• Saudi Arabia-based full-stack inventory management platform Rewaa has raised $27 million (SAR100 million) in a Series A funding round, led by Wa’ed Ventures, the VC arm of Aramco, along with STC’s Corporate Investment Fund (CIF), Silicon Valley’s Graphene Ventures, Sadu Capital, Vision Ventures, Khwarizmi Ventures, RZM Investment, Derayah VC, and Abdulrahman Sulaiman Al Rajhi & Sons Investment Company.
• Founded in 2018 by Mohammed Alqasir and Abdullah Aljadhai, Rewaa provides retailers with a cloud-based integrated solution that synchronises online and physical store inventory, in addition to offering Point-of-Sale (POS) and accounting modules for a fully integrated platform.
• The company claims to have served more than 7,000 retailers in Saudi Arabia and in the Middle East, creating over 250 local jobs.

Press release:

Rewaa, the leading full-stack inventory management platform for the retail industry, has raised $27 million (SAR 100 million) in a Series A funding round. The round was led by Wa’ed Ventures, the Kingdom-based VC fund wholly owned by Aramco.

STC’s Corporate Innovation Fund (CIF), launched earlier in February to invest in early-stage tech companies across various digital sectors, participated in the round. Rewaa marks CIF’s first venture investment in Saudi Arabia since its launch.

Other participating investors included Silicon Valley’s Graphene Ventures, Sadu Capital, Vision Ventures, Khwarizmi Ventures, RZM Investment, Derayah VC, and Abdulrahman Sulaiman Al Rajhi & Sons Investment Company.

According to the founders, the company has processed over SAR 7 billion in transaction value to date, positioning it as one of Saudi’s fastest-growing SaaS companies in the MENA region. The company specializes in omnichannel inventory management software.

“This investment propels us toward our vision of becoming the optimal technological partner for small and medium-sized businesses in the retail sector. By contributing to the industry's digital transformation through the creation of a globally competitive product, we aim to make a significant impact on retail merchants, empowering them to deliver unparalleled service with heightened efficiency,” said Mohammed Alqasir, Co-Founder and CEO at Rewaa.

Founded in 2018 by Mohammed Alqasir and Abdullah Aljadhai, Rewaa provides retailers with a cloud-based integrated solution that synchronizes online and physical store inventory seamlessly, in addition to offering Point-of-Sale (POS) and accounting modules for a fully integrated platform. The company aims to become a technical partner for retailers by providing advanced technical solutions to manage inventory, sales, and payments which facilitate various business functions all from one portal.

Since its inception, Rewaa has served more than 7,000 retailers in the Kingdom and abroad, creating over 250 local jobs. The company’s innovation and success led to its recognition as one of the 35 tech companies in the Saudi Unicorns Program. The program itself was announced during LEAP, the region’s largest technology conference, as a joint initiative by the Ministry of Communication and Information Technology (MCIT), the National Technology Development Program (NTDP), and Misk Foundation.

“Rewaa’s revolutionary approach to digitizing and optimizing operational processes based on efficiency and scale-up goals for SMEs perfectly addresses the needs of the typically-scattered retail industry,” said Fahad Alidi, Managing Director at Wa’ed Ventures.

“We had the privilege of knowing Mohammed and Abdullah since their early days as founders. We are proud to back their growth today as they transform Rewaa from a simple digital tool to the go-to cloud-based POS and inventory management platform for local and regional retailers,” he adds.

“We are pleased to invest in Rewaa, which has proven itself through tremendous in recent months, thanks to a and thanks to a great team behind these achievements. Through our investment, we seek to participate in developing technologies that support the retail market, including Rewaa'a company,” commented Majed Aljarboua, General Manager at stc Corporate Funds & Entrepreneurship.

Source: Wamda

• UAE-based fintech myZoi has raised $14 million from SC Ventures and SBI Holdings.
• Founded in 2022 by Christian Buchholz and Syed Muhammad Ali, myZoi is a fintech focused on financial inclusion and financial literacy for the underbanked. It recently obtained two regulatory licences from the Central Bank of the UAE.
• myZoi aims to use the funds to expand its presence in the UAE.

Press release:

myZoi, an innovative fintech focused on financial inclusion and financial literacy for the underbanked, has raised $14 million from SC Ventures and SBI Holdings, as it obtains two regulatory licenses from the Central Bank of the UAE. These achievements mark a significant milestone in myZoi’s mission to enable, digitise and simplify access to essential financial services for over 5 million low-income migrant workers in the United Arab Emirates (UAE) and beyond.

“At the heart of myZoi lies the transformative potential of fintech to innovate with solutions that foster financial inclusion. myZoi will strive towards reducing the transaction cost of migrant remittances to less than 3%, in line with the UN's Sustainable Development Goals 2030 (10c), while providing corporates a digitised, safe and efficient way to process payroll,” said Syed Muhammad Ali, Co-Founder and CEO of myZoi. “As a tech-led, digital-native company, our drive is to make a meaningful difference not just in the lives of the underbanked, but their lifeline, which is their support network of families as well.” 

Headquartered in the UAE, myZoi brings global financial expertise and high standards of compliance. myZoi has secured two licenses from the Central Bank of the UAE: the Stored Value Facilities (SVF) and the Retail Payment Services and Card Schemes (RPSCS) Category II. The licenses enable myZoi to empower the underbanked and support their essential transactional needs through a single platform.

The concept was originally developed by the Co-founder and Chief Product Officer, Christian Buchholz, and incubated under SC Ventures. Buchholz, who led SC Ventures’ design and innovation initiatives across multiple geographies over the last five years, spent extensive time within the communities myZoi will benefit the most. He was deeply inspired by their commitment to remitting up to 80%2  of their income home, leaving little for personal use. The offering, aptly named myZoi, where Zoi means 'life' in Greek, extends beyond the underbanked in the UAE and seeks to also positively impact the families back home. 

“There are over 1.4 billion unbanked individuals globally. At SC Ventures, we invest in innovative business models like myZoi so we can better serve the communities we operate in. We believe that fintech innovations such as myZoi are emerging as the catalyst for change. They are building an ecosystem that delivers simple yet meaningful solutions to low-income migrant workers while offering a commercially viable and socially impactful proposition,” said Gautam Jain, Member, SC Ventures.

myZoi aims to use the funds raised to expand its inclusive and differentiated proposition for the underbanked and their families. myZoi places equal commitment to financial inclusion and financial literacy. myZoi is preparing for its full commercial launch by the end of 2023. 

“We wholeheartedly believe in myZoi’s vision to enable financial inclusion and secure an equitable future for every individual, regardless of their background or social status. Therefore, we are happy to invest in this impactful fintech. Our partnership with myZoi goes beyond mere financial investment and extends to support a more empowered future for all,” said Yoshitaka Kitao, SBI Holdilngs, Inc. Representative Director, Chairman, President & CEO.

Source: Wamda

Thrift for Good wins $50,000 grant from She’s Next UAE-based charity platform Thrift for Good has won a $50,000 grant from She’s Next programme, organised by Visa and First Bank of Abu Dhabi (FAB).

Founded in 2020 by Jennifer Sault, Thrift for Good is a charity shop that rehomes preloved clothes and items to raise funds for children’s charities around the world.

Sault has also won one year of business coaching from ITC SheTrades as well as $3,000 of AWS credits and a 1:1 deep dive consultation to help jump-start the winner’s cloud journey on AWS.

The Founder of The Bookshelf startup Nada Alawadhi was granted the $10,000 People’s Favourite award.

Press release:

Visa (NYSE: V), the world's leader in digital payments, together with First Abu Dhabi Bank today announced Jennifer Sault, the Founder of Thrift for Good, a charity shop in Dubai that rehomes preloved clothes and items to raise funds for children’s charities around the world, as the much-anticipated winner of its second She's Next grant programme for UAE. The winner was selected at an award ceremony held at the Museum of the Future in Dubai.

Handpicked from a pool of over 880 applicants from across the GCC, the winning woman-owned small business received a $50,000 grant along with a year of business coaching from the International Trade Centre (ITC), a United Nations and World Trade Organisation, and $3.000 of Amazon Web Services credits.

The business coaching will be provided by the ITC SheTrades Initiative, ITC’s flagship women and trade programme. The winner was selected from a pool of applicants representing a range of sectors including but not limited to textiles, education, food and beverage, professional services, beauty and wellness.

A jury evaluated entries based on the following criteria: the progression of applicant’s entrepreneurial journey; robustness of their business metrics; digital presence; and demonstrated ability to problem-solve confidently.

The members of the jury included: Shaikha Ali AlNaqbi, Head of Contracting Segment – Corporate Banking, First Abu Dhabi Bank; Khuloud Al Omian, CEO & Editor-in-Chief, Forbes Middle East; Carl Manlan, VP, Inclusion Impact & Sustainability, Visa, CEMEA; Houda Buhumaid, Chief Impact Officer, Dubai Holding; Wendy Paratian, Programme Officer, She Trades; and Hadi Aloh, Head of Sales, Commercial Segment, UAE, AWS.

For the first time, She’s Next included a People’s Favourite award, voted for online by members of the general public. This award with a cash prize of $10,000 went to Nada Alawadhi, the Founder of The Bookshelf, a bilingual book subscription for kids.

Further highlighting the increasing focus on sustainability in today’s local business landscape, most of the She’s Next applicants showcased sustainable business practices. In fact, based on the SMB Digitisation Index commissioned by Visa to support the She’s Next programme, all the women entrepreneurs surveyed in the GCC (100%) acknowledged the increasing importance of sustainability in the current business landscape, indicating their commitment to reduce waste, recycle products (45%), and minimise plastic usage (51%).

Through their participation in the She's Next programme, these women entrepreneurs have already gained access to practical insights from women leaders, valuable tools, educational resources, and facilitated training. This includes access to AWS Connected Community and ITC SheTrades Initiative's "Elevate Your Business" training programme.

Visa and ITC will also provide one-to-one advisory support for 30 finalists – equipping these individuals with the guidance and insights to boost their business and financial strategies.

"In a world where women-owned small businesses consistently demonstrate their resilience and future-forward optimism, Visa is proud to acknowledge and support these trailblazing female entrepreneurs in UAE.

We extend our heartfelt congratulations once again to the winners of She’s Next in UAE and look forward to supporting them in their business journey," said Dr. Saeeda Jaffar, Visa’s SVP and Group Country Manager for GCC.

Sara Al Binali, Group Head of Corporate, Commercial, and International Banking at FAB, said: “The She's Next winners exemplify the strength and depth of women-owned businesses in the UAE.

FAB is proud to be part of a programme that is proving to be so effective at empowering and elevating women entrepreneurs in their journey to success. As we celebrate these exceptional winners, we eagerly anticipate their businesses reaching new heights and making a lasting impact on the UAE's entrepreneurial landscape.”

Source: By Nesma Abdel Azim- Wamda

Nesma Abdel Azim

Saudi Arabia’s Wa’ed Venture, the VC arm of Aramco, has co-led a $52 million Series B round in the US-based construction technology (contech) startup Mighty Buildings, along with BOLD Capital, with participation from Khosla Ventures and 15 other new and existing investors.

Mighty Buildings, founded in 2017, is a 3D printing contech known for its prefabricated, environmentally friendly and climate-resilient homes.

The new round brings the total funding raised since inception to $153 million.

The funds will be used to build out Mighty Buildings’ factories in North America and expand operations to Saudi Arabia and the United Arab Emirates.

Press release:

Mighty Buildings, the leader in 3D printing construction technology known for its prefabricated, environmentally friendly and climate-resilient homes, today announced that it has raised $52 million in funding. This latest round demonstrates strong investor confidence in Mighty Buildings' innovative offsite 3D printing construction technology.

The round was co-led by Wa’ed Ventures, the $500 million innovation-focused venture capital fund backed by Saudi Aramco, and by BOLD Capital Partners, a U.S. disruption and transformation-focused venture firm. Existing investor Khosla Ventures and new investor KB-Badgers, a South Korean firm investing from its sustainability-focused fund, were among a total of almost 20 investors in the round. New investors contributed more than half of the funds raised.

Funding is earmarked to accelerate the development and scale production of new homes for the U.S. market, where new home demand continues to increase, as well as to establish manufacturing operations in Saudi Arabia and the United Arab Emirates, two of the largest and fastest-growing construction markets in the world. The addition of operations in the Gulf region aligns with Mighty Buildings' strategy to transform housing construction globally while addressing sustainability, climate resilience, and the global housing shortage.

“The team at Mighty Buildings have reaffirmed our confidence in the incredible and diverse potential for innovation lying within the construction tech industry. Our investment in the company reflects our belief that innovative materials, such as those used in Mighty Buildings’ proprietary 3D-printing, will be a major driver for scalability and sustainability of homebuilding in the Gulf Region,” said Fahad Alidi, Managing Director at Wa’ed Ventures.

Mighty Buildings is meeting a rapidly growing demand for sustainable, prefabricated housing, as evidenced by the delivery of over 50 units to date, an important milestone that reflects the company's progress in developing scalable housing technology. By focusing on its mission, the company is making it easier, faster and more cost-effective to build homes, while pushing the construction industry towards lower carbon, climate-resilient solutions.

“This recent funding underlines Mighty Buildings’ leadership in the modular homebuilding market. It will accelerate our growth by funding the international expansion to one of the most exciting homebuilding regions in the world. We are thrilled about the support from such esteemed investors for our mission: solving the housing and climate crises by transforming the way the world builds homes,” said Mighty Buildings’ CFO Rene Griemens.

Following the opening of its innovative, industrial-scale factory in Monterrey, Mexico, in 2022, the company continues to emphasize its strategy of transformative home building. Mighty Buildings’ patented factory-based 3D printing manufacturing process speeds construction by 3-4x, providing for the completion of a home’s envelope in less than one week with drastically less water and near zero waste.

Using its patented Lumus material, which is 5x stronger than concrete, the technology of Mighty Buildings creates climate-resilient homes that resist severe weather, hurricanes and earthquakes.

Source: Wamda

Palestine-based AI data training company DataQueue has raised an undisclosed amount from the Ibtikar Fund.

Founded in 2021 by Bashir Alsaifi, DataQueue is an AI data training firm that allows organisations to have access to a broad range of annotated and labelled data for training their AI models.

This funding round will provide DataQueue with the resources to further develop its technology, strengthen its research and development capabilities, and expand its customer base.

Press release:

Ibtikar Fund announced their investment in DataQueue, a leading AI data training company, and an innovative platform to manage the entire AI lifecycle.

“DataQueue aims to revolutionize the AI landscape by simplifying the training data process and empowering organisations to unlock the true potential of AI. We are thrilled to have the support of Ibtikar Fund in our journey to democratis3 AI and enable businesses to leverage its transformative power," explained Bashir Alsaifi, DataQueue’s Founder and CEO.

The field of AI faces numerous challenges, particularly in the acquisition and management of high-quality training data. DataQueue has emerged as a solution provider, offering a comprehensive platform that addresses these challenges and streamlines the AI lifecycle for organisations.

One of the primary obstacles in AI development is acquiring diverse and reliable training data at scale. DataQueue tackles this problem by leveraging advanced algorithms and crowdsourcing techniques to efficiently gather large volumes of relevant training data from diverse sources. This approach accelerates the data acquisition process and ensures organisations have access to a broad range of annotated and labelled data for training their AI models.

Accurate annotation and labelling of training data are essential for the effectiveness of AI models. DataQueue's platform incorporates robust annotation tools and quality control mechanisms, guaranteeing precise labelling and minimising errors. This attention to detail significantly improves the performance and accuracy of AI models.

Similarly, managing and organising training data can be a complex task, especially as data volumes increase. DataQueue's centralised platform provides efficient data management capabilities, enabling organisations to categorise, search, and retrieve data seamlessly. This streamlined approach optimises the data management process, saving valuable time and resources.

“Our team was impressed by DataQueue's comprehensive approach to training data management and their commitment to quality and scalability. We believe in their vision to simplify the AI lifecycle for businesses, and we are excited to partner with them as they continue to innovate and disrupt this industry,” said Ambar Amleh, Managing Partner at Ibtikar Fund.

This funding round will provide DataQueue with the resources to further develop its technology, strengthen its research and development capabilities, and expand its customer base.

source: Wamda

Makers, the construction technology (contech) accelerator launched by Flat6Labs in partnership with SIAC and Dar Al-Handasah (Shair and Partners), has announced that it will award the selected startups up to $100,000 each.

The programme will also grant access to pilot projects, industry experts, mentorship, business training, one-on-one consultations, coaching sessions, networking opportunities, and essential resources to cultivate and scale their businesses.

The programme will initially focus on Egyptian entrepreneurs, before expanding to Saudi Arabia and subsequently to the wider Mena region.

Press release:

Flat6Labs, the region's leading seed and early-stage venture capital firm, has launched the "Makers" ConTech Accelerator Program in partnership with SIAC and Dar Al-Handasah (Shair and Partners).

The program is the first-ever construction-focused accelerator program in the Middle East that aims to support advanced startups in the construction technology industry.

The "Makers" ConTech Accelerator Program will provide select startups with up to $100,000 in funding per startup as well as grant access to pilot projects, industry experts, mentorship, business training, one-on-one consultations, coaching sessions, networking opportunities, and essential resources to cultivate and scale their businesses.

The program will last 12 weeks, startups will be chosen based on their unique new technology, hardworking founders, and exceptionally promising products, presented at a minimum viable product (MVP) level or higher.

The launch of the new program follows Makers’ first pre-accelerator program, which ran in early 2023 and which aimed to promote construction industry innovation through connecting and engaging with various industry stakeholders with extensive expertise, thereby creating sustainable innovation ecosystems for resolving construction-related challenges within SIAC, Dar, and the industry at large.

The pre-accelerator program graduated nine of the most innovative ConTech startups in Egypt – including Reblox, Tawredaat, AION Innovation, Masafa, HomeLab, A.D Innovations, Makinahub, and JEEZAR.

During the pre-accelerator, these startups were offered strategic mentorship, entrepreneurship-focused business training, one-on-one sessions with subject matter experts, as well as other benefits that would empower them to develop and present their innovative ideas and solutions.

With the launch of the new accelerator program, Flat6Labs intends to provide ongoing support to construction technology startups. The program will initially focus on Egyptian entrepreneurs, before expanding to the Kingdom of Saudi Arabia and subsequently to the wider MENA region.

Commenting on the new Makers Accelerator Program, Faysal Shair, Head of Digital Solutions at Dar, said, “We are thrilled to continue our exceptional collaboration with SIAC and Flat6Labs to accelerate the transformation of the construction industry.

We believe that the program will promote innovation in the construction industry and foster talents in construction tech, empowering them to showcase their innovative solutions and work alongside industry leaders to bring those solutions to the market. We are looking forward to seeing what the selected startups will bring to the table."

"We are proud to be a part of the journey towards digitising the construction industry and unlocking more opportunities and potential for ConTech startups in Egypt," stated Seif Ragab, Deputy CEO at SIAC. “

The digital revolution of the construction industry is becoming more crucial than ever and we are excited to capitalise on this momentum and make major leaps. We are confident that the expansion of this program would essentially help the growth and development of the region's constructing industry."

"We are excited to announce the launch of an accelerator program in collaboration with SIAC and Dar Al-Handasah, with the hope that it will serve as a conduit for the development of cutting-edge innovation while driving growth and opportunities for promising startups," said Yehia Houry, Chief Programs Officer at Flat6Labs.

"We are proud of the success of the pre-accelerator program, and we believe that Makers will have a significant impact on the construction industry in Egypt, and eventually across the Middle East."

Compared to other sectors like fintech, the construction industry typically moves at a slower pace when it comes to embracing innovation or digitalisation.

The Makers program strives to equip construction entrepreneurs with the necessary support in order to provide innovative solutions and fresh technologies that optimise and automate construction industry processes, making them more efficient and sustainable while propelling the sector forward.

Source: Wamda

Bahrain - The total assets of the Future Generations Reserve Fund amounted to $614.3 million during 2022 and increased to $680.1m during the first half of this year, the Cabinet heard yesterday.

It discussed and approved a memorandum submitted by the Finance and National Economy Minister regarding the fund’s annual report and audited financial statements for the fiscal year ending December 31, 2022, with preliminary estimated performance indicators until June 30 this year.

His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, chaired the weekly meeting at Gudaibiya Palace.

The session also highlighted the importance of the meeting held between His Majesty King Hamad and Egyptian President Abdel Fattah Al Sisi in El Alamein city on Egypt’s northern coast.

The Cabinet noted the importance of bilateral co-operation to achieve common aspirations of development, stability, and prosperity.

The session congratulated Her Royal Highness Princess Sabeeka bint Ibrahim Al Khalifa, wife of His Majesty and Supreme Council for Women president, on the 22nd anniversary of the council’s establishment, which falls on August 22 of each year.

The Cabinet commended the achievements of Bahraini women and their remarkable contributions to government work, following the council’s adoption of ambitious programmes for them.

The Cabinet expressed its condolences to the US government and the families of the victims of the devastating forest fires in Hawaii, wishing a speedy recovery to those injured.

Source: Zawya

Under the strategic alliance, Network will empower emaratech-owned noqodi’s existing payment channels

Fintech company noqodi has collaborated with Network International to expand digital payments offering that can cover various segments beyond just government and private sector services.

The partnership will enable the Dubai-based firm to provide micro, small, and medium enterprises (MSMEs) with access to additional digital payment solutions while driving shared goal of boosting the UAE’s cashless economy, according to a press release.

Under the strategic alliance, Network will empower emaratech-owned noqodi’s existing payment channels like e-commerce, point of sale (POS), and software point of sale (SoftPOS) to accept card payments.

It will further introduce support to new unbanked segments, including retail and commerce.

General Manager at noqodi, Zahi Kallab, said: “Together with Network, and leveraging noqodi’s unique value proposition, we are committed to supporting MSMEs and simplifying their business operations with accessible and innovative digital payment solutions.”

Kallab added: “This alliance reinforces our dedication to advancing digital payments in line with Dubai’s vision of becoming a fully cashless economy.”

The fintech company is currently integrated with different banks and payment options that come under one payment platform for government and selected private merchants. This includes direct debit, online banking, and cash through partner exchange houses, besides full automation of collections, reconciliation, settlement, and transaction-related services.

Group Managing Director – Acquiring at Network, Andrew Key, said: “Digital payments are becoming more commonplace in the UAE with businesses of all sizes now shifting toward cashless transactions. Given this, there is a growing need for easily accessible innovative digital payment solutions that help simplify business operations.”

Key concluded: “Our partnership further reaffirms our commitment to boosting digital payments in the region in line with Dubai’s bid to become a fully cashless economy.”

Recently, Network joined forces with SerVme, a reservation and guest customer relationship management (CRM) platform for restaurants and hospitality operators, to endorse food and beverage (F&B) merchants in the UAE.

Source: Zawya

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

• 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