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- MEA Tech & Startup Digest: Issue #85
MEA Tech & Startup Digest: Issue #85
Mehmet Gonullu
September 22, 2024
Welcome to the 85th edition of “The CTO Show’s MEA Tech & Startup Digest”! 🎉
This week, we’re exploring how massive investments in AI are reshaping the tech landscape across the Middle East, Türkiye, and Africa. From groundbreaking educational initiatives to transformative fintech solutions and a monumental $100 billion AI infrastructure investment, there’s a wealth of innovation to dive into.
Whether you’re one of our 2,080 subscribers or new to our community, we’re thrilled to have you join us on this journey of discovery and growth in tech, startups, and entrepreneurship.
Let’s dive into this week’s rich insights!
🌍 Regional Investment Highlights & Startup Insights:
EdTech Innovations: Shaping the Future of Education
The education sector in MENA is witnessing a transformative shift, propelled by startups integrating technology to enhance learning experiences.
• NextEra Education’s $42M Initiative in Egypt
Egypt is set to revolutionize its educational landscape with NextEra Education’s substantial investment of $42 million. Backed by EYouth and prominent Egyptian businessmen, the initiative aims to modernize curricula, incorporate advanced AI technologies, and establish partnerships with esteemed international universities. Programs will focus on critical fields such as artificial intelligence, cybersecurity, data science, and business administration, equipping students with skills essential for the evolving global economy.
• LabLabee’s Expansion into the US Market
Algerian startup LabLabee has secured $3.4 million in seed funding to expand its hands-on learning platforms into the United States. Founded in 2021, LabLabee addresses the skill gaps in the telecom sector by providing immersive training in cutting-edge technologies like 5G, cloud computing, and AI. This move signifies the growing recognition of African edtech solutions on the global stage.
• Farid’s Focus on Character Education and Mental Health
Recognizing the importance of holistic development, Egyptian startup Farid has raised $250,000 in pre-seed funding to expand its platform focused on character building and mental health support for youth aged 3 to 18. As the first in the MENA region to offer one-on-one sessions in this domain, Farid is set to extend its reach to Saudi Arabia and the UAE.
Fintech Advancements: Driving Financial Inclusion
Fintech startups are playing a pivotal role in enhancing financial accessibility and efficiency in the region.
• UmrahCash’s Solution for Pilgrims
Saudi-based UmrahCash has attracted a $500,000 investment to improve financial services for Umrah and Hajj pilgrims. By allowing payments in pilgrims’ home countries and facilitating currency exchange upon arrival, the platform simplifies financial transactions, aligning with Saudi Arabia’s Vision 2030 goals to enhance the pilgrimage experience.
• SETTLE’s Modernization of B2B Payments
Egyptian startup SETTLE has raised $2 million in pre-seed funding to revolutionize enterprise financial operations. By integrating with leading banks and ERP systems, SETTLE streamlines payments, receivables, and treasury management, providing real-time financial insights for businesses.
• Darent’s Seed Funding to Enhance Proptech Solutions
Saudi-based proptech startup Darent has closed a seed funding round led by Al Tawuniya Insurance, with participation from the Morgan Stanley Inclusive Ventures Lab and BIM Ventures. Founded in 2021 by Hanin Al-Subaie, Darent connects property owners with tenants through an AI-enhanced platform. The new funds will be used to bolster their AI technology and support marketing efforts. Notably, Darent has launched the region’s first insurance project for vacation rentals in partnership with Al Tawuniya Insurance, aligning with Saudi Arabia’s Vision 2030 to boost tourism.
AI and Tech Infrastructure: The Next Frontier
The technological landscape is rapidly evolving, with significant investments in artificial intelligence and infrastructure.
• Global AI Infrastructure Investment Partnership
In a monumental move, BlackRock and Microsoft have partnered with Global Infrastructure Partners and Dubai’s MGX to launch a $100 billion investment in AI infrastructure. This initiative focuses on developing data centers and energy projects primarily in the U.S. and allied countries, aiming to bolster the AI supply chain and energy sourcing.
• Seez’s Expansion into the US Market
UAE-based automotive SaaS company Seez has raised $4.2 million to accelerate its entry into the US market. Pioneering AI solutions for car dealerships and manufacturers, Seez enhances customer experiences and boosts sales through innovative software products.
Venture Capital Movements: Bridging Markets
Strategic acquisitions and expansions by venture capital firms are reshaping the investment landscape.
• Sultan Ventures’ Acquisition of Acasia Group
US-based Sultan Ventures has acquired Egyptian angel syndicate and incubator Acasia Group, enhancing its presence in the MEA region. This acquisition aims to create a robust US-MENA bridge, combining venture acceleration expertise with local startup support.
• Qatar Investment Authority’s Global Expansion
The Qatar Investment Authority is expanding into Australia, Korea, and Southeast Asia, focusing on sectors like technology and pursuing take-private deals in Japan. This diversification reflects a strategic move to tap into emerging markets and industries.
• Picus Security’s $45M Funding Round
Turkish cybersecurity firm Picus Security has secured $45 million to enhance product innovation and expand globally. With a unique approach to cybersecurity validation, Picus is set to strengthen its position in the industry.
Sustainability and Environmental Impact
The focus on sustainability is increasingly influencing investment decisions.
• Plain Tiger’s Eco-Friendly Marketplace
UAE-based Plain Tiger has received investment to expand its B2B marketplace, connecting hotels with sustainable suppliers. By promoting eco-friendly products, the platform helps the hospitality industry reduce costs and environmental impact.
Community Building and Networking
Strong networks are essential for entrepreneurial success.
• Sira’s Economic Impact Through Community
Jordan-based Sira has generated $3.2 million in value among its members by fostering a values-driven business community. Operating in Jordan, the UAE, and Saudi Arabia, Sira emphasizes authentic connections over traditional networking, contributing to significant economic growth.
Corporate Partnerships with Startups
Collaborations between established corporations and startups drive innovation.
• Pegasus Airlines Partners with ITU Çekirdek
Turkey’s Pegasus Airlines has become a “Golden Stakeholder” with ITU Çekirdek, Istanbul Technical University’s incubation center. This partnership aims to support tech-focused startups through financial awards, mentorship, and global market access.
🎙️Episodes Recap:
In this episode of The CTO Show with Mehmet, we are joined by IT veteran David Boscia , who brings over 32 years of experience in the IT domain, including leadership roles at NCR Corporation. David shares his journey managing tens of thousands of endpoints, discussing the complexities of handling a global network of devices and the challenges that arise in ensuring compliance, security, and smooth user experience.
In this episode of The CTO Show with Mehmet, we are joined by Colm Nee , CTO of Enlighted, a Siemens company focused on IoT and sustainability. Colm shares his journey and expertise in using AI and IoT to create smarter, more energy-efficient buildings. With a background in machine learning, Colm is passionate about solving complex problems, particularly those related to sustainability in commercial buildings. Throughout the conversation, we delve into the challenges and innovations surrounding data exchange, energy efficiency, and occupant experience in smart buildings.
In this episode of The CTO Show with Mehmet, Mehmet is joined by Nicky Senyard , Founder and CEO of Fintel Connect, a leader in affiliate marketing for financial services. Nicky shares her journey of over 24 years in affiliate marketing, highlighting her work with banks, credit unions, and fintechs to help them scale their operations. She delves into the unique challenges and opportunities of integrating affiliate marketing into the heavily regulated financial industry, emphasizing the importance of timing and adaptation in business success.
🔗 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.
- Wows Global: This 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 get guided towards your financing goals. Join and gain the attention of the biggest investors in the ASEAN & MENA regions.
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Best, Mehmet