Egypt Sprints, a prominent player in the Egyptian tech startup scene, recently secured a significant milestone by raising $3 million in a bridge round funding. This investment not only highlights the potential of Egypt Sprints but also underscores the importance of financial backing for startups in the thriving Egyptian tech ecosystem.

Egypt Sprints: Company Profile

Egypt Sprints is a dynamic tech company that offers innovative solutions in the digital space, catering to a diverse range of clients and industries. With a focus on cutting-edge technology and customer-centric services, Egypt Sprints has established itself as a key player in the Egyptian market, serving a growing base of customers.

Bridge Round Funding Details

The $3 million raised in the bridge round funding will provide Egypt Sprints with the necessary capital to fuel its growth initiatives, product development, and market expansion strategies. Lead investors, along with other participants in the funding round, have shown confidence in Egypt Sprints' potential and vision for the future.

Utilization of Funds

Egypt Sprints plans to utilize the funding to enhance its product offerings, invest in technology infrastructure, and expand its market reach both locally and internationally. The investment will enable Egypt Sprints to pursue strategic initiatives, strengthen its competitive position, and capitalize on emerging opportunities in the tech sector.

Impact of the Funding

The infusion of capital will accelerate Egypt Sprints' growth trajectory, allowing the company to scale its operations, enter new markets, and innovate its product portfolio. The funding will play a pivotal role in driving Egypt Sprints' expansion plans, increasing its market share, and solidifying its position as a leading tech innovator in Egypt.

Investor Insights

Investors backing Egypt Sprints bring valuable insights and expertise to the table, supporting the company's vision and growth objectives. Their confidence in Egypt Sprints' business model, team capabilities, and market potential underscores the promising outlook for the company and the tech startup landscape in Egypt.

Tech Startup Ecosystem in Egypt

Egypt boasts a vibrant tech startup ecosystem, characterized by a burgeoning community of entrepreneurs, investors, and innovators. With a supportive regulatory environment, access to talent, and growing market demand for tech solutions, Egypt offers a fertile ground for startups like Egypt Sprints to thrive and make a significant impact.

Innovation and Differentiation

Egypt Sprints differentiates itself through a focus on innovation, quality, and customer satisfaction. By leveraging cutting-edge technology, industry expertise, and a customer-centric approach, Egypt Sprints sets itself apart in a competitive market, delivering value-added solutions that meet the evolving needs of its clients.

Market Expansion Strategies

To expand its market reach, Egypt Sprints will leverage strategic partnerships, targeted marketing campaigns, and customer acquisition tactics. By identifying new opportunities, tailoring its offerings to specific market segments, and building a strong brand presence, Egypt Sprints aims to capture a larger share of the market and drive sustainable growth.

Product Development and Enhancement

Continuous product development and feature enhancements are key priorities for Egypt Sprints to stay ahead of the curve and meet customer expectations. By incorporating user feedback, market insights, and industry trends into its product roadmap, Egypt Sprints ensures that its solutions remain relevant, competitive, and aligned with market demands.

Customer Acquisition and Retention

Customer acquisition strategies will focus on building brand awareness, generating leads, and converting prospects into loyal customers. Retention tactics, such as personalized services, ongoing support, and customer engagement initiatives, will be implemented to foster long-term relationships, drive customer loyalty, and maximize customer lifetime value.

Scaling Operations

As Egypt Sprints scales its operations, the company will prioritize operational efficiency, team expansion, and infrastructure development. By streamlining processes, optimizing resources, and investing in talent and technology, Egypt Sprints aims to enhance its capabilities, deliver superior services, and support its growth objectives effectively.

Industry Impact and Disruption

Egypt Sprints' innovative solutions and market presence have the potential to disrupt the industry, drive technological advancements, and contribute to the growth of the Egyptian economy. By fostering innovation, creating employment opportunities, and delivering value to clients, Egypt Sprints plays a pivotal role in shaping the tech landscape and driving industry progress.

Future Growth Prospects

Looking ahead, Egypt Sprints is well-positioned for continued growth, market expansion, and industry leadership. With a strong foundation, strategic vision, and investor support, Egypt Sprints is poised to capitalize on emerging opportunities, navigate challenges, and achieve sustainable growth in the dynamic tech sector.

In conclusion, the $3 million bridge round funding secured by Egypt Sprints marks a significant milestone for the company and the Egyptian tech ecosystem. By leveraging the investment, pursuing strategic initiatives, and staying true to its commitment to innovation and excellence, Egypt Sprints is poised to achieve new heights of success, drive industry impact, and contribute to the advancement of the tech startup landscape in Egypt.

Having a strong and innovative business idea is the foundation of a successful venture. In this article, we will explore 55 business ideas across various industries to inspire aspiring entrepreneurs and help them kickstart their entrepreneurial journey.

Problem-Solving Business Ideas

One of the most effective ways to come up with a business idea is to identify a common problem and offer a solution. Ideas like a meal delivery service for busy professionals or a digital organizing platform for cluttered spaces have the potential to address real-life challenges and attract a customer base.

Tech and Innovation Business Ideas

In today's digital age, technology and innovation play a crucial role in shaping business ideas. Concepts such as a virtual event planning service or a personalized AI-powered shopping assistant capitalize on tech trends and cater to the evolving needs of consumers.

Health and Wellness Business Ideas

The health and wellness industry is experiencing rapid growth, presenting opportunities for businesses focused on fitness, mental health, nutrition, and holistic wellness. Ideas like a wellness retreat center or a personalized meal prep service tap into the increasing demand for self-care and well-being solutions.

Food and Beverage Business Ideas

Food-related businesses are always in demand, with trends like plant-based diets, sustainable sourcing, and unique dining experiences driving innovation in the industry. Concepts such as a gourmet food truck or a zero-waste grocery store cater to consumers' changing preferences and offer a fresh take on traditional food businesses.

E-commerce and Retail Business Ideas

The rise of e-commerce has opened up new possibilities for retail businesses, allowing entrepreneurs to reach a global audience and streamline the shopping experience. Ideas like a subscription box service or an online vintage clothing store leverage the power of online platforms to connect with customers and drive sales.

Service-Based Business Ideas

Service-oriented businesses provide valuable solutions to consumers, whether it's in the form of home cleaning services, pet grooming, or virtual assistant support. Focusing on exceptional customer service and personalized experiences can set service-based businesses apart in a competitive market.

Social Impact Business Ideas

Business ideas with a social impact not only generate profit but also create positive change in society. Concepts like a sustainable fashion brand or a community-based recycling program demonstrate how businesses can align financial success with environmental and social responsibility.

Creative and Artistic Business Ideas

For individuals with a passion for creativity and art, there are numerous business opportunities to explore, from graphic design services to handmade crafts and art workshops. Monetizing artistic skills and offering unique products or experiences can attract a niche audience and foster a loyal customer base.

Low-Cost Startup Ideas

Starting a business on a budget is possible with low-cost startup ideas that require minimal investment but offer significant potential for growth. Ideas like a dropshipping business or a freelance consulting service allow entrepreneurs to test the market and scale their ventures without a large financial commitment.

Market Research and Validation

Before diving into a business idea, conducting thorough market research is essential to understand the target audience, competition, and market trends. Utilizing tools like surveys, focus groups, and industry reports can help validate the viability of a business concept and inform strategic decision-making.

Business Planning and Execution

Developing a comprehensive business plan is crucial for outlining the goals, strategies, and operations of a new venture. From defining the business model to setting financial projections and marketing strategies, a well-thought-out business plan serves as a roadmap for successful execution and growth.

Funding and Financing Options

Securing funding for a new business can be challenging, but there are various sources of capital available to entrepreneurs, including traditional bank loans, angel investors, crowdfunding platforms, and government grants. Exploring alternative financing options and creating a solid financial plan are key steps in funding a startup.

Marketing and Branding Strategies

Effective marketing and branding are essential for attracting customers and building brand awareness in a competitive market. Leveraging digital marketing channels, creating a strong brand identity, and engaging with the target audience through social media can help new businesses establish a presence and drive growth.

In conclusion, the 55 business ideas presented in this article are just a starting point for aspiring entrepreneurs looking to embark on their business journey. By identifying a niche, conducting thorough research, and developing a solid business plan, individuals can turn their ideas into successful ventures that make a positive impact on the market and society. Embracing creativity, innovation, and perseverance is key to realizing entrepreneurial dreams and building a thriving business from the ground up.

Forget Silicon Valley suits and million-dollar pitches. As a startup founder, you're probably fueled by passion, Ramen noodles, and the sheer audacity to change the world. But in the ever-shifting tech landscape, even the most brilliant ideas need a boost. That's where trends come in, those whispers of the future that can turn your scrappy startup into a tech titan. So, buckle up, because we're about to dive into the top 5 tech trends that'll dominate the startup scene in 2024.

AI: From Sci-Fi to Sidekick

Imagine a world where computers aren't just glorified calculators, but intelligent assistants capable of learning, adapting, and even making decisions on their own. That's the power of artificial intelligence, and it's not just science fiction anymore. Startups that can harness this brainpower will have a distinct advantage. Think about chatbots that can answer customer questions with wit and understanding, algorithms that can predict market shifts with uncanny accuracy, or even machines that can craft marketing copy that resonates with your target audience. It sounds like something out of a futuristic movie, but it's the reality we're hurtling towards. Remember, though, AI is just a tool. The true magic happens when you combine its capabilities with your own human creativity and vision. That's when you can truly unlock its potential and revolutionize your business. Artificial Intelligence (AI) Development Trends

Artificial Intelligence is poised to revolutionize the way startups operate in 2024. Machines will become increasingly adept at learning and adapting, leading to more sophisticated AI applications. Startups that harness the power of AI will gain a competitive edge, as AI-driven automation and decision-making processes become more prevalent. Additionally, the focus on creating seamless user experiences (UX) for AI-native applications will be a key differentiator for startups looking to stand out in the market.

Blockchain: Beyond Bitcoin Hype

Forget the Lamborghinis and moon charts. Blockchain, the tech behind Bitcoin, is about to revolutionize industries beyond just crypto. Think secure online transactions, transparent supply chains, and even tracking the provenance of your morning latte. Startups that integrate blockchain can offer game-changing solutions, from ensuring ethical sourcing to creating unhackable voting systems. The possibilities are endless, and the potential impact is massive. So, ditch the get-rich-quick schemes and focus on building something truly transformative.

XR: Beyond the Buzzword

Remember that bulky VR headset from the 90s? Yeah, XR (think VR, AR, and MR) has come a long way. Now, imagine immersing yourself in a 3D training simulation, attending a concert from your living room, or trying on clothes virtually. That's the power of XR, and startups are at the forefront of making it a reality. From education and healthcare to retail and entertainment, XR is opening up entirely new worlds for startups to explore. So, dust off your creativity and get ready to transport your users to unimaginable experiences.

Cybersecurity: Not Just for Geeks Anymore

Data breaches? Yawn. In 2024, cybersecurity isn't just an IT headache, it's a deal-breaker. With hackers getting more sophisticated and data privacy becoming a top concern, startups need to prioritize robust security measures. Think AI-powered threat detection, secure cloud infrastructure, and building trust with transparency. Remember, your users are handing you their precious data. Don't be the startup that makes national news for the wrong reasons.

Sustainability: Tech for a Greener Future

Climate change isn't just a buzzword, it's a reality check. Consumers are demanding eco-friendly solutions, and startups are stepping up to the challenge. From developing renewable energy sources to designing products with recycled materials, the possibilities are endless. By embracing sustainability, startups can not only do good for the planet but also tap into a rapidly growing market. So, ditch the plastic packaging and think green. It's good for your business, and it's good for the world.

Remember, these trends are just starting points. The key is to identify the trend that aligns with your vision, your skills, and your target market. Don't just chase the hype; find the opportunity that fits your unique recipe for success. With passion, creativity, and a dash of these tech trends, you can turn your startup dream into a reality that changes the world, one innovation at a time.

Saudi Aramco, the world's largest oil company, has made a significant move by injecting an additional $4 billion into its venture capital arm, Aramco Ventures. This substantial investment reflects Aramco's commitment to diversifying its portfolio and embracing innovation in the rapidly evolving energy landscape. The expansion of Aramco Ventures not only signifies a strategic shift towards technology and sustainability but also holds the potential to reshape the startup ecosystem and contribute to economic growth.

Introduction to Aramco Ventures

Aramco Ventures, the venture capital arm of Saudi Aramco, was established to identify and invest in innovative technologies and business models that have the potential to disrupt the energy sector. With a focus on fostering entrepreneurship and driving technological advancements, Aramco Ventures plays a pivotal role in supporting startups and emerging companies.

Aramco's Additional $4 Billion Investment

The injection of an additional $4 billion into Aramco Ventures underscores the company's commitment to nurturing a culture of innovation and embracing transformative technologies. This substantial capital infusion is aimed at fueling the growth of startups and scaling up innovative solutions that align with Aramco's strategic objectives.

Expansion of Aramco Ventures

The significant increase in capital allocation to Aramco Ventures signifies a major expansion of the venture capital arm's investment scope. This expansion presents an opportunity for startups and entrepreneurs to access the necessary funding and resources to drive their ventures forward, ultimately contributing to the development of a vibrant and dynamic startup ecosystem.

Focus on Technology and Innovation

Aramco's heightened focus on technology and innovation through its venture capital arm reflects the company's recognition of the pivotal role that disruptive technologies play in shaping the future of the energy industry. By investing in cutting-edge technologies and innovative business models, Aramco Ventures aims to stay at the forefront of industry transformation and drive sustainable growth.

Aramco's Strategic Investments

The strategic investments made by Aramco Ventures are carefully curated to align with the company's long-term vision and goals. By strategically allocating capital to startups and emerging companies that demonstrate potential for innovation and impact, Aramco Ventures seeks to foster a culture of collaboration and drive positive change within the energy sector.

Impact on the Startup Ecosystem

The substantial injection of funds into Aramco Ventures is poised to have a profound impact on the startup ecosystem, particularly within the energy and technology domains. This influx of capital not only provides startups with the financial backing they need but also opens doors to mentorship, industry expertise, and strategic partnerships, thereby propelling the growth and success of innovative ventures.

Aramco's Contribution to Economic Growth

Aramco's continued investment in technology and innovation through Aramco Ventures is expected to have far-reaching implications for economic growth. By empowering startups and fostering a culture of entrepreneurship, Aramco contributes to job creation, knowledge transfer, and the development of a robust innovation ecosystem, ultimately driving economic prosperity.

Collaboration and Partnerships

Aramco Ventures' expanded investment portfolio creates opportunities for collaboration and partnerships between startups, established companies, and industry experts. This collaborative approach not only fosters knowledge exchange and innovation but also accelerates the development and adoption of transformative technologies that can address complex energy challenges.

Aramco's Vision for the Future

The substantial investment in Aramco Ventures reflects the company's forward-looking vision and commitment to shaping the future of energy. By actively engaging with startups and innovative ventures, Aramco aims to drive sustainable solutions, enhance operational efficiency, and contribute to the global energy transition, aligning with its vision for a more sustainable and resilient energy landscape.

Sustainability and Environmental Initiatives

Aramco's increased focus on sustainability and environmental initiatives is mirrored in its investment strategy through Aramco Ventures. By supporting startups and technologies that prioritize environmental stewardship and sustainable practices, Aramco reinforces its dedication to mitigating environmental impact and advancing the transition towards a low-carbon future.

Aramco's Role in Energy Transition

The expansion of Aramco Ventures underscores the company's proactive role in driving the energy transition. By investing in innovative solutions that promote energy efficiency, renewable energy integration, and carbon reduction, Aramco contributes to the global efforts aimed at addressing climate change and advancing the transition to a more sustainable and diversified energy mix.

Challenges and Opportunities

While the expansion of Aramco Ventures presents significant opportunities for startups and the energy industry, it also brings forth a set of challenges. Navigating the complexities of technological innovation, market dynamics, and regulatory landscapes requires a strategic approach and a deep understanding of the evolving energy ecosystem.

Aramco's injection of an additional $4 billion into Aramco Ventures marks a pivotal moment in the company's journey towards embracing innovation, technology, and sustainability. This substantial investment not only amplifies the support available to startups and emerging companies but also underscores Aramco's commitment to driving positive change within the energy sector. As Aramco Ventures continues to expand its investment portfolio and foster collaboration, its impact on the startup ecosystem and the broader energy industry is poised to be transformative, shaping the future of energy innovation and sustainability.

In December 2023, the investment landscape witnessed a significant shift with the emergence of debt financing as a pivotal force driving a remarkable $1.15 billion in investments. This transformative trend has redefined the traditional investment paradigm, offering a compelling alternative to equity financing and reshaping the dynamics of capital infusion. As we delve into the profound impact of debt financing on the investment ecosystem, we unravel the key drivers, implications, and future prospects of this game-changing phenomenon.

Understanding the Dynamics of Debt Financing

Debt financing, a strategic approach to raising capital, has gained substantial traction as a preferred investment avenue. Unlike equity financing, which involves selling ownership stakes in a company, debt financing allows businesses to secure funds by borrowing and agreeing to repay the principal amount along with interest. This approach empowers companies to access capital without diluting ownership, offering a compelling value proposition for both investors and businesses seeking funding.

Key Drivers of the Debt Financing Surge

The surge in debt financing during December 2023 can be attributed to several key drivers that have reshaped the investment landscape. Firstly, the allure of fixed interest rates and structured repayment schedules has positioned debt financing as an attractive option for investors seeking stable returns. Additionally, the flexibility and agility offered by debt financing have empowered businesses to leverage capital infusion for strategic expansion and operational enhancements, driving heightened interest from both investors and businesses alike.

Implications for the Investment Ecosystem

The ascendancy of debt financing has ushered in a new era of investment dynamics, with far-reaching implications for stakeholders across the investment spectrum. Notably, the diversification of investment portfolios has been significantly bolstered, as debt financing presents a compelling avenue for investors to balance risk and optimize returns. Furthermore, the infusion of substantial capital through debt financing has catalyzed innovation and growth across diverse industry verticals, fostering a robust investment ecosystem characterized by resilience and dynamism.

Future Prospects and Growth Trajectory

Looking ahead, the trajectory of debt financing as a formidable force in the investment landscape appears poised for sustained growth and influence. The inherent adaptability and risk mitigation attributes of debt financing are projected to fuel its continued ascendancy, with an anticipated surge in investor confidence and heightened participation from businesses seeking strategic capital infusion. This trajectory not only underscores the enduring relevance of debt financing but also heralds a paradigm shift in investment strategies and capital deployment.

In conclusion, the ascendancy of debt financing as a transformative force in the investment landscape has redefined conventional investment paradigms, offering a compelling alternative to equity financing. The surge of $1.15 billion in investments during December 2023 stands as a testament to the profound impact and future potential of debt financing, underscoring its pivotal role in shaping a resilient and dynamic investment ecosystem.

Saudi Arabia-based re-commerce marketplace Soum has successfully raised $18 million in a Series A funding round, with Jahez leading the investment and participation from Isometry Capital, Khwarizmi Ventures, Alrajhi Partners, and Outliers Venture Capital. Founded in 2021 by Fahad Al Hassan, Fahad Albassam, and Bader Almubarak, Soum serves as a platform for SMEs and individuals to sell their secondhand products.

The latest funding will enable Soum to expedite its regional expansion plans and diversify beyond its core vertical of secondhand electronics. The company aims to broaden its offerings to include products ranging from collectibles to automobiles, tapping into a combined market worth $40 billion.

Since its inception, Soum has experienced remarkable growth, with sales increasing by 40 times and maintaining exceptional unit economics and customer satisfaction scores. The platform has facilitated transactions to and from over 150 Saudi cities, establishing a unified national marketplace for buying, selling, and discovering products with trust and convenience. The Soum app, launched less than two years ago, has garnered over 4 million downloads in the Kingdom of Saudi Arabia and is gaining traction in the United Arab Emirates.

Fahad Alhassan, Co-Founder & CEO of Soum, expressed the company's vision to be the go-to marketplace for buying and selling anything online with convenience and trust. The successful funding round reflects the dedication of the entire team and signifies the commencement of the next phase of growth, aligning with the mission to revolutionize online buying and selling.

Soum acts as a trusted intermediary for each transaction, alleviating the challenges faced by buyers and sellers in the MENA region when navigating spam-infested classified platforms. This approach ensures a seamless and secure transaction experience for all parties involved.

Abdulaziz Alhouti, Chief Investment Officer of Jahez, commended the remarkable achievements of the Soum team, emphasizing their dedication to innovation and customer satisfaction. The investment reflects confidence in Soum's potential to redefine the e-commerce landscape in the Middle East.

With the Series A funding as a catalyst, Soum is poised for continued growth, aiming to set new standards in innovation, customer satisfaction, and market impact in the Middle East. The Soum mobile app is available on the Apple App Store and Google Play Store, offering a seamless platform for buying and selling secondhand products with convenience and trust.

Source: News

The final month of 2023 witnessed a remarkable transformation in the MENA investment landscape, fueled by a powerful wave of debt financing. Sixty startups across the region raised a staggering $1.15 billion, shattering previous records and marking a monumental 825% increase year-on-year. This surge wasn't just a momentary blip; it represented a significant 55% jump compared to November.

However, the story takes a fascinating twist when we dissect the numbers. A whopping $700 million of this total, an amount in itself larger than any previous monthly haul, is attributed to a single debt round raised by UAE-founded fintech giant Tabby, now headquartered in Saudi Arabia. Excluding this behemoth, the total funding stands at a still respectable $456 million, reflecting a healthy 18% rise month-on-month and an impressive 253% surge compared to the same period in 2022.

While the overall funding for 2023 remained relatively flat compared to 2022 at $3.9 billion, driven by a decrease in deal count and value when excluding debt, the year witnessed a dramatic shift towards alternative financing methods. 2023 saw a staggering 256% increase in the amount of debt raised compared to the previous year, highlighting a new trend in investor appetite.

December itself saw a bustling deal-making scene, with 60 transactions registered, up from 49 in November. This increase was mainly fueled by a notable rise in grants, concentrated in hubs like the UAE, Saudi Arabia, and Lebanon, and the graduation of startups from esteemed accelerator programs like Sanabil 500 and Techstars Riyadh.

Saudi Arabia retained its crown as the top destination for VC funding, riding the wave of mega-deals by Tabby and Tamara. Egypt followed at a distance, while the UAE saw a significant increase in deal volume despite a lower total value. Interestingly, cleantech emerged as the second-highest recipient of funding after fintech, fueled by initiatives like Soum's re-commerce platform and Zeroe's AI-powered carbon management solutions.

A worrying trend, however, remained the stark gender disparity in funding. Early-stage deals dominated the landscape, with accelerators playing a crucial role, but a staggering 99.1% of the funding went to male-led startups. Mixed founding teams and female-founded ventures continue to struggle for a larger share of the pie.

The month also saw several exciting developments beyond funding rounds. Four acquisitions and mergers marked a spirit of consolidation, while cleantech initiatives took center stage following COP28 in the UAE. Major players like PepsiCo, SABIC, and AstroLabs launched accelerator programs, Investcorp unveiled a $750 million climate tech fund, and The Dubai Future District Fund pledged substantial investments in carbon-reducing technologies.

Seventeen startups remained enigmatic, choosing not to disclose their funding amounts. For these ventures, a conservative estimate of $100,000 was assigned, demonstrating the potential for even greater growth within the undisclosed segment.

In conclusion, December 2023 wasn't just about numbers; it was about a paradigm shift. Debt financing emerged as a game-changer, cleantech gained momentum, and regional collaboration flourished. While challenges like gender disparity persist, the overall picture is one of immense optimism and boundless potential for the MENA startup ecosystem. The year may have ended, but the journey towards a transformative future has just begun.

UAE-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

• 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

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