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- MEA Tech & Startup Digest: Issue #91
MEA Tech & Startup Digest: Issue #91
Mehmet Gonullu
November 03, 2024
Welcome to the 91st edition of “The CTO Show’s MEA Tech & Startup Digest”! 🎉
In this edition, we delve into the dynamic landscape of start-ups, venture capital, and investment trends shaping the Middle East and beyond. This month, we spotlight significant funding rounds, strategic partnerships, and emerging markets that are driving innovation and economic diversification in line with Saudi Arabia’s Vision 2030.
Whether you’re one of our 2,150 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!
🌟 Feature Article: Saudi Aramco’s Bold Bet on AI Innovation
Saudi Aramco’s Wa’ed Ventures Allocates $100M to AI Start-ups
Saudi Aramco’s venture capital arm, Wa’ed Ventures, has committed a substantial $100 million to invest in AI-focused startups globally, emphasizing sectors like energy and sustainability. This initiative is bolstered by an advisory board of global AI leaders, aiming to foster innovation beyond the oil sector and align with Saudi Arabia’s Vision 2030.
💡 Venture Capital & Funding Highlights
• Innovative Investments in Early-Stage Start-ups
ISSF Invests $5M in Rua Growth I LP
Jordan’s ISSF has invested $5 million in Rua Growth I LP, a Saudi venture capital fund targeting early-stage startups in marketplaces, fintech, and SaaS. This partnership aims to bolster Jordan’s entrepreneurial ecosystem and enhance regional competitiveness.
• Deep Tech Expansion with Beta Lab’s $300M Fund
Beta Lab has launched a $300 million fund to support deep tech startups, fostering cross-border innovation between the Middle East and Southeast Asia. This initiative is a collaboration between key regional and international stakeholders.
• Gulf Islamic Investments Raises $100M for Private Equity
GII has secured an additional $100 million to enhance its private equity initiatives across Saudi Arabia and the GCC, supporting projects aligned with Vision 2030 to attract foreign investment and create local employment.
• Saudi PIF to Anchor Brookfield’s $2B Middle East Fund
Saudi Arabia’s Public Investment Fund (PIF) has entered into a non-binding agreement to become the anchor investor in Brookfield Asset Management’s new $2 billion Middle East-focused private fund. Announced during the Future Investment Initiative summit in Riyadh, the fund aims to diversify investments and support Saudi Arabia’s Vision 2030 goals.
📈 Start-Up Growth & Funding Rounds
• Nabt Secures $1.5M Seed Funding
Saudi foodtech startup Nabt has raised $1.5 million in a seed round led by Merak Capital, aiming to enhance its B2B marketplace connecting farmers with businesses, in line with Vision 2030’s goals for food security.
• Pass Raises $2.7M for Regional Expansion
Qatar-based delivery app Pass has secured $2.7 million to expand into Egypt and Saudi Arabia, strengthening its market presence and developing new products.
• Insider Closes $500M Series E Funding
US-based AI platform Insider has raised $500 million in Series E funding led by General Atlantic, aiming to enhance its omnichannel customer engagement solutions globally.
🔄 Mergers & Acquisitions
• Elphinstone Acquires Trikl to Expand Retail Investments
Pakistani fintech Elphinstone has acquired Trikl, enhancing its investment platform and expanding Pakistan’s retail investment infrastructure.
• Wasoko and MaxAB Merge to Form $526M E-commerce Powerhouse
African B2B e-commerce platforms Wasoko and MaxAB have merged, creating a unified entity valued at $526 million, serving over 450,000 merchants across multiple African markets.
🌍 Regional Market Insights
• Saudi Arabia Emerges as a Key Exit Market for Start-ups
With over 13 companies planning IPOs in the next two years, Saudi Arabia is becoming a significant exit market, supported by streamlined processes on the Tadawul Nomu market and Vision 2030’s economic diversification.
• Turkey’s Start-Up Ecosystem Sees $754M in Investments
Despite economic challenges, Turkey’s start-up scene attracted $754 million in investments during Q3 2024, driven by growth in health, biotech, AI, and sustainability sectors.
🤝 Strategic Partnerships
• Mubadala Capital & Seviora Holdings Forge Global Investment Alliance
Mubadala Capital and Seviora Holdings have signed an MOU to establish a strategic partnership, focusing on co-investment opportunities in Singapore and the UAE.
• BIM Ventures and SBI Holdings Launch BIM Capital
Saudi venture studio BIM Ventures partners with Japan’s SBI Holdings to create BIM Capital, targeting $200 million in foreign direct investment to support diverse sectors including technology and real estate.
🔍 Emerging Trends & Future Outlook
• Sawari Ventures Targets $200M for African Market Expansion
Egypt-based Sawari Ventures is set to launch its second fund, aiming to raise $200 million to invest in North and West African startups across fintech, deep tech, and more.
🏢 PropTech & Sustainability Initiatives
• ARKTECH Raises $1M to Innovate Real Estate Investments
Saudi proptech startup ARKTECH has secured $1 million to advance its utility contract trading platform, promoting investment solutions that align with economic and sustainability goals.
• Tharawat Green Exchange Secures $450K for Blockchain Sustainability
TGE, a Saudi Web3 provider, received a $450,000 investment from Adaverse to enhance its blockchain infrastructure for environmental sustainability projects.
🎙️Episodes Recap:
In this episode of The CTO Show with Mehmet, we dive deep into the entrepreneurial journey of Miguel Sarenas, a third-time bootstrap founder who has recently sold his AI startup just three months after its launch. Miguel shares his insights on how bootstrapping and strategic decision-making contributed to his early exit. He emphasizes the importance of aligning opportunities with company goals and being open to selling at the right time when alignment exists.
In this episode of The CTO Show with Mehmet, we welcome Eli Farhood, the founder and CEO of KatchID, a pioneering company focused on reinventing identity protection through innovative biometric solutions. Eli shares his personal journey that led him to start KatchID, driven by his experiences as a two-time victim of identity theft. He highlights the growing risks of personal information misuse and data breaches in the digital world, explaining why protecting personal information is not just critical for high-profile individuals but for everyone, regardless of their financial status.
In this episode of The CTO Show with Mehmet, we dive deep into the dynamic world of loyalty programs with Maria Alvarez, Chief Business Development Officer and Board Member of CheckRewards. Maria shares her journey from Eastern Europe to Latin America and now to the MENA region, highlighting her expertise in data-driven marketing and her passion for connecting brands with consumers through loyalty and rewards programs.
🔗 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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Thank You 🙏: Your engagement drives our shared journey forward. Here's to another week of innovation and growth!
Best, Mehmet