra’s position in digital innovation and AI, integrating Lableb’s advanced AI solutions for content discovery and personalization. Lableb will maintain its operational independence under Majarra’s ownership, focusing on tackling challenges in Arabic language processing. Read more

 

Dopay

Egyptian fintech company Dopay has raised $13.5 million in a Series A extension round. The funding will support Dopay’s growth and expansion of its cloud-based payroll and financial services platform, which aims to provide unbanked workers with digital banking solutions. The round was led by Force Over Mass Capital and FMO, with participation from NN Group and other investors. Read more

 

Türk Telekom Ventures and Cohere

Türk Telekom Ventures has invested $450 million in Cohere, an AI startup. This significant investment aims to enhance Cohere’s AI capabilities and expand its product offerings, marking a substantial move in the AI and tech landscape by Türk Telekom Ventures. Read more

 

Programs and Reports

 

Global Energy Council

The Global Energy Council’s Q3 2024 report highlights Aramco’s increased investment in AI and digital technologies to aid its energy transition and meet its 2050 net-zero target. Key areas of focus include AI-driven smart grids, renewable energy forecasting, predictive maintenance, and carbon capture. The report also discusses the involvement of various startups and technological advancements in the geothermal energy and data center cooling sectors. Read more

 

SaudiPreneur Programme

The SaudiPreneur programme celebrated the graduation of its first batch, where 50 selected participants out of 460 applicants completed an intensive three-month training. The program, a collaboration between EYouth and VMS Startup Studio, aimed to cultivate Saudi entrepreneurial talent, culminating in 27 project ideas with 8 finalists. The top three teams received incubation support, with the winning project focusing on an AI-powered platform for youth skill assessment and career guidance. Read more

 🎙️Episodes Recap:

 

 In this episode of “The CTO Show with Mehmet,” Mehmet is joined by Vivek Ramachandran , the CEO and founder of SquareX, for an in-depth discussion on cybersecurity, AI, and browser security. Vivek, a veteran in the cybersecurity field with over 20 years of experience, shares his journey from working at Cisco Systems to becoming an entrepreneur and starting multiple companies, including SquareX. He delves into his fascination with breaking security systems and how this led him to focus on offensive cybersecurity research and training.

 

 In this episode of The CTO Show with Mehmet, we have the pleasure of speaking with Jean-Philippe DIEL , the founder of SymbionIQ, who joins us from New Zealand. Jean-Philippe shares his fascinating journey from his early days in FMCG to his passion for technology and eventual transition into the tech industry. He describes his experiences working with major companies like Samsung and his ventures into entrepreneurship, which ultimately led to the creation of SymbionIQ.

 

 In this episode of The CTO Show with Mehmet, we have a thought-provoking conversation with Francis Lacoste , an executive coach specializing in CTOs and VPs of engineering. Francis shares his journey from being a software engineer to taking on leadership roles at Salesforce and Heroku, and now coaching executives in scaling startups. He delves into the challenges faced by startups as they grow, particularly the transition from a small team to a larger organization. Francis highlights the identity shift that technical co-founders experience as they move from product builders to organizational leaders, emphasizing the importance of understanding and navigating this personal transformation.

 🔗 Useful Resouces: 

-      iAccel Gulf Accelerator: iAccel Gulf Business Incubator (“iAccel GBI”) is a Global Accelerator Network (GAN) certified accelerator that aims to help early-stage tech startups turn their innovative ideas into successful businesses in MENA Region.

-      VC Lab Cohort 16 Applications are now open: VC Lab is the leading venture capital accelerator for new and emerging managers worldwide. The 14-week program provides guidance, structure and a network to complete a fund closing in 6 months or less. Over the last couple of years, roughly half of all successful VC firms launched with VC Lab.

 Connect & Grow with Us

  • Share Your Story 🎙️: Got insights in tech, startups, or entrepreneurship? Reach out and let's feature your journey on "The CTO Show With Mehmet."

  • Support & Collaborate ❤️🤝: Love our content? Support us here and keep the insights coming.

  • Spread the Word 🌟: Know a tech & startup enthusiast? Invite them to our community for weekly doses of innovation and insight.

 

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

 

Best, Mehmet