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- The CTO Show with Mehmet - Week in Review: Dec 24, 2023
The CTO Show with Mehmet - Week in Review: Dec 24, 2023
Welcome to the 46th edition of "The CTO Show With Mehmet" Weekly Recap Newsletter! If you're new here, a warm welcome to our dynamic community of 1573 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
- Tips, Recommendations, and Trends
- Episodes Recap
Without further ado, let's dive into this week's multifaceted insights!
Weekly Startups Insights:
This edition includes content and data from:
Wamda: Covering a range of startup activities and investments in the MENA region. Wamda.com
Disrupt Africa: Providing updates on African startups and technology innovations. Disrupt-Africa.com
Ogunhaber: Delivering news on technological and business developments in Türkiye. Ogunhaber.com
BThaber: Offering insights into the latest in technology and business in Türkiye. BThaber.com
This week saw significant investment activity in the Middle East and North Africa (MENA) region, particularly in the tech sector. Fintech had some of the largest fundings, with Saudi-based Buy Now Pay Later startup, Tamara, raising a landmark $340 million, and Saudi fintech startup, Spare, raising $3 million. UAE-based Buy Now Pay Later platform, Tabby, also secured a massive $700 million receivables securitization from J.P. Morgan. Analytics platform, LuckyDodo, raised $1 million, and cleantech startup, Zeroe, secured $2.2 million. In the HRtech sector, Velents raised a seed round to expand its AI recruitment services within Saudi Arabia.
Saudi Arabia: Fintech and Beyond
· Velents' Seed Investment Round: Led by A15, this HRtech startup aims to expand AI-based recruitment in Saudi Arabia. Read More
· Jada Fund's Investment in Iliad Partners: Focusing on B2B tech startups in the MENA region, particularly in fintech and logistics. Read More
· Tamara's $340 Million Series C Round: Co-led by SNB Capital and Sanabil Investments, aimed at expanding its BNPL services. Read More
· Soum's $18 Million Series A Round: Led by Jahez, focusing on expanding its re-commerce marketplace. Read More
· Hakbah's $5.1 Million Series A Funding: Led by VentureSouq, the savings platform targets product development and expansion. Read More
· Spare's $3 Million Funding Round: Led by Vision Ventures, focusing on enhancing its open banking platform. Read More
· Chefaa's $5.25 Million Funding for Expansion: Co-led by Newtown Partners and Global Brain, for growth in Saudi Arabia. Read More
United Arab Emirates: Analytics and Fintech
· LuckyDodo's $1 Million Investment: Aimed at enhancing business analytics and market insights. Read More
· Tabby's Pre-IPO $700 Million Facility: A strategic move by J.P. Morgan to bolster Tabby's BNPL services. Read More
· Zeroe's $2.2 Million Seed Funding: Led by Owen Rahadiyan, focused on AI-driven carbon management solutions. Read More
Nigeria: Social Commerce and Relocation Services
· MAKA's $2.65 Million Pre-Seed Funding: Co-led by 4DX Ventures and Janngo, aimed at scaling social commerce in fashion. Read More
Türkiye: HR Tech Growth
· Kolay İK's Ambitious Growth Plans: Aiming for a fourfold increase by integrating AI. Read More
Egypt: EdTech and E-Commerce
· iSchool's $4.5 Million Funding: Led by VentureWave Capital, aimed at expanding gamified coding classes. Read More
· MaxAB Merges with Wasoko: A strategic move to empower Africa's informal retail sector. Read More
Regional Cybersecurity
· Brandefense’s $2.75 Million Funding: Led by Sabancı Ventures, focusing on digital risk protection services. Read More
Tunisia: AI Innovation
· Imaginario AI's $1 Million Pre-Seed Round: Specializing in AI-driven video and audio content processing. Read More
🔍 Conclusion
In summary, the tech and startup sector in the MENA region, Africa, and Turkey continues to attract substantial investor interest. Fintech appears to be the leading sector with notable rounds from Tamara, Tabby, and Spare. The trends suggest a positive growth outlook for tech startups within these regions, particularly those offering innovative solutions in Fintech, HRtech, and Healthtech. The merger between MaxAB and Wasoko signals opportunities for cross-continental partnerships, driving the sector's overall growth.
Tips, Recommendations, and Trends
App of the week:
Sparkeey is a Pop Culture innovation in digital calendaring with a patent pending status in USA and design registered in the European Union.
Unlike Outlook and Google office suite calendars which were designed for Boomers, Sparkeey is for those living uber lives using Tik Tok and Instagram.
Sparkeey is mobile first, and its intuitive to use design makes it easy to embrace good digital in an everyday manner. It makes arranging meet-ups on the go easy and fun. The Behavioural design behind Sparkeey helps users get organised and adapt a lifestyle oriented towards Success, Positivity & Happiness.
Tech Trends:
AI Ethics and Regulation: As AI continues to advance, concerns about its potential risks and impact on society are growing. This week saw developments on several fronts, including: The European Union released a draft AI regulation framework, aiming to establish robust safety and ethical standards for AI systems. Google faced criticism for its development of LaMDA, a dialogue AI capable of generating human-like text, with some experts urging the company to proceed with caution due to potential misuse. OpenAI, the non-profit research company behind ChatGPT, announced plans to develop a "safe" version of the language model, addressing concerns about its potential for biased and harmful outputs.
Cybersecurity Threats: Ransomware attacks continued to be a major concern, with reports of several high-profile incidents targeting critical infrastructure and businesses. Cybersecurity experts warned of an increased risk of attacks during the holiday season, urging organizations to take necessary precautions.
Episodes Recap:
On Episode 274:
Can you imagine revolutionizing the auto loan industry? That's exactly what our guest, Andres Klaric , co-founder of Fuse, a cutting-edge fintech company, set out to do. With roots in the auto-loving community of Bolivia, he saw a pressing need for automation in the lending process and jumped in headfirst to create a solution. He gives us the scoop on how this led to a major transition from a direct-to-consumer model to a B2B model, as well as the role of low-code platforms and APIs in transforming the traditional banking system. Toss in a dash of fierce competition with Silicon Valley and we're on a thrilling journey through the fintech landscape.
On Episode 275:
When you think of cybersecurity, you probably envision firewalls and code - but how often do you consider the human element? This was the crux of our conversation with Christian Espinosa , cybersecurity expert and entrepreneur, as he walked us through his transition from military service to the helm of Blue Goat Cyber. His knack for embracing risk, seen in his love for adrenaline-pumping activities, parallels the bold moves he's made in the business arena. We unpacked the unique trials of marketing cybersecurity and the critical role of effective communication and empathy, particularly when steering companies through the often murky waters of cyber threats.
On Episode 276:
Unlock the secrets of successful technology consultancy as we sit down with Anupam Singh, the insightful CEO of a Melbourne-based consulting firm, who brings to light the vital role of foundational business processes. Anupam takes us through his inspiring journey, sharing pearls of wisdom on the significance of establishing robust business frameworks before venturing into the technological sphere. His story, etched with the challenges and triumphs of an immigrant forging his own path in the corporate world, serves as a beacon for entrepreneurs and business leaders alike. His expertise underscores the mantra that the glitz of AI and big data should never eclipse the bedrock of sound business practices.
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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