The CTO Show with Mehmet - Week in Review: Nov 12, 2023

November 12, 2023

Welcome to the 40th edition of "The CTO Show With Mehmet" Weekly Recap Newsletter! If you're new here, a warm welcome to our dynamic community of 1500 subscribers across LinkedIn and Substack. Whether you're here for the first time or a loyal follower, your engagement is the lifeblood of this unique platform dedicated to tech, startups, and entrepreneurship.

 What is inside?

-      Weekly Startup Insights From Middle East, Türkiye & Africa

-      Startup Investments Opportunities Spotlight

-      Recommended Resources and Tools

-      Episodes Recap

 Without further ado, let's dive into this week's multifaceted insights!

 Weekly Startups Insights:

·      MENA Startups' Funding Decline in October 2023 (Source: Wamda)

MENA startups raised $156 million through 35 deals in October 2023, a 55% decrease from September. This reflects global economic challenges and tighter investment. Leading venture capital funds were Nuwa Capital, Flat6Labs, and Nclude, with fintech being the dominant sector.

·      VMS Invests in Egyptian Edtech Akhdar (Source: Wamda)

VMS made a strategic investment in Akhdar, an Egyptian startup offering Arabic-language book summaries. The investment will help Akhdar grow its content library, improve technology, and expand in the Arab world.

·      Norrsken22's African Tech Growth Fund Closes at $205M (Source: TechTrendsKE)

The Norrsken22 African Tech Growth Fund closed at $205 million, aimed at supporting African tech startups with a focus on positive social impact and profitable returns. It's backed by diverse global investors.

·      Novastar Ventures Secures $80M from SBI Holdings (Source: Disrupt Africa)

Pan-African VC firm Novastar Ventures raised $80 million from Japan's SBI Holdings. This is SBI's first investment in Africa, supporting Novastar in funding startups across sectors like education, healthcare, and agriculture.

·      Riyadh Valley Company Invests in Flat6Labs' Seed Fund (Source: Wamda)

RVC invested in Flat6Labs' seed fund to support early-stage tech companies in Saudi Arabia. The partnership aims to create a robust entrepreneurial ecosystem and empower over 100 startups in five years.

·      MNT-Halan's $130M Securitization in Egypt (Source: Disrupt Africa)

Egypt's fintech MNT-Halan raised $130 million through a securitization bond, bringing its 2023 funding to over $400 million. The funds will support expansion and enhance digital lending and e-commerce services.

·      African Startups' Funding Surge in October 2023 (Source: Ecofin Agency)

African startups secured $144.3 million in October 2023, a 23.6% increase from September. Fintech attracted the majority of this investment, highlighting its prominence in Africa. 

·      JobJack's $2.5M Funding to Combat Unemployment in SA (Source: Disrupt Africa)

South African recruitment startup JobJack raised $2.5 million to connect job seekers with opportunities, especially in retail and hospitality, aiming to address high unemployment rates.

·      StarNews Mobile's $3M Funding for African Expansion (Source: Disrupt Africa)

Ivorian mobile video network StarNews Mobile secured $3 million, including investments from French football players, to expand its services across Africa, tapping into the mobile market.

·      African Fintechs' Projected Growth by 2028 (Source: Ecofin Agency)

McKinsey's report predicts African fintechs growing at 30% annually, potentially reaching a $20 billion turnover by 2028, with a focus on scaling operations and innovating around customer needs.

·      Saudi Ajras Raises $2.8M for Proptech Solutions (Source: Wamda)

Saudi-based Ajras raised $2.8 million for digital solutions in property management. The funds will support team expansion, technology development, and growth within Saudi Arabia.

·      Egyptian Startup Awfar's Expansion to Saudi Arabia (Source: Disrupt Africa)

Egyptian SaaS e-commerce startup Awfar raised a six-figure investment to expand into Saudi Arabia. The funding will enhance its product and grow its operations in the region.

·      Turkish Hummingdrone's Investment from Keiretsu Forum (Source: Webrazzi)

Hummingdrone, a Turkish drone technology startup, received an investment from Keiretsu Forum Turkey, valuing the company at $1.5 million. The funds will enhance technology and service quality.

·      SC Ventures and SBI Holdings' Digital Asset Firm in UAE (Source: Wamda)

SC Ventures and SBI Holdings launched a digital asset investment firm in the UAE, focusing on fintech startups and digital assets, leveraging the UAE's blockchain and digital asset hub status.

·      CloudFret's $2.1M Round for Logistics in Morocco and Europe (Source: Wamda)

Moroccan logistics startup CloudFret secured $2.1 million to improve goods transportation efficiency across Europe and Morocco. The investment will expand its team and technology platform.

 🚀 Sector Spotlights

·      Fintech: Dominating in the MENA and African regions with significant investments and projected growth, especially highlighted by Egypt's MNT-Halan and the overall African fintech market.

·      Edtech: Gaining momentum with strategic investments, like VMS's backing of Egyptian startup Akhdar.

·      Proptech: Emerging as a key sector, with examples like Saudi-based Ajras securing funding for property management solutions.

·      E-commerce: Showcased by Egyptian startup Awfar's expansion into Saudi Arabia, indicating a growing market for digital commerce.

·      Healthcare, Education, and Agriculture: Highlighted by Novastar Ventures' focus in Africa, addressing major socioeconomic challenges.

·      Digital Assets: Gaining interest in the UAE, as seen with the new digital asset investment firm launched by SC Ventures and SBI Holdings.

·      Logistics: Notably with Moroccan startup CloudFret's investment to enhance transport efficiency and reduce carbon emissions.

·      Employment Solutions: As evidenced by South African startup JobJack's funding to combat unemployment.

·      Media and Entertainment: StarNews Mobile's expansion in Africa reflects growing interest in the mobile entertainment sector.

·      Drone Technology: Turkish startup Hummingdrone's investment underscores the rising interest in advanced technological solutions. 

🔍 Conclusion

Venture capital activity remained active around the globe this week. However, there was a significant decline in total VC funding in the MENA region in October 2023 but an increase in Africa. Notably, fintech remained a leading sector for startup investments in both regions. 

 Although economic challenges and a tightening of global investments have led to a decrease in VC funding for the MENA region, both Africa and MENA continue to attract investments across different sectors, notably in fintech, edtech, recruitment, and proptech. Furthermore, the emergence of investments in the digital asset sector indicates an evolving interest in blockchain and digital asset developments. Turkey, although with a single reported event, remains a part of the global VC activity, particularly in autonomous drone technology.

Startup Investments Opportunities Spotlight

 The Database is almost ready if you need access please send me a message.

I'm currently collaborating with several startups that are actively seeking investment. If any of these opportunities align with your investment goals, don't hesitate to reach out for more details.

 Startup founders, would love to connect with you to help secure fundings.

  • A SaaS (Finance and Accounting) startup seeking angel investors or VC for Pre-Seed Stage. Great traction and strong growth metrics.

  • XR/VR/Edtech startup in Seed stage looking for angel investors to expand their product profile. Promising initial results after MVP

  • Pre Series A-Stage Tech startup open to investors interested in tech . Big customers references acquired.

  • EdTech startup with pre-revenue and solid business model.

  • A Gaming Studio with traction and multiple products is raising funds for expansion in GCC region.

  • EdTech focusing on kids’ early learning with revenue is looking for a seed fund to take the product to the next level

  • An E-Commerce & LogisticsTech startup with traction looking for a seed fund to expand operations.

  • A B2B Networking Platform in early stage, huge TAM and with great business plan raising seed round

Recommended Resources and Tools (Please note: Some of the resources linked in this section are affiliated links):

 Softr: Enhance your business or build your MVP with Softr, the seamless platform for building applications without coding. Ideal for startups and SMEs, Explore this awesome platform and get in touch for assistance.

 Make(Formerly Know As Integromat) Streamline your workflow with Make a leading automation platform that connects your apps and services effortlessly. Startups and SMEs, start by your own today or get in touch for a consultation

 Podpage: Join over 25,000 podcasters and automatically create a beautiful, listener-friendly podcast site from your RSS feed. Customize the design to create a professional look you'll be proud of in a few clicks. No coding or technical knowledge necessary.

 Apollo: Unlock a world of endless leads with Apollo.io! This powerful platform not only provides a treasure trove of business contacts but also equips you with intuitive tools to engage prospects effectively. Say goodbye to the tedious lead generation process and hello to a seamless sales journey. Ready to skyrocket your sales?

 Episodes Recap:

Ever wondered why people are often considered the weakest link in cybersecurity? This enlightening conversation with Bob Lamendola , Senior Vice President of Technology for Ricoh North America, sheds light on this, highlighting the crucial role of continuous education on security sensitivities and the rising influence of AI in revolutionizing our approach to cybersecurity.

 Join me as I sit down with an innovator in the tech industry, Rishab Chandra , CTO and co-founder of Task Tracker Suite. Rishab gives us an inside look at the birth, growth, and evolution of his company, a beacon of productivity enhancement for SMEs. He shares the humble beginnings of Task Tracker Suite, starting with an MVP as simple as a form and an email reminder, now serving over 7,000 businesses globally in a short span of two years.

 Ever been duped by a phishing email or know someone who has? You're not alone. Our guest, Ty Ward, a 17-year veteran in the cybersecurity realm, shares his own encounter with cybercrime and how it set him on a path to combatting it. Together, we dissect the reasons why phishing attacks prevail, despite our best efforts and technologies designed to keep them at bay. Ty sheds light on the psychology behind clicking on those dangerous links and how our trust in others can lead us astray.

 Welcoming Valmiki Mukherjee, CISSP, CRISC , the cybersecurity maestro to the show! As Accolite's Chief Information Security Officer and the visionary founder of Cyber Future Foundation, Valmiki's two decades in the industry are a treasure trove of wisdom that he freely shares. Our conversation travels through his professional journey, conveying the multifaceted role of a CISO, the criticality of communication skills, and the rising prominence of this position in the tech world.

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A Big Thank You 🙏

Your support, feedback, and engagement make this journey worthwhile. Here's to another week of learning, innovation, and growth!

Best, Mehmet