MEA Tech & Startup Digest: Issue #87

Author

Mehmet Gonullu
October 06, 2024

Welcome to the 87th edition of The CTO Show’s MEA Tech & Startup Digest! 🎉

We're thrilled to bring you a collection of the most exciting and transformative developments from emerging markets around the world. This issue highlights inspiring stories of innovation, entrepreneurship, and collaboration that are reshaping industries and communities across the Middle East, Africa, and beyond. We hope these insights spark your curiosity and enthusiasm for the incredible opportunities unfolding in these dynamic regions.

Whether you’re one of our 2,096 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:

 

1. Investment Trends in Emerging Markets

 

Agility Global Backs Global Ventures' Third Fund

Agility Global has invested in Global Ventures' third fund, aiming to support early-stage companies in the Middle East and Africa (MEA) that focus on supply chain technology, energy tech, and agri-tech. This partnership underscores a growing interest in sectors addressing critical infrastructure and resource efficiency challenges in the region.

Why It Matters: This collaboration signifies a strategic effort to nurture startups offering sustainable solutions in essential industries. Such investments can lead to substantial long-term benefits while contributing to regional development.

Saudi Arabia's Al Menu Secures $10 Million to Revolutionize F&B Operations

Al Menu, a Saudi-based SaaS provider for the food and beverage industry, has raised over $10 million to expand its cloud-based solutions. The funding will enhance the efficiency of restaurants and cafes, aligning with Saudi Arabia's Vision 2030 to modernize and diversify its economy.

Why It Matters: The F&B sector in Saudi Arabia is ripe for technological transformation. Investments in platforms like Al Menu promise not only improved operational efficiency but also contribute to the broader economic goals of the region.

2. Technological Advancements and AI

Turkey's Novus Raises $1.5 Million to Advance AI Platform DOT

Novus, a rising AI startup from Turkey, has secured $1.5 million in funding led by Vestel's Future Impact Fund. This investment will fuel the development of their AI platform, DOT, which enables businesses to create AI agents without coding. Novus plans to expand into European markets and the U.S. by 2025.

Why It Matters: Novus exemplifies the innovative potential within emerging tech hubs. By simplifying AI integration for businesses, they're positioning themselves at the forefront of the AI revolution, making significant strides in democratizing technology.

Podeo Secures $5.4 Million to Expand Podcast Distribution

Dubai-based podcast platform Podeo has raised $5.4 million in Series A funding to accelerate its global expansion. With plans to enhance AI capabilities and enter new markets, Podeo is set to reshape podcast distribution and monetization.

Why It Matters: The surge in digital content consumption presents vast opportunities. Podeo's focus on AI and global reach could disrupt the podcast industry, offering creators and listeners innovative ways to engage with audio content.

3. Fintech Innovations

Ivorian Fintech Daba Wins 2024 Ecobank Fintech Challenge

Daba, a fintech startup from Ivory Coast, has won the prestigious Ecobank Fintech Challenge, earning $50,000 and a spot in the Ecobank Fintech Fellowship. Their platform connects investors with capital seekers and tech companies, aiming to bridge Africa's capital-to-opportunity gap.

Why It Matters: Daba's recognition highlights the vibrant fintech landscape in Africa. By facilitating investment flows within the continent, they're addressing a crucial need for economic growth and access to capital.

Egypt's Bokra and CIC Launch $207,000 Fund for Student Entrepreneurs

Fintech company Bokra has partnered with the Canadian International College to support Egyptian student entrepreneurs. The fund aims to provide mentorship and seed funding, fostering innovation at the grassroots level.

Why It Matters: Investing in youth entrepreneurship is key to sustainable economic development. Initiatives like this cultivate talent and create a pipeline of innovative startups that can drive future economic growth.

4. Energy and Infrastructure Investments

Standard Bank Group and Meridiam Partner to Boost Energy Investment in Africa

Standard Bank Group has teamed up with Meridiam to explore investment opportunities in alternative energy infrastructure across Africa. This partnership aims to drive renewable energy projects and stimulate economic growth on the continent.

Why It Matters: Energy infrastructure is fundamental to Africa's development. Collaborations like this can unlock significant value and address the pressing energy needs, promoting sustainable growth.

5. Regional Collaboration and Support Initiatives

Entlaq Partners with Savannah to Support Sudanese Entrepreneurs in Egypt

Egypt-based think tank Entlaq has partnered with Sudanese incubator Savannah to aid Sudanese migrant and refugee entrepreneurs. The program offers training and mentorship to help them integrate into Egypt's formal economy.

Why It Matters: Supporting migrant entrepreneurs fosters inclusivity and leverages diverse talents. Such initiatives enrich the business ecosystem and promote socio-economic integration.

6. E-commerce and Adtech Developments

Kuwait's Bazzar Gate Raises $1 Million to Expand Dropshipping Platform

Bazzar Gate, an e-commerce startup from Kuwait, has secured $1 million to scale its Partners platform. The platform simplifies dropshipping, allowing users to set up e-commerce businesses quickly by integrating inventory, logistics, and payments.

Why It Matters: The e-commerce sector in the Middle East is expanding rapidly. Platforms like Bazzar Gate lower entry barriers for entrepreneurs, fostering economic activity and innovation in the digital marketplace.

Saudi Adtech Startup Quantum Attracts Investment from HearstLab

Quantum, an adtech company based in Saudi Arabia, has received funding from HearstLab as part of its $7 million Pre-Series-A round. Quantum's platform enhances the advertising process by connecting advertisers directly with publishers and providing data analytics to optimize campaigns.

Why It Matters: Quantum's innovative approach to adtech aligns with global trends toward data-driven marketing solutions. Their growth potential in the Middle East positions them as a significant player in the technology sector.

Closing Thoughts

The stories highlighted in this issue reflect a vibrant and evolving landscape in emerging markets. From technological innovation in AI and fintech to strategic partnerships in energy and support for entrepreneurship, there are ample opportunities for those interested in the growth and development of these regions.

We hope you found these insights valuable and inspiring. Stay tuned for more updates on the remarkable progress and opportunities that continue to emerge across these dynamic markets.

🎙️Episodes Recap:

 

In this episode of The CTO Show with Mehmet, host Mehmet Gonullu sits down with Gagan Singh , Founder and CEO of WOWS Global, to discuss the intricacies of startup fundraising, navigating private markets, and the increasing importance of secondary transactions. Gagan shares his unique perspective, having experienced both sides of the table as a venture capitalist and entrepreneur. He dives deep into how WOWS Global is reshaping the fundraising landscape for startups by providing liquidity solutions and essential tools for private markets.

 

In this insightful episode of The CTO Show with Mehmet, we are joined by Erik Salo , Vice President of Marketing and Product Management at Vdura, to dive deep into the critical role that data plays in AI innovation. Erik shares his extensive career journey, starting from his early days in data storage to his leadership roles at major tech companies like AMD and Seagate, and now at Vdura, where he is at the forefront of storage solutions for High-Performance Computing (HPC) and AI.

 

In this episode of The CTO Show with Mehmet, we sit down with Hubert Behaghel , CTO of Veriff, to discuss the critical intersection of AI, security, and user experience in the digital age. As the internet continues to evolve, establishing digital trust has become more essential than ever, especially with the rise of identity fraud and impersonation threats.

🔗 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.

 

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

Disclaimer: The information provided in this newsletter is for informational purposes only and should not be considered investment advice. Please conduct your own due diligence before making any investment decisions.