Reports (7)
UAE-based crypto VC fund Illuminati Capital, has raised $50 million for a fund that aims to invest in early-stage blockchain and Web3 gaming startups.
Founded by Vickaash Agrawal, Dhaval Parikh, Muhannad Abulhasan and Laura K. Inamedinova, Illuminati Capital aims to build a Web3 ecosystem, driving transformative shifts in decentralised technologies.
Illuminati Capital will focus on multiple verticals, including decentralised finance (DeFi), blockchain gaming, artificial intelligence, NFT infrastructure, and real-world assets (RWA).
Illuminati Capital has raised $50 million to invest in early-stage blockchain startups — including game companies. The hope is to bring its partners’ wealth of experience and expertise to the rapidly evolving Web3 arena.
The firm is based in Dubai and its partners have individually invested in blockchain startups worth over $1 billion, demonstrating impressive growth and valuation.
Setting itself apart from traditional investment firms, Illuminati Capital aims to offer more than just financial support. The venture capital firm is dedicated to building the global Web3 ecosystem and driving transformative shifts in decentralized technologies.
The team behind Illuminati Capital has collectively deployed $30 million, resulting in exits worth $150 million. The partners include blockchain investors, marketing experts, accomplished angel investors, and other talented individuals. The diverse backgrounds of the partners enable Illuminati Capital to provide targeted advice and actively engage with founders.
“We are witnessing a remarkable growth trajectory in Web3 venture investing,” said Vickaash Agrawal, partner at Illuminati Capital, in a statement. “With a track record of 120-plus successful blockchain investments in my investment portfolio, I will bring my expertise in data, infrastructure, regulation and mining.”
Illuminati Capital’s investment focus spans multiple verticals, including decentralized finance (DeFi), blockchain gaming, artificial intelligence, NFT infrastructure, and real-world assets (RWA). By strategically investing in pioneering sectors, Illuminati Capital aims to play a pivotal role in shaping the decentralized economy of the future.
“The possibilities of decentralized technology are endless,” said Dhaval Parikh, a partner at Illuminati Capital and blockchain investor with five-plus years of experience and a portfolio of leading Web3 high-end projects, in a statement. “With a background in VC, I will focus on due diligence, risk assessment, portfolio management, and deal flow while analyzing industry trends and key ecosystem insights.”
The firm’s partnership connections, coupled with its focus on Web3 companies backed by real-world assets, position Illuminati Capital to help portfolio companies grow. Illuminati Capital will provide hands-on assistance with listings, exchanges, business development, public relations, key opinion leaders (KOLs), and more to drive the success of its portfolio projects.
“By leveraging our trusted network and industry know-how, we commit to building a solid foundation for long-term success,” added Laura K. Inamedinova, a partner at Illuminati Capital and CEO of LKI Consulting, in a statement. “As a marketing expert with a portfolio of 250+ Clients, I will advise projects on community building, branding, positioning, marketing strategy, and user acquisition securing early-stage growth.”
Source: Wamda
Mubadala leads $76 million in debt, equity funding for Nigeria’s Moove
16 Aug 2023 Written by Admin Admin- UAE sovereign investor Mubadala Investment Company has led a $76 million in equity and debt financing for Nigeria-based mobility fintech startup “Moove”.
- Founded in 2020 by Jide Odunsi and Ladi Delano, Moove offers revenue-based vehicle financing to mobility entrepreneurs globally, including Uber.
- Mubadala has led the $28 million in equity along with new and existing investors, while the $10 million in venture debt from funds and accounts was managed by BlackRock, and $38 million in previously undisclosed funds was raised during the prior 12 months.
- Moove will use the funding to expand and consolidate its position globally.
- Moove is a Wamda portfolio company.
UAE sovereign investor Mubadala Investment Company has led a funding round that secured $76 million in equity and debt for Moove, a Nigeria-based mobility fintech that offers vehicle financing to drivers of ride-hailing companies including Uber.
In a statement on Thursday, Moove said the funding consists of $28 million in equity from new and existing investors, in a process led by Mubadala, $10 million in venture debt from funds and accounts managed by BlackRock, and $38 million in previously undisclosed funds raised during the prior 12 months.
Faris Sohail Al Mazrui, Head of Ventures & Growth at Mubadala, who will join the fintech's advisory board, said: “Moove has built a highly scalable tech-enabled platform to serve mobility entrepreneurs globally by providing them access to credit and other financial services previously unavailable to them. This is a hugely underbanked and underserved market that we believe has significant long-term potential.”
Ladi Delano, Co-founder and Co-CEO of Moove said: “We are excited to be partnering with Mubadala and BlackRock to double down on our already profitable markets including the UAE, India, UK, and South Africa, as well as continuing to invest in our customer experience and accelerate our product development to deliver group-wide profitability within the next 12 months.”
Moove, which was founded in 2020, will use the funding to expand and consolidate its position globally. It operates in 13 markets across Africa, the Middle East, Europe and Asia, and is Uber's largest vehicle supply partner across EMEA. It is the second largest vehicle partner in India and operates the largest EV fleet by supply hours in UAE, the statement claimed.
Last year, Moove raised $30 million from a debut sukuk issuance to fund the building of an EV ride-hailing fleet in the MENA region.
Source: Wamda
مبادلة الإماراتية تقود جولة تمويلية بقيمة 76 مليون دولار لشركة السيارات النيجيرية موف
16 Aug 2023 Written by Admin Adminقادت شركة مبادلة للاستثمار، المستثمر السيادي في دولة الإمارات العربية المتحدة، جولة تمويل ضمنت 76 مليون دولار من الأسهم والديون لشركة Moove ، وهي شركة تكنولوجيا مالية للتنقل مقرها نيجيريا تقدم تمويلاً للسيارات لسائقي شركات سيارات الأجرة بما في ذلك أوبر.
التمويل
وقالت الشركة إن التمويل يتكون من 28 مليون دولار في صورة حقوق ملكية من مستثمرين جدد وحاليين، في عملية تقودها مبادلة، و10 ملايين دولار من ديون المشاريع من الصناديق والحسابات التي تديرها بلاك روك ، و 38 مليون دولار من الأموال التي لم يتم الإفصاح عنها من قبل. خلال الاثني عشر شهرًا السابقة.
التنقل
قال فارس سهيل المزروعي ، رئيس المشاريع والنمو في مبادلة ، الذي سينضم إلى المجلس الاستشاري للتكنولوجيا المالية: “لقد قامت موف ببناء منصة قابلة للتطوير ومدعومة بالتكنولوجيا لخدمة رواد الأعمال في مجال التنقل على مستوى العالم، من خلال تزويدهم بإمكانية الوصول إلى الائتمان والخدمات المالية الأخرى. هذا سوق يعاني من نقص كبير في الخدمات المصرفية ونقص الخدمات ونعتقد أن لديه إمكانات كبيرة على المدى الطويل “.
تطوير المنتجات
قال لادي ديلانو، الشريك المؤسس والرئيس التنفيذي المشارك لشركة Moove: “نحن متحمسون للشراكة مع مبادلة وبلاك روك لمضاعفة أسواقنا المربحة بالفعل بما في ذلك الإمارات العربية المتحدة والهند والمملكة المتحدة وجنوب إفريقيا ، بالإضافة إلى الاستمرار في الاستثمار في تجربة عملائنا وتسريع تطوير منتجاتنا لتحقيق الربحية على مستوى المجموعة خلال الأشهر الـ 12 المقبلة “.
التوسع
ستستخدم Moove ، التي تأسست في عام 2020 ، التمويل لتوسيع وتعزيز مكانتها على مستوى العالم. تعمل في 13 سوقًا في جميع أنحاء إفريقيا والشرق الأوسط وأوروبا وآسيا ، وهي أكبر شريك لتوريد المركبات لـ Uber عبر أوروبا والشرق الأوسط وإفريقيا. وأضافت الشركة أنها ثاني أكبر شريك للسيارات في الهند وتشغل أكبر أسطول للمركبات الكهربائية حسب ساعات التوريد في الإمارات العربية المتحدة.
في العام الماضي ، جمعت الشركة 30 مليون دولار من إصدار صكوك لأول مرة لتمويل بناء أسطول للمركبات الكهربائية في منطقة الشرق الأوسط وشمال إفريقيا.
المصدر: Followict
followict
Digital Transformation Report: Traditional UAE Banks to Consolidate to Compete with Digital Banking Challengers
29 Feb 2020 Written by Admin AdminLarge banks based in the United Arab Emirates (UAE), one of the Middle East’s leading financial hubs, have been investing in digital transformation projects to compete in an industry with rapidly changing consumer requirements – according to analysis performed by Bloomberg Intelligence.
The analysis revealed that technological innovation is vital when it comes to acquiring market share and developing flexible, cost-effective solutions.
Higher IT spending may lead to a consolidation of smaller financial institutions as larger banks upgrade their legacy platforms, the analysis noted.
It also mentioned that traditional banks might also merge with other institutions in order to become stronger and more competitive.
The analysis found that Emirates NBD (ENBD), one of the largest banking groups in the Middle East, is ahead of its competitors in the region in terms of its digital transformation efforts.
It was notably among the first to migrate its core banking platforms to an application program interface (API)-enabled solution, which was backed by a AED 1 billion (appr. $272.3 million) investment.
ENBD’s API Sandbox, introduced back in November 2018, offers a controlled environment where Fintech firms can pilot various solutions that could be used to enhance the bank’s core operations.
Competitors are likely to work on similar projects, and would have to follow policy requirements that are somewhat similar to Europe’s Payment Services Directive, which requires giving open-banking access to all businesses, which includes Fintech firms.
source: crowdfundinsider
The non-oil sector will continue to grow, rising from 1.3% last year to 1.6% in 2019 and 3.0% the year after.
The UAE's real GDP growth is projected to grow faster next year at 2.5 per cent on the back of stronger growth of the non-oil sector, according to International Monetary Fund's (IMF) latest report.
The IMF had earlier revised down growth forecast for 2019 to 1.6 per cent from its previous forecast of 2.8 per cent.
Jihad Azour, director for Middle East and Central Asia Department at IMF, said the UAE's nominal GDP is expected to slip from $414.2 billion in 2018 to $405.8 billion this year.
But it will recover again next year to $414 billion in 2020 on the back of non-oil sector growth.
Importantly, the non-oil sector will continue to grow, rising from 1.3 per cent last year to 1.6 per cent in 2019 and 3.0 per cent the year after.
But the oil GDP growth is forecast to slow down from 2.8 per cent in 2018 to 1.5 per cent this year. And it will further decline to 1.4 per cent next year when Expo-led non-oil sector will give fillip to the non-oil sectors such as tourism, aviation, hospitality among other sectors.
IMF predicts that the UAE's oil output will continue to increase from 3.02 million barrels per day last year to 3.10m bpd in 2019 and 3.17m bpd the year after.
He called on the regional governments to diversify their revenues through tax and non-tax sources.
For GCC, the GDP grew 2.0 per cent in 2018 but it slowed down to 0.7 per cent in 2019. It is a cut 1.4 per cent from its April 2019 forecast. For 2020, GCC is projected to grow 2.5 per cent, a cut of 0.3 per cent from its April 2019 forecast.
source: khaleejtime
Regional Economic Outlook: Middle East and Central Asia November 2018
05 Dec 2018 Written by Admin SAEA modest growth recovery continues for countries in the Middle East, North Africa, Afghanistan, and Pakistan region. Higher oil prices are providing support for oil-exporting countries but are adding to pressures facing oil-importing countries. Meanwhile, growth in the Caucasus and Central Asia region exceeded expectations in 2017, but momentum is set to fade. At forecasted growth rates, it will take the region nearly two decades to reach the per capita income levels of emerging Europe. Faster-than-anticipated tightening of global financial conditions and rising trade tensions cloud the outlook for both regions. (read more)
The United Arab Emirates has ranked 12th globally – and first in the MENA region - in the World Competitiveness Yearbook 2015. The report is issued by the International Institute for Management Development in Lausanne, Switzerland.
