Saudi Arabia-based foodtech startup NOMU, has raised a $5 million Seed round from DIV Capital, Shurfah, Core Vision, Purity for Information Technology, and family offices in KSA such as Altoukhi Family Office and Bakr Family Office, along with angel investors.

NOMU will use the fresh funding to expand its reach in the hotel, restaurant, and catering (HoReCa) sector as well as develop a Software-as-a-Service (SaaS) solution and an AI-enabled procurement chatbot, with plans to cover Pakistan and sub-Saharan Africa in the near future.

NOMU was founded in late 2022 as a result of a merger between q-commerce startups, Saudi-based Jumlaty and Egypt’s Appetito.

Press release

NOMU, the innovative food-tech supply chain platform set to revolutionise the food and beverage industry in the MENA region, has announced the successful closure of its first round of financing after the merger and establishment of Nomu Group.

The seed round raised $5 million from leading investors, including DIV Capital, Shurfah, Core Vision, Purity for Information Technology, and prominent family offices in KSA such as Altoukhi Family Office and Bakr Family Office, along with angel investors. The funds raised will be used to expand NOMU's B2B HORECA offering, with a specific focus on restaurants and financing solutions. NOMU plans to develop a Software-as-a-Service (SaaS) solution and an AI assistant procurement officer chatbot. The company places a strong emphasis on sustainability and healthy unit economics, with two markets already achieving profitability.

Since its inception in 2022, NOMU has experienced rapid expansion and currently operates in four countries, including the Kingdom of Saudi Arabia, Egypt, Tunisia, and Morocco. The company has aggressive plans to expand into 50 cities/towns by 2025. Remarkably, NOMU has already proven a positive cashflow business model, recorded 10x revenue growth within 12 months and gross margins are above healthy sustainable levels, NOMU has established strategic international partnerships with industry giants such as Savola and Procter & Gamble.

Founded by Salman Attieh, Yassir El Ismaili El Idrissi, Shehab Mokhtar, and Ahmed Eldemerdash, NOMU Group's headquarters are located in Riyadh, KSA, with a holding structure in Abu Dhabi's International Financial Centre. This strategic positioning enables NOMU to develop its operations further and expand its footprint, with plans to cover Pakistan and key sub-Saharan countries in the near future.

"We are thrilled with the overwhelming support we have received from our investors, both in terms of funding and strategic partnerships," said Shehab Mokhtar, Co-Founder and CEO of NOMU Group. "This seed round allows us to strengthen our B2B HORECA offering, invest in cutting-edge technology, and expand into new markets. NOMU is committed to revolutionizing the food-tech supply chain, providing greater convenience and efficiency for businesses in the MENA region."

NOMU's successful seed funding round marks a significant milestone in the company's journey to transform the F&B supply chain. With its strong financial backing, strategic partnerships, efficient centralized OPEX and visionary leadership, NOMU Group is poised to reshape the industry and drive innovation throughout the region.

Source: Wamda

أصبح الذكاء الاصطناعي (AI) أداة قوية بشكل متزايد للشركات، وقد تمت الإشارة إلى الذكاء الاصطناعي على أنه "الشيء الكبير التالي" (The next big thing) في عالم الأعمال في السنوات الأخيرة. لكن اليوم لم يعد الحديث عن الذكاء الاصطناعي يدور عن تكهنات مستقبلية، بل بات واقعاً ملموساً، وما القصص التي ملئت الاخبار عن الـ ChatGPT إلا دليلاً على ذلك. كما أنه لم يعد قاصراً على الشركات الكبيرة مثل القيادة الذاتية للسيارات، بل بات بإمكان الشركات الناشئة والصغيرة الاستفادة منه أيضاً، إذاً نحن أمام فرصة للاستفادة من تطورات الذكاء الاصطناعي في عالم الأعمال، لكن كيف؟

نستعرض في هذه المادة 4 مجالات يمكن لرواد الأعمال من خلالها الاستفادة من تطورات الذكاء الاصطناعي في أعمالهم. ستكشف هذه المقالة ثلاث طرق يمكن للشركات الصغيرة من خلالها الاستفادة من الذكاء الاصطناعي لتعزيز نموها واكتساب ميزة تنافسية:

لطالما أشير إلى الذكاء الاصطناعي في السنوات القليلة الماضية بأنه "الشيء الكبير القادم" (The next big thing) في عالم الأعمال. لكن اليوم لم يعد الحديث عن الذكاء الاصطناعي يدور عن تكهنات مستقبلية، بل بات واقعاً ملموساً، وما القصص التي ملئت الاخبار عن الـ ChatGPT إلا دليلاً على ذلك. كما أنه لم يعد قاصراً على الشركات الكبيرة مثل القيادة الذاتية للسيارات، بل بات بإمكان الشركات الناشئة والصغيرة الاستفادة منه أيضاً، إذاً نحن أمام فرصة للاستفادة من تطورات الذكاء الاصطناعي في عالم الأعمال، لكن كيف؟ نستعرض في هذه المادة 4 مجالات يمكن لرواد الأعمال من خلالها الاستفادة من تطورات الذكاء الاصطناعي في أعمالهم.

1- تحسين خدمة العملاء

من الصحيح أن خدمة العملاء تُعد من أكثر المجالات التي تحتاج إلى اللمسة البشرية، لكن من الصحيح أيضاً أن الذكاء الاصطناعي يمكن أن يجعل منها أكثر كفاءة. تظهر كفاءة الذكاء الاصطناعي بوضوح كمنفذ اتصال أولي للرد على أسئلة واستفسارات العملاء، واليوم، وبفضل تطور الذكاء الاصطناعي فإن روبوتات المحادثة أصبحت أكثر فاعلية في التواصل المكتوب والصوتي (إجراء مكالمات) وبلغات مختلفة أيضاً، وبكفاءة وفاعلية عالية، أي أصبح بالإمكان التواصل مع عملاء من جنسيات وأماكن مختلفة، مع قدرة الذكاء الاصطناعي على الاستيعاب والرد على استفسارات العملاء بكفاءة.

لا تقتصر المنفعة من استخدام الذكاء الاصطناعي في خدمة العملاء على التقليل من التكاليف، إذ لا يمكن الاستغناء نهائياً عن العنصر البشري، لكن المنفعة من الذكاء الاصطناعي تمتد أيضاً في تجميع المعلومات وإعادة استخدامها التي تساعد في جعل تجربة العميل أكثر تخصيصاً من خلال تقديم رؤية واضحة عن متطلبات العميل ورغباته. كما يمكن للذكاء الاصطناعي استخدام البيانات لإجراء التنبؤات وتحديد مجالات التحسين وحتى الإشارة إلى التوسعات المحتملة أو الخدمات المتقدمة. بما يساعد على إبقاء العميل راضياً.

بعض أدوات الذكاء الاصطناعي الشائعة التي يمكنها تحسين خدمة العملاء:

(ChatGPT, IBM Watson Assistant, LivePerson, Ada, Salesforce Einstein, Bold360, Nuance Nina, Zendesk Answer Bot.).

2- تحسين تفاعلات البريد الإلكتروني

يؤدي تلقي الكثير من رسائل البريد الإلكتروني من العملاء، التي تتطلب بطبيعية الحال تتبع الطلبات والاستفسارات والرد عليها والعديد من الأمور الأخرى، إلى إثارة الفوضى حتى في أكثر فرق العمل تنظيماً. بل إن الأمر يتجاوز التحديات اللوجستية والتنظيمية، فالاستجابات البطيئة وغير الوافية على استفسارات العملاء ستؤدي بدورها إلى احباط العميل، وتشكيل صورة ذهنية سلبية عن العلامة التجارية للشركة.

توفر روبوت البريد الإلكتروني حلولاً متنوعة للمساعدة على تخطي المشكلات التي قد تنشأ عن رسائل البريد الإلكتروني، من خلال أتمتة خدمات الرد الشاملة. بما فيها الرد على استفسارات الأسعار ونوعية المنتجات وخدمات التوصيل أو تحديثات تقدم الطلب وغيرها، وتمرير الرسائل الأكثر تعقيداً للجهة المعنية في الشركة. ومع تطور الروبوتات أصبح بالإمكان تحديد النبرة واللغة لتحسين التواصل مع العملاء. يساعد ذلك في توفير الوقت لدعم العملاء في الاستعلامات المتكررة التي يمكن حلها عن طريق الرد التلقائي.

بعض أدوات الذكاء الاصطناعي الشائعة التي يمكنها تحسين التفاعلات عبر البريد الإلكتروني:

(Grammarly, Crystal, Boomerang, PoliteMail, Respondable by Boomerang AI-powered tool integrated with popular email platforms like Gmail, Clearbit Connect, X.ai).

3- التسويق والمبيعات

للذكاء الاصطناعي العديد من التطبيقات في مجال التسويق. تتمثل الميزة الرئيسية لاستخدام الذكاء الاصطناعي في التسويق في أن عملية صنع القرار والمراسلات تستند إلى بيانات دقيقة وشاملة، حيث تستخدم الإحصاءات المرتبطة بالطلبات السابقة للعملاء والاستطلاعات والاستبيانات والبيانات السابقة في التعامل مع العملاء. حيث تقدم تطبيقات الذكاء الاصطناعي في نهاية المطاف رؤية للمبيعات أكثر شمولية ودقة. والتي تساعد بدورها في إنشاء قوائم للعملاء المحتملين وتحديد نقاط الضعف والقوة قبل التخطيط للحملة التسويقية.

وفي هذا السياق وجدت إحدى الدراسات الاستقصائية أن 61٪ من فرق المبيعات قد تجاوزت أهداف الإيرادات بفضل الاستفادة من الأتمتة في عملية المبيعات كما يمكن توظيف الذكاء الاصطناعي في تحليل المبيعات وأداء التسوق بما يساعد على اتخاذ قرارات أفضل.

بعض أدوات الذكاء الاصطناعي الشائعة التي يمكنها المساعدة في التسويق والمبيعات:

(Salesforce Einstein, Marketo Engage, HubSpot Sales Hub, Drift, InsideSales Predictive Playbooks, Gong.io, Conversica, IBM Watson Marketing.).

4- كتابة المدونة وتحسين الظهور على محركات البحث (SEO)

يساعد الذكاء الاصطناعي في رفع كم ونوع المدونات عن طريق تقليل وقت الكتابة والتحرير بشكل كبير. وذلك من خلال إدخال وتحليل الكلمات المفتاحية، وتحديد استخدامها وتوزيعها بشكل مناسب، وكذلك في صياغة وإعادة صياغة الجمل والفقرات المرتبطة بالكلمات المفتاحية. وبالتالي يساعد الذكاء الاصطناعي في مجال كتابة المحتوى وتحسين المدونات في توفير الوقت والجهد في الكتابة وتقليل الأخطاء وصياغة المحتوى بصورة أفضل. وقد أثبت الاذكاء الاصطناعي بالفعل ناجعته في هذا المجال إذ تشير إحدى الدراسات إلى ارتفع استخدام المسوقين للذكاء الاصطناعي بين عامي 2018 و 2020 من 29٪ في 2018 إلى 84٪ في 2020.

بعض أدوات الذكاء الاصطناعي الشائعة التي يمكنها تحسين كتابة المدونة وتحسين الظهور على محركات البحث (SEO) : (Frase, SEMrush, Surfer SEO, Clearscope, WordLift, MarketMuse, Yoast SEO, TextOptimizer).

يعتمد تحديد أفضل أداة للذكاء الاصطناعي لاستخدامها على عدة عوامل واعتبارات، مثل: احتياجاتك وسهولة الاستخدام وتوافق الأداة مع الأنظمة أو البرامج أو الأنظمة الأساسية الموجودة لديك، بالإضافة الى قابلية التوسع وأسعار الأداة والمرونة والتخصيص ضمن عوامل أخرى. يوصى بإجراء تقييم شامل لأدوات الذكاء الاصطناعي المختلفة بناءً على السياق والمتطلبات المحددة للمستخدم قبل اتخاذ القرار.

ان الاستفادة من الذكاء الاصطناعي في عدة مجالات يمكن الشركات الناشئة الحصول على ميزة تنافسية من خلال تبسيط العمليات وتحسين تجارب العملاء واتخاذ قرارات تعتمد على البيانات. من خلال تبني الذكاء الاصطناعي، يمكن للشركات الصغيرة أن تفتح فرصًا جديدة للنمو وتظل قادرة على المنافسة في ظل بيئة أعمال رقمية تركز بشكل متزايد على البيانات.

المصادر:

Entrepreneur

Tech Target

Hub Spot

شهدت الشركات الناشئة عودة قوية في شهر مايو/أيار في حجم تمويل الذي حصدته، فقد بلغ مجموع ما حصلت عليه الشركات الناشئة في الشرق الأوسط وشمال إفريقيا أكثر من 445 مليون دولار أمريكي، بزيادة نسبية على أساس سنوي تبلغ نحو 153%، أما بالمقارنة على أساس شهري فنسبة الارتفاع كبيرة جداً إذ تتجاوز الـ6257%، علماً أن شهر أبريل/نيسان كان من أسوأ الشهور لجهة تمويل الشركات الناشئة منذ سنوات، إذ لم يتجاوز حجم ما حصلته الشركات الناشئة في ذاك الشهر أكثر من 7 مليون دولار. وعلى مستوى عدد صفقات الشركات الناشئة في شهر مايو/أيار فقد بلغت 39 صفقة، مقارنةً بـ11 صفقة على أساس شهري، وبانخفاض بنسبة 7% على أساس سنوي.

توزيع تمويل الشركات الناشئة حسب الدول

حصدت الشركات الناشئة في الإمارات العربية المتحدة الحصة الأكبر من تمويل الشركات الناشئة في شهر مايو/أيار إذ بلغ مجموع ما حصلت عليها نحو 422 مليون دولار أمريكي موزعةً على 14 صفقة، أي ان نسبتها من إجمالي التمويل بلغت 90%. وقد جاء تقدم الشركات الناشئة الإماراتية بفضل صفة شركة "تابي" (اشتر الآن، ادفع لاحقاً) التي استأثرت لوحدها بتمويل بلغ 350 مليون دولار. جاءت الشركات الناشئة القطرية في المركز الثاني لأول مرة حيث بلغ إجمالي ما حصلت عليه نحو 12 مليون دولار، وقد ذهب هذا المبلغ على صفقة واحدة هي صفقة تطبيق "سنونو" المتخصص في خدمات التوصيل والتسوق عبر الإنترنت (تطبيق شامل).

فيما حلت الشركات الناشئة السعودية في المركز الثاني بتمويل بلغ نحو 6 مليون دولار. لكن من حيث عدد الصفقات فإن الشركات الناشئة السعودية حلّت في المركز الأول، حيث وصل عدد الشركات الناشئة السعودية التي حصلت على صفقات إلى 15 شركة. يأتي ذلك بفضل تخرّج سبع شركات الناشئة من برنامج Flat6labs لتسريع الأعمال في الرياض. ومن المتوقع أن تتصدر الشركات الناشئة السعودية قائمة أكثر الشركات التي تحصل على صفقات تمويل في شهر يونيو/حزيران بعد تخرّج 20 شركة ناشئة سعودية من برنامج "مسرع مسك" السعودي. اما عن الشركات الناشئة المصرية فقد شهدت تراجعاً على مستوى التمويل وعدد الصفقات إذ لم يتجاوز إجمالي ما حصلت عليها الشركات المصرية من تمويل المليون دولار، أما عن عدد الصفقات فقد بلغ 4 صفقات، حيث جاءت الشركات الناشئة المصرية في المركز الثالث، خلف الإمارات التي حصلت فيها الشركات الناشئة على 14 صفقة.

توزيع التمويل حسب القطاعات

بفضل صفقة "تابي" المشار إليها أعلاه، فإن قطاع التكنولوجيا المالية قد استحوذ على معظم تمويل الشركات الناشئة، حيث بلغ إجمالي ما حصده هذا القطاع في شهر مايو/ أيار أكثر من 388 مليون دولار، أي أن نسبة قطاع التكنولوجيا المالية قد بلغت نحو 87% من إجمالي تمويل الشركات الناشئة.

جاء قطاع التجارة الإلكترونية في المركز الثاني بإجمالي تمويل بلغ 30 مليون دولار بفضل جولة سكوات وولف التي حصدت خلالها على 30 مليون دولار أمريكي، يليه قطاع التطبيق الشامل بـ12 مليون دولار، ثم قطاع سوق العمل الإلكتروني بالمركز الرابع بنحو 5 مليون دولار. وفي المركز الخامس جاء قطاع التكنولوجيا الصحية بتمويل بلغ 3.5 مليون دولار.

أما من حيث عدد الصفقات فنجد أن قطاع التكنولوجيا المالية أيضاً متصدر، إذ بلغت عدد الصفقات في هذا القطاع 10 صفقات، يليه قطاع التكنولوجيا الصحية بـ6 صفقات. ثم قطاع سوق العمل الإلكتروني بـ5 صفقات. فيما توزعت باقي الصفقات على القطاعات الأخرى بواقع صفقة أو صفقتين في كل قطاع، كان من بينهم قطاع التطبيق الشامل الذي جاءت صفقته الوحيدة من تطبيق "سنونو" القطري.

ومن الجدير بالذكر أنه باستثناء التمويل بالدين الذي حصلت من خلاله شركة "تابي" على 350 مليون دولار، فإن إجمالي تمويل الشركات الناشئة في الشرق الأوسط وشمال إفريقيا يصل إلى 95 مليون دولار أمريكي، تشكل حصة الشركات الناشئة الإماراتية منها نحو 71 مليون دولار.

تشير ارقام تمويل وعدد صفقات الشركات الناشئة في شهر مايو/أيار إلى تعافي الشركات الناشئة من الركود الاستثنائي الذي أصابها في شهر يونيو/حزيران، إلا أن استحواذ صفقة تمويل بالدين على 78% من إجمالي التمويل، يدل على أنه تعافي جزئي، لا سيما مع استمرار تواضع حجم تمويل الشركات الناشئة المصرية والسعودية.

Qatar’s flourishing construction sector is projected at an impressive QAR210.01bn ($57.68bn) this year, industry analysts revealed, with forecasts predicting an increase to QAR325.03bn ($89.27bn) in the near future.

Global research firm, Mordor Intelligence, anticipates the Gulf nation’s construction industry to demonstrate a strong compound annual growth rate (CAGR) of 9.13% by 2028.

The newly released study emphasised the contributing factors to the thriving market, which include a blend of commercial, residential, industrial, and infrastructure projects, along with energy and utility developments.

The researchers highlighted that the country’s reliance on European suppliers and manufacturers for mechanical, electrical, and plumbing materials has spurred the search for alternate providers due to European supply shortages.

This has inevitably impacted pricing and led to reconsiderations of existing contracts and purchasing orders.

“For mechanical, electrical, and plumbing items, Qatari contractors, are particularly dependent on European suppliers and manufacturers; hence, a European supply deficit forced Qatari contractors to look for alternate suppliers”, the report stated.

“This affected the prices of the goods and raised questions about the cancellation of purchase orders and the termination of existing contracts.”

However, the country’s relentless investments and projects in the past years paved the way for it to bounce back.

World Cup impact

Despite the challenges, Qatar’s successful hosting of last year’s World Cup has had an influence on the industry, setting the stage for future major infrastructural and industrial projects.

This year, Qatar is set to dedicate QAR9.83bn ($2bn) towards the ambitious 2050 transportation master plan, underlining the nation’s commitment to improving infrastructure and expanding its leisure industry.

The nation’s track record of mass projects, ranging from the Doha metro, universities, healthcare facilities, museums, to entirely new cities like Msheireb and Lusail, bears testament to the growing strength of its construction market.

This assertion is further reinforced by the impressive array of stadiums that were built for the region’s first World Cup tournament.

In addition, the government’s significant investment of QAR53.9bn ($14.80bn) for infrastructural advancements, as outlined in the 2021 budget, demonstrates the critical role of state authorities in bolstering the regional construction sector.

“The government aims to develop infrastructure and diversify the economy by moving away from its dependence on the oil and gas sector. In efforts to diversify the economy, Qatar has opened economic free zones attracting companies from around the world,” state the analysts.

The recent implementation of laws governing public-private partnerships (PPPs) is anticipated to lure private sector investments in infrastructure, education, and healthcare projects, thereby driving industry growth over the forecast period.

Source: Doha News

The OPEC+ production cuts would lower overall real growth to 2.1% in 2023. Meanwhile, the non-oil growth is expected to average 5% and remain above potential

The International Monetary Fund (IMF) projected that the non-oil growth momentum in Saudi Arabia will remain strong in 2023, according to the financial agency’s report.

The OPEC+ production cuts would lower overall real growth to 2.1% in 2023. Meanwhile, the non-oil growth is expected to average 5% and remain above potential.

The report forecast that headline inflation will be contained this year, while the average consumer price index (CPI) will be slightly higher at 2.8% compared with 2022.

It also highlighted that strong currency, subsidies, and gasoline price caps offset inflationary pressures from diminishing labor market slack and a booming non-oil economy.

As for reserves, they are expected to stabilise at slightly lower levels of import coverage over the medium term, even if they remained well above standard reserve adequacy metrics.

As predictions of strong oil demand for the rest of the year persist, higher oil prices might change amid OPEC+ oil production cuts.

Furthermore, accelerated structural reforms and investment could boost growth.

On the other hand, a too-quick rise in non-oil investment could further hike domestic demand, hence adding pressure on prices and external accounts.

The headline seasonally adjusted Purchasing Managers Index (PMI) of Saudi Arabia retreated to 58.5 in May 2023 from 59.6 last April. However, the reading was still above the 50 growth mark and higher than its long-run average of 56.9.

Source: Zawya

Egypt’s marketplace for trucks, Trella, has raised $3.5 million from newly-launched private equity fund Avanz Capital Egypt.

The Avanz Capital fund, launched in 2022, is a subsidiary of Squared Capital International, and manages a couple of funds, one focuses on investing in startups and SMEs and the other is aimed at supporting low-carbon projects.

Trella was founded in 2018 by Omar Hagrass, Ali El Atrash, Pierre Saad and Muhammad El Garem. It connects shippers with trucks in real time.

Besides Egypt, it says it also has operations in Saudi Arabia and Pakistan.

Last year, Trella also secured $6 million in debt funding from ALMA Sustainable Finance (ALMA) and the US International Development Finance Corporation (DFC).

Avanz Capital Egypt, a subsidiary of I Squared Capital International, is making significant strides in expanding its investment portfolio with a multi-faceted approach. The company has recently announced its support for the logistics startup, Trella, alongside the launch of two new funds and a commitment to investing in existing funds and companies.

Avanz Capital Egypt has strategically invested approximately $3.5 million in Trella, a promising logistics startup operating in the field of logistics services. This investment not only demonstrates Avanz Capital Egypt’s confidence in Trella’s potential but also establishes the company as a key player in the flourishing logistics sector. With this partnership, Avanz Capital Egypt aims to leverage Trella’s innovative solutions and contribute to the growth and success of the logistics industry.

In addition to backing Trella, Avanz Capital Egypt is launching two new funds, further diversifying its investment portfolio. The first fund focuses on supporting small and medium enterprises (SMEs), aiming to provide much-needed capital and resources to fuel their growth. By nurturing these enterprises, Avanz Capital Egypt aims to contribute to the overall development and expansion of the Egyptian market. The first closing of Avanz Manara Fund in March collected financial obligations of approximately 905 million pounds, with about 25% of the amount already paid.

The second fund sets its sights on low-carbon projects, intending to issue “carbon credits” under the name “EGYCOP.” With an initial target of raising one billion pounds, this fund emphasizes Avanz Capital Egypt’s commitment to sustainable investments and the transition to a greener economy. By capitalizing on opportunities in the low-carbon sector, Avanz Capital Egypt seeks to drive positive environmental impact while generating attractive returns for investors.

Beyond the launch of new funds, Avanz Capital Egypt is actively exploring opportunities to invest in existing funds and companies. The company aims to identify potential investments that align with its strategic objectives and have the potential for growth and value creation. Avanz Capital Egypt’s investment strategy encompasses various sectors, including healthcare, logistics, green economy, renewable energy, and defense, among others.

Avanz Capital’s parent company, “I Squared Global Capital,” manages assets worth over $13 billion in 130 companies worldwide. The company targets investments in funds and companies in startup and emerging markets, with a particular focus on Africa, Latin America, and Asia.

Through its backing of Trella, launch of new funds, and investment in existing funds and companies, the firm showcases its comprehensive approach to investment. By diversifying its portfolio across different sectors and supporting both emerging and established enterprises, Avanz Capital Egypt seeks to generate attractive returns while contributing to the overall economic development of Egypt.

As the firm expands its investment activities, the company aims to make a positive impact on the Egyptian market and position itself as a trusted partner for businesses seeking growth and investment opportunities. With its dynamic approach and strategic investments, Avanz Capital Egypt continues to play a vital role in driving innovation, entrepreneurship, and sustainable economic growth in Egypt and beyond.

Source: Wamda

Jada Fund of Funds, a subsidiary of Saudi Arabia's Public Investment Fund (PIF) has invested in Bahrain's Investorcorp, a $500 million pre-IPO growth fund.

The fund, launched last year, aims to invest in a diversified portfolio of high-growth startups looking to go public over the next few years.

Last August, Investcorp led a $100 million pre-IPO funding round in TruKKer, a trucking marketplace, with over 45,000 trucks on its platform, and NourNet, a local ICT company serving 1,200 corporate clients operating across over 20 industries.

Launched in late 2019, Jada is a $1.07 billion (SAR 4 billion) fund targeting investments in startups, venture capital (VC) funds and private equity funds.

Press release

Investcorp, a leading global alternative investment firm, has announced that Jada Fund of Funds, a subsidiary of the Public Investment Fund (PIF), has committed to invest in Investcorp Saudi Pre-IPO Growth Fund (the “Fund”). The Fund was launched last year to invest in a diversified portfolio of companies, primarily based in Saudi Arabia that are targeting to access the public capital markets over the next few years. Last August, Investcorp led a $100 million Pre-IPO funding round in TruKKer, MENA’s largest digital freight network, with over 45,000 trucks inducted on its platform. This was followed by the Fund’s investment in NourNet, one of Saudi Arabia’s leading ICT companies, with over 1,200 B2B clients operating across over 20 industries.

The Fund is targeting equity growth capital investments across a range of companies primarily based in Saudi Arabia with the potential to access the capital markets within 3-4 years. The Fund provides investors with an opportunity to gain exposure to growing and market-leading businesses in strategic, high growth and underserved sub-sectors such as business services, transport and logistics, healthcare and consumer.

“One of Jada's primary goals is to support the growth of the local private equity ecosystem, and we look forward to see Investcorp's Saudi Pre-IPO Growth Fund playing an impactful role in supporting companies across the Kingdom that have strong growth trajectories and the ability to invigorate the wider SME community,” said Bandr Alhomaly, CEO of Jada Fund of Funds Company".

“We are excited about Jada’s commitment to anchor our Fund. We share a common objective of supporting national champions in their growth and value creation journey, contributing to the Kingdom’s economic development and diversification objectives”, said Walid Majdalani, Head of Private Equity MENA and Southeast Asia.

“Jada’s commitment to Investcorp Saudi Pre-IPO Fund marks the start of a long-term strategic partnership, as Investcorp continues to grow its assets under management across multiple asset classes in Saudi Arabia,” said Yasser Bajsair, Head of Investcorp Saudi Arabia.

Source: Wamda

Start-up companies in the Middle East and North Africa recorded the lowest volume of funding in years on a monthly basis, as the total amount of funding in April did not exceed $7 million, distributed over 11 deals, meaning that the total funding value has decreased compared to its value in March by about 97%, and by 99% compared to April 2022. In the following lines, we review how the volume of funding and deals was distributed by country and sector, and we try to answer the reasons why the volume of startup funding in April was so low.

Distribution of startup financing by country

Emirati startups occupied the largest share of funding, with a total value of $3.6 million distributed over 3 deals, while Saudi startups came in second place, with $3 million distributed over 3 deals as well. Tunisia and Iraq came in the fourth and fifth places, with total funding of $549,000 and $125,000, respectively. While 4 deals went to Tunisian startups, only one Iraqi startup received funding.

Distribution of financing startups by sectors

Startups active in the financial technology sector occupied the lion's share of total startup funding in April, raising nearly $5 million, or about 71% of the total funding.

Food technology companies came in the second place behind financial technology companies, with a total funding of $600,000, followed by real estate technology companies with a total funding of $533,000, then logistics companies with a total funding of $500,000, while the remaining of the funding was distributed among emerging companies in active in electronic labor market, electronic sports, software as a service, clean technology and agricultural technology.

What are the reasons behind the drop in startup funding in April?

The reason for the significant decline in the volume of funding for startups in April can be attributed to several factors.

First - The month of April coincided with the advent of the blessed month of Ramadan: It is known that the volume of economic activity in Islamic countries, and Arab countries in particular, slows down during the blessed month of Ramadan, but this reason is one within others to be taken into account.

Second - the crises of the global economy: Despite the slowdown in financing startups at the global level, the latter does not have a significant impact on financing startups in the Middle East and North Africa market for many reasons, the most important of which is that financing startups in the region relies heavily on local funding. Specifically, the financing coming from the Gulf Cooperation Council countries, which were the least affected by the economic crises that afflicted the global economy in recent years. Nevertheless, the impact of the global economy situation on financing emerging companies in the region cannot be ignored.

Especially on the Egyptian start-up companies, as during the past two years a number of Egyptian companies witnessed the insolvency, perhaps the most prominent of which was the “Swvl” mass transit company, which depends on the Egyptian market in particular, and was going through an economic crisis. Is was also vulnerable to global market turbulence, due to its large geographical spread and its dependence on international finance.

Third - The pattern of financing startups in the Middle East and North Africa:

It is noted in financing startups in the region that they tend to fluctuate in the amount of financing from one month to another, on the one hand, and on the other hand, the volume of deals varies greatly, as one startup may obtain financing that exceeds one hundred million Dollars, while the volume of funding for five financing deals does not exceed one million dollars, and may even be less than that sometimes, and what confirms this is the financing data for emerging companies in the past years, and the large discrepancy in the volume of funding between months.

In conclusion, the aforementioned reasons have come together to show financing for startups in the month of April of this very meager size. As for the coming months, it will be early to expect a slowdown in the growth of financing for startups. During the first quarter of 2023, startups succeeded in raising more than $1.1 billion, an increase of 17% compared to the first quarter of 2022. Also the month of May has already witnessed a number of relatively large deals, including two company deals. "Tarabut" and "SQUATWOLF" company, where the total amount obtained by the two companies amounted to about $ 62 million, or about 9 times the total funding for startups in the month of April.

سجلت الشركات الناشئة في الشرق الأوسط وشمال إفريقيا حجم تمويل هو الأقل منذ سنوات على أساس شهري، إذ لم يبلغ مجمل ما حصدته الشركات الناشئة في شهر أبريل/نيسان أكثر من 7 مليون دولار توزعت على 11 صفقة، أي أن إجمالي قيمة التمويل قد انخفضت مقارنةً بشهر مارس/آذار بنحو 97%، وبنسبة 99% مقارنة بشهر أبريل من العام الماضي. نستعرض فيما يلي من السطور الكيفية التي توزع فيها حجم التمويل والصفقات على أساس الدول وقطاعات الأعمال، ونحاول الإجابة عن الأسباب التي جعلت من حجم تمويل الشركات الناشئة في شهر أبريل/نيسان منخفضة إلى هذه الدرجة.

توزيع تمويل الشركات الناشئة حسب الدول

احتلت الشركات الناشئة الإماراتية الحصة الأكبر من حجم التمويل بقيمة إجمالية بلغت 3.6 مليون دولار موزعة على 3 صفقات، فيما جاءت الشركات الناشئة السعودية في المرتبة الثانية بواقع 3 مليون دولار موزعة على 3 صفقات أيضاً. أما في المرتبة الرابعة والخامسة فحلت كل من تونس والعراق بإجمالي تمويل بلغ 549 ألف دولار و125 ألف دولار على التوالي. حيث توزع تمويل الشركات الناشئة التونسية على 4 صفقات، فيما انفردت شركة ناشئة واحدة عراقية بإجمالي التمويل للشركات الناشئة في هذا البلد.

توزيع التمويل الشركات الناشئة حسب القطاعات

احتلت الشركات الناشئة الناشطة في قطاع التكنولوجيا المالية حصة الأسد من إجمالي تمويل الشركات الناشئة لشهر أبريل/نيسان إذ جمعت ما يصل إلى نحو 5 مليون دولار أو نحو 71% من إجمالي التمويل.

كما حلت شركات التكنولوجيا الغذائية خلف شركات التكنولوجيا المالية بواقع 600 ألف دولار، يليها شركات تكنولوجيا العقارات بنحو 533 ألف دولار ثم شركات الخدمات اللوجستية بواقع 500 ألف دولار، فيما توزع باقي التمويل بين الشركات الناشئة في قطاعات سوق العمل الإلكتروني والرياضات الإلكترونية والبرمجيات كخدمة والتكنولوجيا النظيفة والتكنولوجيا الزراعية.

ما الأسباب التي تقف خلف تراجع تمويل الشركات الناشئة في شهر أبريل/نيسان؟

لا يمكن إرجاع سبب الهبوط الكبير في حجم تمويل الشركات الناشئة في شهر أبريل/نيسان إلى سبب واحد، بل يمكن القول بأن هناك مجموعة من الأسباب، يمكن حصر أبرزها في ثلاث، هي:

أولاً- تزامن تمويل شهر أبريل/نيسان مع قدوم شهر رمضان المبارك: من المعروف ان حجم النشاط الاقتصادي في الدول الإسلامية، والعربية خاصةً، يتباطأ خلال شهر رمضان المبارك، لكن بطبيعة الحال هذ السبب ليس كافياً لوحده لتفسير التباطؤ في التمويل، سيما وأن حجم الانخفاض كبير للغاية، إلا أنه لا بد من أخذ هذا السبب بعين الاعتبار.

ثانياً- أزمات الاقتصاد العالمي: على الرغم من التباطؤ في تمويل الشركات الناشئة على المستوى العالمي إلا أن الأخير لا يملك تأثيراً كبيراً في تمويل الشركات الناشئة في سوق الشرق الأوسط وشمال إفريقيا لاسباب عديدة، أهمها أن تمويل الشركات الناشئة في المنطقة يعتمد بشكل كبير على التمويل المحلي، وتحديداً التمويل القادم من دول مجلس التعاون الخليجي التي كانت الأقل تأثراً بالأزمات الاقتصادية التي عصفت بالاقتصاد العالمي في السنوات الأخيرة، مع ذلك فإنه لا يمكن تجاهل أثر وضع الاقتصاد العالمي في تمويل الشركات الناشئة في المنطقة، سيما في الشركات الناشئة المصرية، حيث شهدنا خلال السنتين الماضيتين تعسر عدد من الشركات المصرية لعل كان أبرزها شركة "سويفل" للنقل الجماعي التي كانت تعتمد على السوق المصرية بصورة خاصة والتي تمر بأزمة اقتصادية، كذلك تأثرها باضطرابات الأسواق العالمية، بحكم انتشارها الجغرافي الكبير واعتمادها على التمويل الدولي.

ثالثاً: نمط تمويل الشركات الناشئة في الشرق الأوسط وشمال إفريقيا: يلاحظ في تمويل الشركات الناشئة في المنطقة أنها تميل إلى التذبذب في حجم التمويل من شهر لآخر هذا من جهة، ومن جهة ثانية أن حجم الصفقات يتفاوت بشدة، فقد تحصل إحدى الشركات الناشئة على تمويل يتخطى المائة مليون دولار، فيما لا يتجاوز حجم تمويل خمسة صفقات تمويل حاجز المليون دولار، بل قد يقل عن ذلك أحياناً، وما يؤكد ذلك هو بيانات تمويل الشركات الناشئة في السنوات الماضية، والتفاوت الكبير في حجم التمويل بين الأشهر.

وفي الخلاصة فإن الأسباب سابقة الذكر قد تكاتفت فيما بينها ليظهر تمويل الشركات الناشئة في شهر أبريل/نيسان بهذا الحجم الهزيل للغاية، أما عن الأشهر القادمة، فسيكون من المبكر توقع تباطؤ في نمو تمويل الشركات الناشئة، فخلال الربع الأول من عام 2023 نجحت الشركات الناشئة في جمع أكثر من 1.1 مليار دولار، أي بنسبة ارتفاع تبلغ 17% مقارنةً بالربع الأول من عام 2022. من جهة ثانية فإن شهر مايو/أيار قد شهد بالفعل عدد من الصفقات الكبيرة نسبية من بينها صفقتي شركة " Tarabut " وشركة " SQUATWOLF "، حيث بلغ مجموع ما حصلت عليه الشركتان نحو 62 مليون دولار، أي نحو 9 اضعاف إجمالي تمويل الشركات الناشئة في شهر أبريل/ نيسان.

In July 2021, Burj Khalifa was covered in red with the word “SVWL” in the middle, announcing that the Egyptian mass transit company Swvl had become “the first unicorn company* in the Middle East with a market value of $1.5 billion to be listed on the NASDAQ New York Stock Exchange.” This is how Dubai celebrated the city-based company in 2019.

It did not take long for the wave of celebration of the Swvl company to turn into heartbreak and regret. Less than 6 months after the start of trading its shares on the Nasdaq Stock Exchange, the Swvl share price collapsed, losing about 95% of its value in September 2022. The downward journey of its share continued, bringing the share price in 2023 to about 20 cents, compared to $10 at the start of trading in March 2022. The market value of the company decreased from more than $1.5 billion to about $9 million only, so the company lost about 99% of its value after about twenty months of its listing on Nasdaq. How did Swvl descend from the pinnacle of success to the specter of bankruptcy? And what scenarios are waiting for the company?

In less than a year, Swvl succeeded in attracting financing amounting to about $9 million, starting with financing of $500,000 from “Careem” passenger transportation company, which was later acquired by “Uber”, and in 2018 it obtained financing of $8.5 million from a Series A funding round, and in the same year it succeeded in obtaining an undisclosed Series B funding round, estimated at between $20 and $30 million at the time, making Swvl the most funded startup in the Middle East and North Africa in 2018.

Swvl Mass Transport is an example of a startup that achieves great success at the beginning of its journey. The company started its operations in Egypt in 2017 with self-financing from its founders (Mustafa Qandil, Mahmoud Noah and Ahmed Sabah) that did not exceed $30,000 at the time. The idea of ​​Swvl was based on providing a reasonable alternative that combines low cost and efficiency, so that it enables individuals who wish to move away from public transportation, at a lower cost than the costs of shared transportation companies. In practical application, Swvl started operating large and small buses on specific routes, enabling users to book their trips through an application that runs on smartphones.

Funding continued to flow to Swvl, as in 2019 it succeeded in raising about $42 million from a Series C financing round, bringing the total amount it obtained, in less than two years following its foundation, to about $80 million. In view of this success, Swvl decided to move its headquarters to Dubai, in a building that includes large companies, such as: "BMW" and "Rolls-Royce". From Dubai Swvl worked to accelerate its expansion in large and important markets in the Middle East and Africa, including the Saudi, Pakistani and Emirati markets, as well as Nigeria and Kenya.

Media aura

Propelled by the rapid success it achieved, Swvl gained a great media aura since its launch. In 2018 the founders of Swvl were chosen among the Forbes Middle East list of the most influential youth under the age of 30, and in 2020 the name of Swvl appeared in the Forbes Middle East list of the “50 most funded startups in the Middle East”, where it ranked second, while its financial director, Youssef Salem, appeared on the same list in 2021. Mr. Salem is a prominent banker who used to work in Moelis & Co, who was among a large group of employees who were attracted by Swvl through generous salaries, temptations and other incentives.

This is in addition to many TV interviews and dozens of websites that dealt with the company's success story. The media aura contributed to increasing the confidence of investors and financiers in the success of the company and in the possibility of it becoming one of the largest companies in the field of mass transportation in the world, especially with its great expansion in foreign markets.

Acquisition and listing on NASDAQ

Swvl reached the pinnacle of its success in the summer of 2021 when it was listed on the Nasdaq Stock Exchange after its merger with Queen's Gambit Growth Capital, a special-purpose acquisition company (SPAC), turning the startup that launched just 4 years ago, from a small company active in the streets of Cairo and Alexandria to a global company with a market valuation of $1.5 billion, this valuation at the time was considered exaggerated.

It is also worth noting that prior to this merger, two of the founders of Swvl had left; Mahmoud Noah, who later founded Capiter for business-to-business transactions, and Ahmed Sabah, who founded the emerging financial technology company Telda, while Mustafa Kandil continued to manage SWVL.

Less than a month after the announcement of Swvl’s listing on the Nasdaq Stock Exchange, the company began an expansion process in global markets. It began its global activities by acquiring the Spanish “Shotl” smart transportation company specialized in ordering buses in Spain and 22 cities in 10 European countries, in addition to its activity in Brazil [1]. It also announced its acquisition of the German company "Door2door" in an undisclosed deal. In November, it acquired a controlling stake in the Argentine company Viapool, which operates in both Argentina and Chile, for $10 million.

Swvl's appetite for expansion and acquisition did not stop, and in April of 2022, i.e. one month after its shares began trading on the Nasdaq Stock Exchange at a value of $10 per share, Swvl announced two acquisition deals, the first of which was the acquisition of the Turkish "Volt Line" company for participatory transportation. Its value amounted to 40 million dollars, and the second was the conclusion of an initial deal with the British company "Zello" in preparation for its acquisition in a deal whose estimated value was about 100 million dollars [2]. This is in addition to pumping 25 million dollars allocated to increase expansion in the Turkish market through "Vault Line"[3].

Falling from the top

Less than two months after Swvl's shares began trading on the Nasdaq Stock Exchange, the company's share price fell to about $5. In front of this sudden drop in the share price, Swvl announced the layoffs of 400 of its employees, or about a third of the company's employees, and the reason for taking this action, according to Swvl, because it would replace its laid-off cadres with fully automated systems, in order to reduce its expenses and focus on achieving profits starting from 2023. Commenting on the decline in its share price, Swvl's management stated, "The decline in the stock does not cause concern to the management, but we have a responsibility towards every shareholder who suffers a loss, and we try to separate the action plan that we are following and the fluctuation of the stock."

Swvl's announcement was not enough to stop the collapse of its share price. On the one hand, laying off 400 employees will not lead to immediate or certain results to achieve profits that satisfy investors and shareholders. Rather, the results of the layoffs need time to appear, in addition to the fact that the process of replacing automated systems in itself is a costly and complex process. On the other hand, Swvl did not stop expanding in new markets, as the company announced its acquisition of the Mexican company "Urbvan" for mass transportation [4]. This coincided with its announcement of its intention to enter the American market at the end of the same year, meaning that the goal of the company to focus on profits does not seem likely to be achieved in light of its continued expansion into new markets, which is one of the main reasons for the decline in Swvl's share price.

The major collapse in Swvl’s share price occurred on July 8, 2022, as the company’s share price fell to about a dollar and a half, and on September 20 of the same year, the share price fell below one dollar, and reached about 50 cents, thus losing Swvl about 95% of its value, as its market valuation fell from $1.5 billion to about $75 million. The downward path of Swvl's share continued with the beginning of 2023, bringing its share price to about 20 cents and its market value to about $9 million.

Why did Swvl stock fall?

In addition to the poor performance and management of the Swvl itself, specifically related to its rapid expansion policy, which cost the company hundreds of millions of dollars, the collapse of the share price of Swvl on the Nasdaq Stock Exchange is also attributed to the state of the global economy.

The COVID-19 pandemic hit the transportation industry hard, and Swvl was no exception. With lockdowns and social distancing measures in place, demand for public transportation plummeted, and Swvl was forced to suspend its services. In addition, the company faced financial and operational challenges, with its high operational costs and limited revenue streams putting it at risk of bankruptcy.

Also less than a month before the start of trading of Swvl shares on the Nasdaq, The Russian-Ukrainian war broke out, which caused a significant increase in energy prices, which negatively affected the operating costs of Swvl. The global economy in general entered a state of uncertainty and slowed growth, and many countries were affected by the global inflation situation caused by the Ukrainian crisis, including Egypt, Latin America and a number of countries in which Swvl is active. This situation also led to collapse of the prices of the national currencies of a large number of countries. Moreover, the US Federal Bank raised interest rates, which made it more expensive for startups to borrow and to finance their activities.

What also indicates that the crisis that Swvl went through is linked to external causes, is that the Nasdaq index itself lost nearly a third of its value in 2022 [5], in short, Swvl was not alone in this crisis, but rather it was doubly affected because its activities being linked to energy prices, which flew.

Swvl's actions did not achieve its desired goal, as we mentioned above, its share continued to decline, and it is known that the NASDAQ Stock Exchange prevents trading of shares of companies with a share price of less than one US dollar, which made Swvl exposed to the risk of being delisted from the NASDAQ Stock Exchange, especially since it received a warning in this concern from Nasdaq. Swvl's solution was a "reverse stock split" that turned every 25 shares into one. So that its shares have traded since March 2023, at a price ranging from two dollars to $1.07.

What fate awaits Swivel?

In view of the major collapse of Swvl, its CEO, Mustafa Kandil, decided on November 25 to lay off more than half of the workforce and sell, stop or reduce some operations in "smaller" countries, and focus mainly on Egypt and Mexico. Five weeks after this announcement, Swvl formed a panel of independent directors to explore potential sales, mergers and other options.

A reverse stock split may be a stopgap for Swvl from delisting from the Nasdaq stock exchange, but it may not last long given the company's plight.

According to Bloomberg, quoting a person familiar with the matter (who asked not to be named because the information is confidential), Swvl is now looking for new capital from investors, while it remains listed on the Nasdaq [6]. This may be hardly the only option for the continuation of Swvl, that is, obtaining new capital and turning into a private company, to restart again.

The company's leadership team recognized the need for change and embarked on a bold transformation strategy. They diversified their revenue streams, shifting their focus from bus rides to logistics and delivery services. They also implemented cost-cutting measures, streamlined operations, and renegotiated contracts with suppliers.

The company has also expanded its services to include last-mile deliveries, e-commerce logistics, and ride-hailing. Swvl's story is a testament to the resilience and adaptability of businesses in the face of adversity. It also teaches us the importance of diversifying revenue streams, being agile and flexible, and taking bold actions to survive and thrive in challenging times.

Sources:

* An economic term applied to emerging companies whose market valuation exceeds one billion dollars.

* Special purpose acquisition companies are public companies that have no business but to choose a private company to merge with, and the latter inherits the inclusion of the first.

[1] Swvl prepares to enter the Spanish market by purchasing Shotl buses, Wamda website, 08/19/2021, available at: https://bit.ly/407w5be

[2] Swvl acquires the English “Zilo” for $100 million, WAYA Arabic website, 08/05/2022, available at: https://bit.ly/3GNrfcd

[3] “Swvl” acquires the Turkish “Volt Line” for ride-hailing services, Lumberj Middle East, 04/25/2022, available at: https://bit.ly/3A0AIJw

[4] Swvl Acquires Mexican Urbvan to Penetrate Markets There, Arabia Inc, 07/18/2022, available at: https://bit.ly/3mBZUTA

[5] Sherif Othman, “The Nasdaq index lost nearly a third of its value in 2022,” Al-Araby Al-Jadeed website, 10/01/2022, available at: https://bit.ly/3GKrpRK

[6] Samuel Gebre at el, Middle East Unicorn Swvl’s Spectacular Rise and 99% Stock Tumble, bloomberglaw, 09/03/2023, Available at: https://bit.ly/43zVyNw