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- MEA Tech & Startup Digest: Issue #81
MEA Tech & Startup Digest: Issue #81
Mehmet Gonullu
August 25, 2024
Welcome to the 81st 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 2040 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!
🌍 Regional Investment Highlights & Startup Insights:
Funding Rounds and Investments
Mithu
Mithu, a Saudi Arabia-based loyalty platform aggregator, secured $500,000 in a pre-seed round from Adaverse. Mithu aggregates various loyalty programs into a single, gamified app to enhance customer engagement, particularly in the food and beverage sector.
StartupCentrum
Turkish StartupCentrum, a global startup and data platform, secured $440,000 in investment at a $10 million valuation. The funds will be used to expand the platform’s reach and technology capabilities.
Asas Specialised Information Technology
Asas, a Saudi Arabian IT services provider, secured $320,000 in pre-seed funding to accelerate the development of its Resquad AI platform.
Resal
Resal, a Saudi-based e-gifting platform, secured $9 million in a Series A funding round led by Derayah Ventures. The investment will accelerate Resal’s growth in Saudi Arabia.
Yalla Plus
Yalla Plus, a Saudi foodtech startup, closed a $2.7 million seed funding round led by Merak Capital. The startup aims to expand its reach to 100,000 entrepreneurs across multiple regions.
Falcon Gate Ventures
Gate Ventures and the Blockchain Center in Abu Dhabi have launched Falcon Gate Ventures, a $100 million fund aimed at driving global blockchain innovation.
PostEx
Pakistan’s fintech startup PostEx secured $7.3 million in a pre-Series A round led by Conjunction Capital to support its expansion into the GCC.
Waza
Waza, a Nigerian B2B payments platform, secured $8 million in funding to expand into emerging markets, including $5 million in debt financing from Timon Capital.
KBW Ventures
KBW Ventures, led by Prince Khaled bin Alwaleed, made its first investment in Egypt by backing NoorNation, a climate tech startup providing decentralized energy solutions.
Workpay
Kenyan HR and payroll startup Workpay raised $5 million in a Series A round led by Norrsken22, with Visa and Plug and Play among the investors.
T-Vencubator
T-Vencubator, a leading venture capital firm in Egypt, launched its first investment program, aiming to support five startups by 2025.
Mergers and Acquisitions
Meteora Developers
Meteora Developers, a UAE-based real estate company, acquired Maisour, an Emirati property crowdfunding platform, in a multimillion-dollar deal.
Accelerator Programs
Lonca Entrepreneurship Center
Lonca Entrepreneurship Center, established by Kuveyt Türk, started its 10th program with 11 new startups selected from over 300 applications.
Company Performance
Jahez
Saudi food delivery company Jahez reported a 31% year-on-year growth in Gross Merchandise Value (GMV) to $837 million for H1 2024.
Strategic Initiatives
FutureMed Ventures KZ
FutureMed Ventures KZ is working to position Kazakhstan as a prime destination for clinical trials, focusing on biotech and medtech innovations.
🎙️Episodes Recap:
In this episode of The CTO Show with Mehmet, we are joined by Mark Stern , founder of the Custom Box Agency, who shares his journey from a corporate career at Deloitte to entrepreneurship. Mark discusses the evolution of his business, which focuses on blending physical and digital experiences to optimize customer journeys. He reveals how physical box experiences can elevate brand identity, increase customer engagement, and drive loyalty in a world that’s increasingly digital.
In this episode of The CTO Show with Mehmet, we are joined by Ramesh Subramanian , a seasoned transformational leader and CFO with over 25 years of experience in global multinationals and government entities. Ramesh shares his deep insights into the critical factors that drive successful digital and business transformation, emphasizing the importance of addressing resistance to change and ensuring that transformations are led from the top with a clear vision. He highlights the need for a comprehensive approach that simultaneously addresses strategy, culture, and capabilities to achieve sustainable success.
In this episode of The CTO Show with Mehmet, we sit down with Danny Nathan , the driving force behind Apollo 21, a company that operates at the intersection of innovation consultancy and product design. Danny shares his insights on how companies, particularly those in the growth stage like Series A and beyond, can move beyond mere “innovation theater” and take meaningful steps toward true innovation that drives long-term success. He discusses the critical importance of operationalizing innovative practices and the challenges companies face when they become too focused on short-term efficiencies and shareholder value at the expense of future growth.
🔗 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.
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Thank You 🙏: Your engagement drives our shared journey forward. Here's to another week of innovation and growth!
Best, Mehmet