SVC, a key player in the venture capital space, recently made a significant investment of $30 million in Olive Rock Partners Fund I. This investment not only highlights SVC's commitment to supporting innovative startups but also underscores the importance of venture capital investments in driving growth and innovation in the startup ecosystem.
SVC: Company Profile
SVC is a dynamic venture capital firm known for its strategic investments in high-growth startups across various sectors. With a focus on technology, innovation, and disruptive business models, SVC has a track record of successful investments and a diverse portfolio of companies that have thrived under its guidance.
Olive Rock Partners Fund I
Olive Rock Partners Fund I is a venture capital fund with a focus on investing in early-stage startups with high growth potential. The fund's investment thesis revolves around supporting innovative entrepreneurs, disruptive technologies, and market-leading solutions in sectors such as technology, healthcare, and sustainability.
$30 Million Investment Details
The $30 million investment by SVC in Olive Rock Partners Fund I will provide the fund with additional capital to support its investment strategies, portfolio companies, and growth initiatives. The strategic rationale behind the investment lies in the alignment of investment philosophies, growth objectives, and market opportunities.
Utilization of Funds
Olive Rock Partners Fund I plans to utilize the investment to fuel its growth initiatives, expand its portfolio, and create value for its portfolio companies. The funds will support the fund's mission to identify and nurture innovative startups, drive industry disruption, and contribute to the growth of the startup ecosystem.
Impact of the Investment
The $30 million investment by SVC will have a transformative impact on Olive Rock Partners Fund I, enabling the fund to accelerate its growth, enhance its market positioning, and create value for its portfolio companies. The investment will support Olive Rock Partners Fund I's mission to drive innovation, support entrepreneurs, and foster industry disruption.
Investor Insights and Support
Investors backing Olive Rock Partners Fund I bring valuable insights, expertise, and support to the fund, contributing to its success and growth trajectory. Their perspectives on the fund's investment focus, value proposition, and market potential underscore the fund's position as a leading player in the venture capital landscape, with promising opportunities for future growth and success.
Venture Capital Landscape
The venture capital landscape is dynamic and evolving, with opportunities for venture capital firms like Olive Rock Partners Fund I to thrive and make a significant impact. By staying abreast of market trends, identifying emerging sectors, and leveraging strategic partnerships, Olive Rock Partners Fund I can navigate challenges and capitalize on growth opportunities in the competitive market.
Strategic Investment Focus
Olive Rock Partners Fund I maintains a strategic focus on key investment areas, including technology, healthcare, sustainability, and other sectors with high growth potential. By targeting innovative startups, disruptive technologies, and market-leading solutions, Olive Rock Partners Fund I aims to support entrepreneurs and drive industry transformation and innovation.
Portfolio Management and Value Creation
Effective portfolio management and value creation are essential components of Olive Rock Partners Fund I's investment strategy. By providing strategic guidance, operational support, and growth opportunities to its portfolio companies, Olive Rock Partners Fund I aims to maximize value, drive sustainable growth, and position its investments for long-term success and market leadership.
Market Expansion Strategies
To expand its market reach and enhance its ecosystem engagement, Olive Rock Partners Fund I will focus on strategic partnerships, collaborations, and industry alliances. By fostering relationships with key stakeholders, investors, and industry players, Olive Rock Partners Fund I can leverage synergies, access new markets, and create value for its portfolio companies and the broader startup ecosystem.
Tech Innovation and Disruption
Olive Rock Partners Fund I plays a crucial role in fostering tech innovation and disruption by investing in cutting-edge technologies, startups, and disruptive business models. By supporting entrepreneurs with bold ideas, transformative solutions, and market-changing innovations, Olive Rock Partners Fund I contributes to industry disruption, economic growth, and technological advancement.
Sustainable Growth Strategies
Sustainable growth strategies are at the core of Olive Rock Partners Fund I's approach to investment and portfolio management. By focusing on scalability, long-term value creation, and impact-driven investments, Olive Rock Partners Fund I aims to support startups that have the potential to drive sustainable growth, create jobs, and contribute to the development of the startup ecosystem.
Industry Impact and Influence
Olive Rock Partners Fund I's influence on the industry and startup ecosystem is significant, with contributions to innovation, entrepreneurship, and economic development. By supporting startups, driving industry disruption, and fostering a culture of innovation, Olive Rock Partners Fund I plays a pivotal role in shaping the future of the venture capital landscape and driving positive change in the industry.
Future Growth Prospects
Looking ahead, Olive Rock Partners Fund I is well-positioned for continued growth, market leadership, and industry influence. With a strong foundation, strategic vision, and investor support, Olive Rock Partners Fund I is poised to capitalize on emerging opportunities, navigate challenges, and drive sustainable growth in the dynamic venture capital landscape, shaping the future of innovation and entrepreneurship.
In conclusion, the $30 million investment by SVC in Olive Rock Partners Fund I marks a significant milestone for both the fund and the venture capital landscape. By leveraging the investment, pursuing strategic initiatives, and staying true to its commitment to innovation, value creation, and industry impact, Olive Rock Partners Fund I is poised to achieve new heights of success, drive industry disruption, and contribute to the growth and development of the startup ecosystem.
UAE's The Cloud Secures $12 Million in Series B Funding, Acquires UK's KBOX
03 Mar 2024 Written by Admin AdminUAE-based cloud kitchen startup The Cloud has taken a significant step towards solidifying its position as a global leader in the food tech industry. The company recently secured $12 million in its Series B funding round, led by MENA Moonshots. This latest investment brings their total funding to $22 million, following a previous $10 million Series A round and debt financing from Aluna Partners.
The secured funds will be instrumental in fueling The Cloud's ambitious global expansion plans. A key element of this strategy is the recent acquisition of UK-based food tech company KBOX. This strategic move strengthens The Cloud's presence in the international market, adding 200 locations to its existing network. With the acquisition, The Cloud now boasts a total of 200 locations across 7 countries and 91 cities.
Beyond geographical expansion, The Cloud remains dedicated to its core mission of redefining the virtual dining landscape.
The company's innovative approach connects restaurant owners with external food delivery companies, optimizing kitchen utilization and fostering a collaborative environment within the food tech sector. This unique business model positions The Cloud as a disruptor in the industry, constantly seeking to drive innovation and enhance the dining experience for both consumers and restaurant partners.
Key Highlights:
- Funding:Secured $12 million in Series B round, led by MENA Moonshots, bringing total funding to $22 million.
- Acquisition:Acquired KBOX, a UK-based food tech company, expanding The Cloud's network by 200 locations.
- Expansion:Aims to reach a global presence of 8,000 locations by 2027.
- Future:Exploring the possibility of a dual listing in Abu Dhabi and Riyadh.
Quotes:
- Georges Karam, CEO of The Cloud:"Our Series B funding and the KBOX acquisition reinforce our position as innovators in the global food tech landscape. With a strong financial backing and a strategic acquisition under our belt, we are now focused on further enhancing our market presence in the UAE and beyond."
- Stefano Sciacca, Managing Director at Aluna Partners:"We believe that The Cloud will gain a significant market share in the UK market through the acquisition of KBOX. Having looked at many food tech business models, we believe The Cloud is emerging as a global market leader and are excited to support such a fast-growing venture."
The Cloud's recent achievements demonstrate its commitment to growth, innovation, and leadership within the food tech industry. With a robust business model, a strategic acquisition strategy, and a clear vision for the future, The Cloud is well-positioned to achieve its ambitious goals and continue shaping the landscape of virtual dining on a global scale.
MENA Startups Navigate a Cautious Start, Securing $86.5 Million in January Funding
03 Mar 2024 Written by Admin AdminThe MENA startup ecosystem witnessed a cautious yet promising start in January 2024, with startups securing a total of $86.5 million in funding across 33 deals. While this marked a 34% decrease year-on-year, it serves as a bellwether for the year's funding activity, offering insights into the region's entrepreneurial landscape and investment trends.
Regional Funding Breakdown
UAE: Reclaimed Position as Regional Leader
The United Arab Emirates (UAE) emerged as the regional leader, with its startups collectively securing an impressive $47 million in funding. Notably, the largest funding round of the month, a substantial $35 million pre-seed investment in the travel tech disruptor, Tumodo, underscored the region's confidence in the potential of the travel sector.
Egypt: Encouraging Signs of Recovery
Egypt showcased encouraging signs of recovery, raising $23 million across seven deals. This positive trend represents a significant improvement from the previous month and signals a potential return to form for the nation's entrepreneurial scene.
Saudi Arabia: Consistent Activity and Funding
Saudi Arabia maintained its consistent activity, with 15 startups securing a combined $11 million. While not leading the pack in funding, Saudi Arabia continues to demonstrate a stable and promising startup environment.
Other Countries: Diverse Funding Landscape
The funding distribution extended beyond the top three countries, highlighting the diverse landscape of the MENA region. Countries such as Qatar, Morocco, Iraq, Oman, Lebanon, and Tunisia also witnessed funding activity, showcasing the breadth and potential of the region's entrepreneurial spirit.
Sector Analysis
Fintech: Slight Slowdown in Funding
While fintech remains the region's most active sector, it experienced a slight slowdown in January, with five startups raising $12 million. Despite the dip, fintech continues to play a crucial role in the MENA startup ecosystem.
Travel Tech: Impressive Performance and Potential
Travel tech unexpectedly emerged as the top-performing sector, propelled by Tumodo's significant funding round, totaling $40.6 million. This investment highlights the sector's potential for post-pandemic recovery and investor confidence.
Healthcare: Promising Growth and Investor Interest
The healthcare sector exhibited promising growth, with two startups securing $11 million. This indicates growing investor interest in addressing critical healthcare challenges within the region.
Mobility: Attracting Investment and Opportunities
The mobility sector also saw three startups raise over $5 million, signaling opportunities and investor confidence in addressing transportation and mobility needs.
Startup Funding Distribution
Early-stage and seed-stage startups continued to attract substantial funding, garnering a combined $53 million. This highlights the region's commitment to nurturing its entrepreneurial ecosystem and fostering innovation. Additionally, B2B startups raised over $57 million across 14 deals, while B2C startups secured $28 million across 18 deals.
However, the gender disparity in investment remains a concern, with only one female-founded startup managing to secure funding. This underscores the need for continued efforts to promote diversity and inclusion within the MENA startup landscape.
MENA Startup Funding Distribution
UAE: Regional Powerhouse
The UAE established itself as the undisputed leader, securing a staggering $47 million in funding. This dominant position underscores the strength and maturity of the UAE's startup ecosystem, attracting significant investor confidence.
Egypt: Emerging Phoenix
Egypt showcased encouraging signs of revival, raising $23 million across seven deals. This positive shift marks a significant improvement and signals a potential return to form for the nation's entrepreneurial scene.
Saudi Arabia: Steady Progress
Saudi Arabia maintained its consistent activity with 15 startups securing a combined $10.7 million. While not leading the pack this time, Saudi Arabia continues to demonstrate a stable and promising startup environment.
Beyond the Big Three: Funding Distribution in Other Countries
The funding distribution extends beyond the top three, highlighting the diverse landscape of the MENA region. Qatar, Morocco, Iraq, Oman, Lebanon, and Tunisia all witnessed funding activity, showcasing the breadth and potential of the region's entrepreneurial spirit.
Nurturing the Future
Early-stage startups, encompassing both Pre-Seed and Seed funding rounds, received the highest share, attracting a combined $52 million. This signifies a strong emphasis on fostering and supporting the next generation of innovative ventures within the region. Following closely behind were Pre-Series A and Series A funding rounds, collectively securing $20 million, demonstrating continued support for established startups poised for further growth. Finally, the "Other" category, encompassing various funding stages and types, received $17.8 million, further emphasizing the diverse nature of the investment landscape.
Sector Spotlight
Travel & Tourism unexpectedly emerged as the top sector, grabbing a surprising $40.6 million, largely driven by the massive pre-seed round secured by Tumodo. This significant investment highlights the potential and investor confidence in the sector's post-pandemic recovery. Fintech, the region's traditionally dominant sector, maintained its relevance with $12 million distributed across five deals, solidifying its continued importance within the MENA startup ecosystem. Meanwhile, the healthcare and mobility sectors also displayed promising growth, attracting $11 million and $5 million respectively, indicating growing investor interest in these critical areas.
The comprehensive analysis of the MENA startup funding landscape reveals a dynamic and multifaceted ecosystem. The region boasts a prominent leader in the UAE, an emerging force in Egypt, and consistent activity across numerous other countries. The funding distribution across stages and sectors unveils a strategic focus on nurturing early-stage ventures, supporting established startups, and exploring new avenues of innovation. As the region continues to evolve, this diverse and promising ecosystem holds immense potential for future growth and groundbreaking advancements.
المنظمة العالمية لحماية حقوق الملكية الفكرية تفتح باب التقدم للفوز بإحدى جوائز الويبو العالمية لعام 2024
01 Mar 2024 Written by Admin Adminبيان صادر عن المنظمة العالمية لحماية حقوق الملكية الفكرية:
يسعدنا أن نعلن عن الدعوة للمشاركة في جوائز الويبو العالمية لعام 2024، التي تفتتح من 15 كانون الثاني / يناير ولغاية 31 اذار/ مارس 2024.
وترحّب المسابقة هذا العام بالشركات الناشئة إلى جانب الشركات الصغيرة والمتوسطة من جميع أنحاء العالم، والتي تنشط في جميع قطاعات الاقتصاد - سواء في التكنولوجيا أو الزراعة أو الصناعات الإبداعية أو غيرها. ونرحب بالطلبات التي تستخدم جميع أشكال الملكية الفكرية، من حق المؤلف والعلامات التجارية والبراءات والمؤشرات الجغرافية.
ونموذج الطلب متاح باللغات الإنكليزية والفرنسية والإسبانية والعربية والصينية والروسية واليابانية.
وستختار لجنة تحكيم مستقلة مجموعة تصل إلى سبعة فائزين. وسيتلقى كل منهم دعوة لحضور حفل توزيع الجوائز خلال الجمعية العامة للويبو في شهر يوليو في جنيف.
وسيحصل كل فائز وفائزة أيضاً على برنامج توجيهي خاص وموجّه نحو تعزيز استخدام الملكية الفكرية، والسعي وراء أهداف تجارية جديدة، والنفاذ إلى الموارد المالية، وإحداث تأثير أكبر.
لمزيد من المعلومات، يرجى زيارة موقع جوائز الويبو العالمية: https://www.wipo.int/global-awards/ar/how-to-apply.html
-انتهى-
عن الويبو:
الويبو هي منظمة دولية تابعة للأمم المتحدة تهدف إلى تنظيم حقوق الملكية الفكرية على مستوى العالم. تأسست عام 1970، بعد انعقاد مؤتمرات مهمة مثل مؤتمر باريس للملكية الصناعية (1883) ومؤتمر حماية المصنفات الأدبية والفنية (1886).
معلومات إضافية:
- الموقع الرسمي : https://www.wipo.int/portal/ar/index.html
- تاريخ تأسيس الويبو: 1970
- المقر الرئيسي: جنيف، سويسرا
- عدد الدول الأعضاء: 193 دولة
Saudi Arabia, Egypt and the UAE led the way for regional investments
03 Feb 2024 Written by Admin AdminThe Middle East and North Africa region saw sizable startup activity from its top three regional ecosystems of Saudi Arabia, UAE, and Egypt as January came to end.
The Kingdom led this weeks’ movement with two startups raising significant funding sums. Saudi Arabia’s peer-to-peer car rental platform Ejaro secured SR12.3 million ($3.27 million) in a pre-series A funding round spearheaded by the Riyadh-based insurance company Tawuniya and several angel investors.
This fresh influx of capital is earmarked for bolstering Ejaro’s development and expansion strategies.
Founded in 2019 by Mohammed Khashoggi, the company provides car-sharing services to enable individuals to generate additional sources of income.
“Completing this funding round alongside our strategic partnerships reflects our commitment to innovation and meeting the needs of our customers. We are not only working to change the concept of car sharing in the Kingdom but also striving to be leaders in the insurance sector through cooperation with Tawuniya, Najm, and Absher, a pivotal step towards supporting economic growth and innovation in line with Saudi Vision 2030,” Khashoggi said.
Fahad bin Maamar, CEO of Investments at Tawuniya, underscored their confidence in Ejaro’s innovative approach to car-sharing, viewing it as a crucial partner in transforming the mobility landscape across the Gulf Cooperation Council region.
The platform claims to have facilitated over 25,000 days of trips, indicating a growing demand for its services. Moreover, it has enabled more than 100 hosts to collectively earn over SR2.5 million in less than two years, showcasing the tangible benefits and impact of its innovative car-sharing and rental solutions.
Saudi edtech startup iStoria secures $1.3m in funding
Saudi Arabia’s educational technology sector continues to garner investor interest as iStoria secured SR5 million in a seed funding round.
This investment in the app, which specializes in English language learning, involved multiple regional players, including Saudi Arabia’s venture capital firms Nama Ventures and BIM Ventures, US-based edtech Classera, Egypt-based Flat6Labs, and various angel investors.
The investment will enable the enhancement of the app’s features and aid in expanding its global footprint.
Founded by Abdullah Al-Jaberi in 2022, iStoria has quickly gained a substantial user base, surpassing 1 million learners globally.
The company’s approach to English language education focuses on vocabulary building through reading stories at various levels, with comprehension questions and vocabulary tests.
This method prepares learners for global language tests and offers a continually updated and enriching learning experience. The company also achieved a satisfaction rate of 4.6 out of five in the app store. Its recent growth has been bolstered by expanding its services to organizations, including contracts with numerous private and public schools, where it has been integrated into educational curriculums, allowing for direct supervision.
“We are pleased with the conclusion of this investment round. Through this funding, we will continue to pursue our goal of enabling individuals to communicate effectively and confidently in English,” Al-Jaberi said.
He added: “We are optimistic and look forward to the next phase of the application’s growth and the impact we can create, primarily through offering services to organizations and expanding worldwide.”
The company also raised an undisclosed pre-seed funding round from Nama Ventures in 2022 to bolster its operations.
The edtech sector has emerged as one of the top five most-funded sectors in Saudi Arabia. In 2023, the industry saw a total of $50 million raised by Saudi-based startups, a 6 percent growth from the year before. Furthermore, in 2022, the sector witnessed substantial growth, surging by 2,069 percent compared to the previous year.
Egypt’s Roboost raises $3m to boost expansion
Egypt’s artificial intelligence-driven logistics startup, Roboost, completed a $3 million investment round led by Silicon Badia, with contributions from RZM Investment, Flat6Labs, and Saudi Angel Investors.
Founded in 2018 by Mohamed Gessraha, Hassan Gessraha and Mohamed Sadek, Roboost provides AI-powered delivery solutions in Egypt, Saudi Arabia, Kuwait, Morocco, and Tunisia.
The company aims to utilize its capital to further boost its regional presence with a new phase of expansion. The company currently serves leading brands such as McDonald’s Egypt and Kuwait, Buffalo Burger, El Ezaby Pharmacies, and Jumlaty.
Employing proprietary machine learning algorithms, Roboost’s innovation includes pre-delivery technology that enables precision auto-dispatching and smart routes for delivery personnel, optimizing the process for the substantial portion of orders placed offline.
The platform’s suite of tools also features real-time dynamic fleet payroll, and comprehensive customer insights through heat maps and analytics, all aimed at enhancing customer satisfaction. Additionally, Roboost’s AI fleet control offers advanced fraud detection capabilities.
The company claims to provide operational efficiency to its clients with a network of over 15,000 delivery drivers, serving nearly 10 million unique customers, and automating more than 40 million orders. The company says its solutions have doubled delivery speeds by reducing inefficiencies and achieved task automation rates of 99.8 percent.
Furthermore, Roboost has succeeded in decreasing order returns by over 80 percent and operational costs by 30 percent, while also improving average driver productivity by 40 percent and maintaining fraud levels below 5 percent.
UAE’s Plant & Equipment acquires Global Equipment Trading
UAE-based construction technology company Plant & Equipment has announced the acquisition of Global Equipment Trading for an undisclosed amount.
Established in 2018 by Saleh Kuba and Zayd Kuba, Plant & Equipment operates as a marketplace in the construction equipment and machinery sector, facilitating connections between buyers and sellers.
This strategic acquisition is set to bolster Plant & Equipment’s expansion efforts across the region.
The integration with Global Equipment Trading is expected to enhance the company’s service offerings and market reach, aligning with its growth objectives in the construction equipment industry.
Source: Arab News
Lokalee: Redefining B2B Travel Content with a $5.6 Million Pre-Series Round
20 Jan 2024 Written by Admin AdminIn the dynamic realm of B2B travel content, Lokalee has emerged as a pioneering force, securing an impressive $5.6 million in pre-series funding. This substantial achievement not only underscores Lokalee's potential but also heralds a new era of innovation and growth within the travel content sector. In this comprehensive article, we will explore Lokalee's unique value proposition, the implications of its pre-series funding, and the transformative impact it is poised to have on the B2B travel industry.
Unveiling Lokalee's Vision
Lokalee's vision is centered on redefining the B2B travel content landscape by offering a comprehensive and immersive platform that caters to the diverse needs of travel industry stakeholders. Through the integration of cutting-edge technology and a customer-centric approach, Lokalee aims to revolutionize the way businesses engage with travel content, ultimately driving engagement and enhancing the overall travel experience.
The Power of Pre-Series Funding
The successful raise of $5.6 million in pre-series funding represents a pivotal moment for Lokalee, signifying not only investor confidence but also the potential for accelerated growth and innovation. This infusion of capital will enable Lokalee to further develop its platform, expand its market reach, and solidify its position as a frontrunner in the B2B travel content space. The funding will also fuel research and development efforts, allowing Lokalee to introduce new features and capabilities that cater to the evolving needs of its clientele.
Redefining B2B Travel Content Engagement
Lokalee's platform serves as a catalyst for redefining B2B travel content engagement, offering a suite of tools and solutions that empower businesses to curate and showcase compelling travel content. From immersive storytelling to personalized content curation, Lokalee's platform is designed to elevate the travel experience, foster brand loyalty, and provide unparalleled access to diverse travel narratives. This not only enhances the content capabilities of businesses but also fosters stronger partnerships within the travel ecosystem.
Driving Innovation and Collaboration
The infusion of pre-series funding positions Lokalee to drive innovation and collaboration within the B2B travel content sector. By leveraging the capital to enhance its technological infrastructure and expand its content offerings, Lokalee is poised to set new industry standards, fostering a culture of innovation and excellence. Furthermore, the funding will enable Lokalee to forge strategic partnerships and alliances, creating a network of synergistic relationships that further elevate the value proposition for its clients.
The Future of B2B Travel Content Technology
As Lokalee embarks on this transformative journey fueled by pre-series funding, it is poised to shape the future of B2B travel content technology. With a steadfast commitment to innovation, customer satisfaction, and industry leadership, Lokalee is well-positioned to drive meaningful change, setting new benchmarks for content curation, storytelling, and value creation within the B2B travel landscape.
In conclusion, Lokalee's remarkable pre-series funding marks a significant milestone in the evolution of B2B travel content technology, propelling the company towards a future defined by innovation, collaboration, and unparalleled content delivery. As Lokalee continues to redefine the B2B travel content landscape, its platform stands as a testament to the transformative power of technology and strategic investment in driving industry-wide progress.
Transforming B2B Travel Tech: Tumodo's Groundbreaking Pre-Seed Funding
20 Jan 2024 Written by Admin AdminIn the dynamic landscape of B2B travel technology, Tumodo has emerged as a trailblazer, securing a remarkable $3.5 million in pre-seed funding. This significant milestone not only underscores Tumodo's potential but also signals a new era of innovation and growth within the travel tech sector. In this comprehensive article, we will delve into the unique value proposition of Tumodo's platform, the implications of its pre-seed funding, and the transformative impact it is poised to have on the B2B travel industry.
Unveiling Tumodo's Vision
Tumodo's vision is rooted in redefining the B2B travel landscape by offering a comprehensive and seamless platform that caters to the diverse needs of travel industry stakeholders. Through the integration of cutting-edge technology and a customer-centric approach, Tumodo aims to revolutionize the way businesses engage with travel services, ultimately driving efficiency and enhancing the overall travel experience.
The Power of Pre-Seed Funding
The successful raise of $3.5 million in pre-seed funding represents a pivotal moment for Tumodo, signifying not only investor confidence but also the potential for accelerated growth and innovation. This infusion of capital will enable Tumodo to further develop its platform, expand its market reach, and solidify its position as a frontrunner in the B2B travel tech space. The funding will also fuel research and development efforts, allowing Tumodo to introduce new features and capabilities that cater to the evolving needs of its clientele.
Redefining B2B Travel Engagement
Tumodo's platform serves as a catalyst for redefining B2B travel engagement, offering a suite of tools and solutions that empower businesses to streamline their travel operations. From seamless booking processes to advanced analytics and reporting, Tumodo's platform is designed to optimize efficiency, reduce costs, and provide unparalleled visibility into travel-related activities. This not only enhances the operational capabilities of businesses but also fosters stronger partnerships within the travel ecosystem.
Driving Innovation and Collaboration
The infusion of pre-seed funding positions Tumodo to drive innovation and collaboration within the B2B travel tech sector. By leveraging the capital to enhance its technological infrastructure and expand its service offerings, Tumodo is poised to set new industry standards, fostering a culture of innovation and excellence. Furthermore, the funding will enable Tumodo to forge strategic partnerships and alliances, creating a network of synergistic relationships that further elevate the value proposition for its clients.
The Future of B2B Travel Technology
As Tumodo embarks on this transformative journey fueled by pre-seed funding, it is poised to shape the future of B2B travel technology. With a steadfast commitment to innovation, customer satisfaction, and industry leadership, Tumodo is well-positioned to drive meaningful change, setting new benchmarks for operational efficiency, collaboration, and value creation within the B2B travel landscape.
In conclusion, Tumodo's groundbreaking pre-seed funding marks a significant milestone in the evolution of B2B travel technology, propelling the company towards a future defined by innovation, collaboration, and unparalleled value delivery. As Tumodo continues to redefine the B2B travel landscape, its platform stands as a testament to the transformative power of technology and strategic investment in driving industry-wide progress.
Modus invests $2.8 million in eight startup launches through its Venture Builder platform
25 Nov 2023 Written by Admin AdminUAE-based Modus Capital has announced the launch of eight new startups as part of its venture builder programme, investing $2.8 million across these newly-launched ventures.
These startups include JamaliBox, MDBX, Monet, Oscar, Seva, Sindbad, Stornest, and Your Social Smile.
Modus operates a network of venture builders anchored by a $50 million Venture Builder Fund with programmes located in Abu Dhabi, Riyadh, and Cairo.
The Modus’ venture-building approach involves a nine-month programme designed to empower established and new founders through financial and non-financial offerings, including mentorship and access to networking opportunities, among other resources.
Press release
Modus, the Venture Platform comprising VC funds, Venture Builders, and a Corporate Innovation arm in MENA, has announced the successful build and launch of eight startups from its Venture Builder (VB) programs in 2023, investing a total of $2.8M across these emerging companies.
The platform's venture building approach involves a nine-month program designed to empower founders to collaborate with Modus’ operational experts in co-building ideas into fully operational and investable companies. Throughout their participation, founders test and validate ideas, gain access to unparalleled tech support and strategic mentorship, while developing MVPs ready for the market.
Modus operates a network of venture builders anchored by a $50M Venture Builder Fund with programs located across the MENA region in Abu Dhabi, Riyadh, and Cairo. Each location has its own robust venture building frameworks, strategic goals, and serves as regional ecosystems for startups to build out scalable ideas and products, network and knowledge-share with fellow entrepreneurs, and ultimately drive innovation.
Startups across Modus’ VBs benefit from an investment, which includes a combination of capital and in-kind services. From supplementing product, marketing, engineering, design, research, and strategy teams to a dedicated budget for growth initiatives and market validation, Modus provides essential resources to ensure its startups have the best chance of success.
The eight startups built and launched are:
JamaliBox: A monthly beauty box subscription service that delivers curated beauty, skincare, and hair care products across the UAE.
MDBX: A Healthtech merging chronic condition care and medication management with a digital pharmacy linked to robotics.
Monet: A revenue-based financing platform that allows companies to transform their revenue streams into upfront capital, instantly and without dilution.
Oscar: A tailored, automated sustainable procurement tool for the MENA region, considering local culture, business practices, and sensitivities.
Seva: An app that is designed to imitate and simplify the creation of the KHDA process in a user-friendly, digital setting.
Sinbad: A KYC solution for Umrah and emerging markets, giving suppliers the ability to view key data about their pilgrims through its AI-powered verifications.
Stornest: A digital tool that helps individuals plan and store their legacy information and documents to which designated beneficiaries get access in case of an untimely passing.
Your Social Smile: A dental digital marketing tool that modernizes dental experiences and helps improve communication and set procedural expectations between doctors and patients.
Awad Makkawi, Director of Venture Building at Modus said, “The growth of the startups in our VBs is a testament to the collaborative efforts between our founders and venture building experts. With the foundation set, I’m confident that their missions and products will resonate with customers and potential investors, paving the way for further success and funding.”
Modus will remain committed to supporting each startup, particularly with introductions to its network and facilitating access to follow-on investment opportunities from Modus’ VC fund and other investors.
In 2024, Modus is targeting the launch of 6-8 companies, leveraging a pre-existing pipeline of ideas and entrepreneurs in its venture builders. The platform is also welcoming new applications. Modus’ venture builders are nine month tailored programs.
Source: Mouds
World Bank anticipates 4.5% growth in UAE's non-oil economy in 2023
24 Nov 2023 Written by Admin AdminThe World Bank anticipated increase in the UAE's current account balance to 12.4% in 2023 and 11.8% in 2024
RIYADH: The World Bank has projected a 3.4% growth in the real Gross Domestic Product (GDP) of the UAE by the year 2023, with expectations of further increase to 3.7% in 2024.
According to the recently published World Bank Gulf Economic Update (GEU) report, the Bank anticipated the UAE's non-oil GDP growth to reach 4.5% in 2023, driven by strong performances in the tourism, real estate, construction, transportation, and manufacturing sectors, along with increased capital expenditure. Meanwhile, the oil GDP is expected to grow by 0.7% in 2023, rising to 3.6% in 2024.
The World Bank anticipated increase in the UAE's current account balance to 12.4% in 2023 and 11.8% in 2024. The UAE is expected to achieve a surplus in the fiscal balance by 5.2% in 2023 and 4.6% in 2024.
According to the report, the Gulf Cooperation Council (GCC) region is estimated to grow by 1% in 2023 before picking up again to 3.6 and 3.7% in 2024 and 2025, respectively. This growth compensated for by the non-oil sectors, which are expected to grow by 3.9% in 2023 and 3.4% in the medium term supported by sustained private consumption, strategic fixed investments, and accommodative fiscal policy.
Khaled Alhmoud, Senior Economist at the World Bank, said that the diversification and the development of non-oil sectors has a positive impact on the creation of employment opportunities across sectors and geographic regions within the GCC.
“GCC countries have witnessed a remarkable increase in female labour force participation,” said Johannes Koettl, Senior Economist at the World Bank. “Saudi Arabia’s achievements in advancing women’s economic empowerment in just a few years is impressive and offers lessons for the MENA region and the world.”
According to the report, the Saudi private sector workforce has grown steadily, reaching 2.6 million in early 2023. Additionally, the labour force participation of Saudi women more than doubled in a span of six years, from 17.4% in early 2017 to 36% in the first quarter of 2023.
Source: zawya
UAE Mobility and Logistics Startup Wize Raises $16 Million in Pre-Seed Round
24 Nov 2023 Written by Admin AdminWize, a UAE-based logistics startup, has successfully raised $16 million in a pre-Seed funding round led by angel investors. This significant investment will fuel the growth and development of Wize's eco-friendly last-mile transportation solutions in the region.
Revolutionizing Last-Mile Delivery with Sustainable Solutions
Founded in 2022 by Alexander Lemzakov, Wize is dedicated to providing sustainable last-mile delivery solutions. The startup offers two core services: a marketplace for electric motorcycles and a subscription platform for businesses to manage their own fleets. Additionally, Wize provides battery-as-a-service and swapping stations, along with a Battery Swap App that allows drivers to reserve batteries in advance and stay informed about charge levels.
Funding for Expansion and Partnership Opportunities
The newly secured funds will be allocated towards product development, strengthening Wize's presence in the UAE market, and exploring new partnership opportunities in the Middle East and North Africa. Wize aims to enhance its offerings and expand its reach, ensuring that more businesses can benefit from their comprehensive ecosystem of sustainable delivery solutions.
A Comprehensive Ecosystem for Sustainable Delivery
Unlike its competitors, Wize has developed a comprehensive ecosystem that aligns with the UAE's net-zero requirements and the UAE Green Agenda. The startup's services include electric motorcycles tailored to meet courier transport regulations, a rental and subscription platform for business owners to manage their fleets, battery-swapping stations, and software components for efficient battery management.
Wize's subscription-based electric motorcycles not only contribute to environmental sustainability but also help businesses reduce transportation costs by up to 30% per month. The Wize Rental and Subscription Online Platform enables clients to manage their fleets 24/7, gathering valuable data on driver behavior, location, speed, and charge levels. Additionally, Wize's battery-swapping stations, known as Wize Power, provide drivers with a convenient way to exchange batteries, ensuring uninterrupted delivery operations.
With a focus on software, Wize has developed its own platform to manage battery swapping stations and monitor the condition of all batteries. This software is fully compliant with local laws, and all data is stored within the UAE, ensuring data security and compliance.
Wize is actively pursuing partnerships with renowned delivery companies in the region. The startup has already established a long-term partnership with Motoboy, the UAE's first sustainable logistics firm, with the shared goal of achieving zero-carbon emissions through the exclusive use of electric bikes. By collaborating with industry leaders, Wize aims to drive real change towards a more sustainable last-mile delivery ecosystem.
In conclusion, Wize's successful $16 million pre-Seed funding round marks a significant milestone for the UAE-based startup. With a focus on sustainability and innovation, Wize is poised to revolutionize last-mile delivery in the region. The investment will support the company's expansion, product development, and exploration of new partnership opportunities, ultimately contributing to a more sustainable and efficient delivery landscape in the UAE and beyond.
