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- MEA Tech & Startup Digest: Issue #92
MEA Tech & Startup Digest: Issue #92
Mehmet Gonullu
November 10, 2024
Welcome to the 92nd edition of “The CTO Show’s MEA Tech & Startup Digest”! 🎉
In this edition, we explore the latest developments in the Middle East and African startup ecosystem, highlighting significant funding rounds, strategic acquisitions, and emerging trends that are reshaping the region's technological landscape. From innovative AI solutions to sustainable agriculture, we're covering the most impactful stories that matter to our community.
Whether you’re one of our 2,166 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 Story: Saudi Arabia's Strategic Tech Investments
Saudi Venture Capital Commits $20M to BECO Capital's Fund
Saudi Venture Capital (SVC) has made a significant $20 million investment in BECO Capital's Booster Fund IV, targeting early-stage technology startups across MENA. This strategic move reinforces Saudi Arabia's commitment to fostering regional entrepreneurship and innovation.
💡 Venture Capital & Funding Highlights
• Arzan VC Launches Revenya Capital with $2M Seed
Kuwait-based Arzan VC has partnered with Ahmad Takatkah to launch Revenya Capital, offering revenue-based financing for MENA startups. The initiative begins with $2 million in seed funding, providing non-dilutive financing options ranging from $50,000 to $500,000.
• Janngo Capital Raises $78M for African Startups
African VC firm Janngo Capital has exceeded its target by raising $78 million from major institutions including the U.S. International Development Finance Corporation and African Development Bank, planning investments up to €5 million per startup.
📈 Start-Up Success Stories & Funding Rounds
• NorthLadder Secures $10M Series B
UAE-based NorthLadder has raised $10 million in Series B funding led by tali ventures, with participation from Dutch Founders Fund and Crescent Ventures, to expand its pre-owned electronics trading platform globally.
• IOTA Software Raises $10.4M Series A2
IOTA Software has secured $10.4M in Series A2 funding led by Altira Group, with participation from Aramco Ventures and others, to enhance its cloud-native platform for industrial enterprises.
• Mush Social Raises $1.2M Pre-Seed
Saudi Arabian social media startup Mush Social has secured $1.2 million in pre-seed funding led by Nifal Consulting, developing innovative features for virtual asset ownership and user engagement.
• Brands.io Secures Seed Funding
UAE-based AI startup Brands.io has secured seed funding to enhance its platform providing customized domain names for AI sector companies, with plans to expand across EMEA region.
• Cathedis Raises $713K
Morocco-based last-mile delivery startup Cathedis has secured $713,000 from FCV and Beltone Venture Capital to enhance infrastructure and expand internationally.
🔄 Mergers & Acquisitions
• Ayen Acquires Elmawkaa
Saudi proptech Ayen has acquired Egyptian construction technology startup Elmawkaa in a seven-figure SAR deal, integrating construction material marketplace capabilities into its real estate platform.
🌍 Regional Market Insights
• Türkiye's Unicorn Vision 2030
Türkiye has set an ambitious goal of creating 100 unicorns by 2030, with the aviation sector emerging as a key contributor. The country's strategic location and infrastructure development are attracting innovative startups in airport operations and management.
• Egypt Ventures Launches Corporate Partnership Initiative
Egypt Ventures has introduced a new initiative connecting major Egyptian corporations with startups, starting with Cleopatra Hospitals Group to accelerate healthtech innovations.
🚀 Notable Emerging Startups
• Warburg AI Secures $250K Seed Funding
UAE-based Warburg AI has raised $250,000 to enhance its AI and machine learning solutions for financial institutions, focusing on algorithmic trading and risk management.
• Newky Receives Investment from Kayacan Ventures
Turkish automotive cybersecurity startup Newky has secured funding to expand its AI and IoT-based solutions globally, aiming to become a leading player in vehicle cybersecurity.
• Teradix Wins $140K TAQADAM Grant
Egyptian e-procurement solutions provider Teradix has been awarded a $140,000 grant from KAUST's TAQADAM Accelerator to support its expansion into Saudi Arabia.
• T-Vencubator Launches Tafweela
Egyptian VC firm T-Vencubator has announced Tafweela, a prepaid fuel card solution, as its first venture-building project, supporting digital transformation in the transportation sector.
🌱 Sustainability & Innovation
• Viridia Tech Wins $100K Green Accelerator Prize
Egyptian agritech startup Viridia Tech has won the $100,000 grand prize in the 2024 Mega Green Accelerator for their AI-driven agricultural data analytics platform, showcasing the region's commitment to sustainable innovation.
🎙️Episodes Recap:
In this episode of The CTO Show with Mehmet, we dive into the exciting world of AI, automation, and innovation with Michael Todasco . Mike shares his journey from starting as an accountant to evolving into a leader in product management and innovation, including his influential role at PayPal. With experience in one of Silicon Valley’s most dynamic environments, Mike has firsthand insights into how emerging technologies are reshaping the landscape of business and consumer behavior.
In this episode of The CTO Show with Mehmet, we’re thrilled to have West Stringfellow , a product and technology visionary with an impressive track record of launching zero-to-one innovations at companies like Amazon and PayPal, leading transformations at Fortune 500 companies such as Visa and Target, and accelerating startups with Techstars. Currently the Founder and CEO of Howdo, West joins us to share valuable insights on innovation strategies, data-driven decision-making, and building effective teams that fuel growth and 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.
- 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