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- MEA Tech & Startup Digest: Issue #94
MEA Tech & Startup Digest: Issue #94
Mehmet Gonullu
November 24, 2024
Welcome to the 94th edition of “The CTO Show’s MEA Tech & Startup Digest”! 🎉
In this edition, we explore groundbreaking developments in the MENA tech ecosystem, from landmark IPO announcements to strategic investments across fintech, e-commerce, and sustainable mobility sectors. Whether you're one of our 2,200 subscribers or new to our community, we're excited to share these valuable insights into tech, startups, and entrepreneurship.
Let’s dive into this week’s rich insights!
🌟 Feature Story: MENA's First Potential Tech Decacorn
Talabat Announces Landmark IPO on Dubai Financial Market
The region's leading food delivery platform Talabat has announced its IPO with a price range of AED 1.5-1.6 per share, targeting a valuation of up to $10.15 billion. Offering 15% of its share capital, Talabat is poised to become MENA's first tech company to exceed $10 billion in market cap. The company reported impressive growth with $5.4 billion GMV and $271 million net profit in the first nine months of 2024.
💡 Major Funding Rounds & Investments
• EFG Hermes Launches $300M Saudi Education Fund
EFG Hermes has established a $300 million Saudi Education Fund, acquiring Britus Education's portfolio of seven international schools across Saudi Arabia, UAE, and Bahrain, serving 12,000 students.
• TeaLeaf Secures $6M Strategic Round
FasterCapital has led a $6 million investment in TeaLeaf, an AI-driven business analytics platform, supporting its global expansion plans.
• Locad Raises $9M for GCC Expansion
Singapore-based logistics startup Locad has secured $9 million in pre-Series B funding to fuel its expansion into UAE and Saudi Arabia, enhancing its AI-driven logistics capabilities.
🔗 Read More • Pemo Raises $7M Pre-Series A UAE-based fintech secured funding from Shorooq Partners and Augmentum Fintech to enhance its corporate card and spend management platform, with plans to expand into Saudi Arabia. 🔗 Read More
🚀 Regional Ecosystem Updates
• Türkiye's Fintech Success at Slush 2024
Turkish fintech companies secured over $300 million in funding during Slush 2024 in Helsinki, showcasing the country's growing digital infrastructure and innovation potential.
• MEVP Achieves Second Full Exit from Fund II
Middle East Venture Partners has completed its second full exit from Fund II, achieving a 118% DPI ratio and demonstrating strong returns for investors.
📈 Emerging Growth Stories
• Qara Raises $2.6M for Saudi Expansion Egyptian supply chain startup securing funding to enhance its product authentication platform serving 35+ manufacturers. 🔗 Read More
• Amenli Secures $2.3M Egyptian insurtech broker receiving backing from EBRD and Y Combinator to digitize insurance experience. 🔗 Read More
• EdfaPay Closes $5M Pre-Series A Saudi fintech expanding its tap-to-pay solution across MENAP region. 🔗 Read More
• Ariika Raises $3M Series A Extension Egyptian furniture e-commerce platform expanding to Saudi Arabia and Iraq. 🔗 Read More
🌱 Sustainability & Innovation
• Solarbox Africa Secures $1M Pre-Seed Senegalese eMobility startup revolutionizing transportation with solar-powered solutions, achieving 60% cost savings compared to traditional vehicles. 🔗 Read More
🚀 Early-Stage Funding Highlights
• Bubbl: $350K for Saudi social networking platform 🔗 Read More
• Shipfinex: $1.5M for maritime fintech innovation 🔗 Read More
• Popcorn AI: $500K for conversational commerce 🔗 Read More
🔄 Strategic Moves
• Jada Fund of Funds Backs SEEDRA Ventures Saudi PIF subsidiary supporting early-stage startups through investment in Fund II. 🔗 Read More
🎙️Episodes Recap:
Join us for an insightful conversation with Ahmad Baitalmal , Co-founder and CTO of Mytra, as he shares his journey from Tesla's manufacturing innovation to revolutionizing warehouse automation. Learn how Mytra is transforming traditional warehouses with autonomous robots that can think, communicate, and solve problems independently.
In this episode of The CTO Show with Mehmet, we sit down with Joe Conley , an accomplished CTO and the founder of Techsight, to dive deep into the intricacies of technology leadership and innovation. With over 16 years of experience in software engineering, Joe has honed his expertise in scaling data platforms, navigating M&A due diligence, and driving efficiency for startups and established businesses alike.
🔗 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