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UAE-based cloud kitchen startup The Cloud has taken a significant step towards solidifying its position as a global leader in the food tech industry. The company recently secured $12 million in its Series B funding round, led by MENA Moonshots. This latest investment brings their total funding to $22 million, following a previous $10 million Series A round and debt financing from Aluna Partners.

The secured funds will be instrumental in fueling The Cloud's ambitious global expansion plans. A key element of this strategy is the recent acquisition of UK-based food tech company KBOX. This strategic move strengthens The Cloud's presence in the international market, adding 200 locations to its existing network. With the acquisition, The Cloud now boasts a total of 200 locations across 7 countries and 91 cities.

Beyond geographical expansion, The Cloud remains dedicated to its core mission of redefining the virtual dining landscape.
The company's innovative approach connects restaurant owners with external food delivery companies, optimizing kitchen utilization and fostering a collaborative environment within the food tech sector. This unique business model positions The Cloud as a disruptor in the industry, constantly seeking to drive innovation and enhance the dining experience for both consumers and restaurant partners.

Key Highlights:

  • Funding:Secured $12 million in Series B round, led by MENA Moonshots, bringing total funding to $22 million.
  • Acquisition:Acquired KBOX, a UK-based food tech company, expanding The Cloud's network by 200 locations.
  • Expansion:Aims to reach a global presence of 8,000 locations by 2027.
  • Future:Exploring the possibility of a dual listing in Abu Dhabi and Riyadh.

Quotes:

  • Georges Karam, CEO of The Cloud:"Our Series B funding and the KBOX acquisition reinforce our position as innovators in the global food tech landscape. With a strong financial backing and a strategic acquisition under our belt, we are now focused on further enhancing our market presence in the UAE and beyond."

  • Stefano Sciacca, Managing Director at Aluna Partners:"We believe that The Cloud will gain a significant market share in the UK market through the acquisition of KBOX. Having looked at many food tech business models, we believe The Cloud is emerging as a global market leader and are excited to support such a fast-growing venture."

The Cloud's recent achievements demonstrate its commitment to growth, innovation, and leadership within the food tech industry. With a robust business model, a strategic acquisition strategy, and a clear vision for the future, The Cloud is well-positioned to achieve its ambitious goals and continue shaping the landscape of virtual dining on a global scale.

The Middle East and North Africa region saw sizable startup activity from its top three regional ecosystems of Saudi Arabia, UAE, and Egypt as January came to end.

The Kingdom led this weeks’ movement with two startups raising significant funding sums. Saudi Arabia’s peer-to-peer car rental platform Ejaro secured SR12.3 million ($3.27 million) in a pre-series A funding round spearheaded by the Riyadh-based insurance company Tawuniya and several angel investors.

This fresh influx of capital is earmarked for bolstering Ejaro’s development and expansion strategies.

Founded in 2019 by Mohammed Khashoggi, the company provides car-sharing services to enable individuals to generate additional sources of income.

“Completing this funding round alongside our strategic partnerships reflects our commitment to innovation and meeting the needs of our customers. We are not only working to change the concept of car sharing in the Kingdom but also striving to be leaders in the insurance sector through cooperation with Tawuniya, Najm, and Absher, a pivotal step towards supporting economic growth and innovation in line with Saudi Vision 2030,” Khashoggi said.

Fahad bin Maamar, CEO of Investments at Tawuniya, underscored their confidence in Ejaro’s innovative approach to car-sharing, viewing it as a crucial partner in transforming the mobility landscape across the Gulf Cooperation Council region.

The platform claims to have facilitated over 25,000 days of trips, indicating a growing demand for its services. Moreover, it has enabled more than 100 hosts to collectively earn over SR2.5 million in less than two years, showcasing the tangible benefits and impact of its innovative car-sharing and rental solutions.

Saudi edtech startup iStoria secures $1.3m in funding

Saudi Arabia’s educational technology sector continues to garner investor interest as iStoria secured SR5 million in a seed funding round.

This investment in the app, which specializes in English language learning, involved multiple regional players, including Saudi Arabia’s venture capital firms Nama Ventures and BIM Ventures, US-based edtech Classera, Egypt-based Flat6Labs, and various angel investors.

The investment will enable the enhancement of the app’s features and aid in expanding its global footprint.

Founded by Abdullah Al-Jaberi in 2022, iStoria has quickly gained a substantial user base, surpassing 1 million learners globally.

The company’s approach to English language education focuses on vocabulary building through reading stories at various levels, with comprehension questions and vocabulary tests.

This method prepares learners for global language tests and offers a continually updated and enriching learning experience. The company also achieved a satisfaction rate of 4.6 out of five in the app store. Its recent growth has been bolstered by expanding its services to organizations, including contracts with numerous private and public schools, where it has been integrated into educational curriculums, allowing for direct supervision.

“We are pleased with the conclusion of this investment round. Through this funding, we will continue to pursue our goal of enabling individuals to communicate effectively and confidently in English,” Al-Jaberi said.

He added: “We are optimistic and look forward to the next phase of the application’s growth and the impact we can create, primarily through offering services to organizations and expanding worldwide.”

The company also raised an undisclosed pre-seed funding round from Nama Ventures in 2022 to bolster its operations.

The edtech sector has emerged as one of the top five most-funded sectors in Saudi Arabia. In 2023, the industry saw a total of $50 million raised by Saudi-based startups, a 6 percent growth from the year before. Furthermore, in 2022, the sector witnessed substantial growth, surging by 2,069 percent compared to the previous year.

Egypt’s Roboost raises $3m to boost expansion

Egypt’s artificial intelligence-driven logistics startup, Roboost, completed a $3 million investment round led by Silicon Badia, with contributions from RZM Investment, Flat6Labs, and Saudi Angel Investors.

Founded in 2018 by Mohamed Gessraha, Hassan Gessraha and Mohamed Sadek, Roboost provides AI-powered delivery solutions in Egypt, Saudi Arabia, Kuwait, Morocco, and Tunisia.

The company aims to utilize its capital to further boost its regional presence with a new phase of expansion. The company currently serves leading brands such as McDonald’s Egypt and Kuwait, Buffalo Burger, El Ezaby Pharmacies, and Jumlaty.

Employing proprietary machine learning algorithms, Roboost’s innovation includes pre-delivery technology that enables precision auto-dispatching and smart routes for delivery personnel, optimizing the process for the substantial portion of orders placed offline.

The platform’s suite of tools also features real-time dynamic fleet payroll, and comprehensive customer insights through heat maps and analytics, all aimed at enhancing customer satisfaction. Additionally, Roboost’s AI fleet control offers advanced fraud detection capabilities.

The company claims to provide operational efficiency to its clients with a network of over 15,000 delivery drivers, serving nearly 10 million unique customers, and automating more than 40 million orders. The company says its solutions have doubled delivery speeds by reducing inefficiencies and achieved task automation rates of 99.8 percent.

Furthermore, Roboost has succeeded in decreasing order returns by over 80 percent and operational costs by 30 percent, while also improving average driver productivity by 40 percent and maintaining fraud levels below 5 percent.

UAE’s Plant & Equipment acquires Global Equipment Trading

UAE-based construction technology company Plant & Equipment has announced the acquisition of Global Equipment Trading for an undisclosed amount. 

Established in 2018 by Saleh Kuba and Zayd Kuba, Plant & Equipment operates as a marketplace in the construction equipment and machinery sector, facilitating connections between buyers and sellers.

This strategic acquisition is set to bolster Plant & Equipment’s expansion efforts across the region.

 The integration with Global Equipment Trading is expected to enhance the company’s service offerings and market reach, aligning with its growth objectives in the construction equipment industry.

Source: Arab News

In the dynamic realm of B2B travel content, Lokalee has emerged as a pioneering force, securing an impressive $5.6 million in pre-series funding. This substantial achievement not only underscores Lokalee's potential but also heralds a new era of innovation and growth within the travel content sector. In this comprehensive article, we will explore Lokalee's unique value proposition, the implications of its pre-series funding, and the transformative impact it is poised to have on the B2B travel industry.

Unveiling Lokalee's Vision

Lokalee's vision is centered on redefining the B2B travel content landscape by offering a comprehensive and immersive platform that caters to the diverse needs of travel industry stakeholders. Through the integration of cutting-edge technology and a customer-centric approach, Lokalee aims to revolutionize the way businesses engage with travel content, ultimately driving engagement and enhancing the overall travel experience.

The Power of Pre-Series Funding

The successful raise of $5.6 million in pre-series funding represents a pivotal moment for Lokalee, signifying not only investor confidence but also the potential for accelerated growth and innovation. This infusion of capital will enable Lokalee to further develop its platform, expand its market reach, and solidify its position as a frontrunner in the B2B travel content space. The funding will also fuel research and development efforts, allowing Lokalee to introduce new features and capabilities that cater to the evolving needs of its clientele.

Redefining B2B Travel Content Engagement

Lokalee's platform serves as a catalyst for redefining B2B travel content engagement, offering a suite of tools and solutions that empower businesses to curate and showcase compelling travel content. From immersive storytelling to personalized content curation, Lokalee's platform is designed to elevate the travel experience, foster brand loyalty, and provide unparalleled access to diverse travel narratives. This not only enhances the content capabilities of businesses but also fosters stronger partnerships within the travel ecosystem.

Driving Innovation and Collaboration

The infusion of pre-series funding positions Lokalee to drive innovation and collaboration within the B2B travel content sector. By leveraging the capital to enhance its technological infrastructure and expand its content offerings, Lokalee is poised to set new industry standards, fostering a culture of innovation and excellence. Furthermore, the funding will enable Lokalee to forge strategic partnerships and alliances, creating a network of synergistic relationships that further elevate the value proposition for its clients.

The Future of B2B Travel Content Technology

As Lokalee embarks on this transformative journey fueled by pre-series funding, it is poised to shape the future of B2B travel content technology. With a steadfast commitment to innovation, customer satisfaction, and industry leadership, Lokalee is well-positioned to drive meaningful change, setting new benchmarks for content curation, storytelling, and value creation within the B2B travel landscape.

In conclusion, Lokalee's remarkable pre-series funding marks a significant milestone in the evolution of B2B travel content technology, propelling the company towards a future defined by innovation, collaboration, and unparalleled content delivery. As Lokalee continues to redefine the B2B travel content landscape, its platform stands as a testament to the transformative power of technology and strategic investment in driving industry-wide progress.

In the dynamic landscape of B2B travel technology, Tumodo has emerged as a trailblazer, securing a remarkable $3.5 million in pre-seed funding. This significant milestone not only underscores Tumodo's potential but also signals a new era of innovation and growth within the travel tech sector. In this comprehensive article, we will delve into the unique value proposition of Tumodo's platform, the implications of its pre-seed funding, and the transformative impact it is poised to have on the B2B travel industry.

Unveiling Tumodo's Vision

Tumodo's vision is rooted in redefining the B2B travel landscape by offering a comprehensive and seamless platform that caters to the diverse needs of travel industry stakeholders. Through the integration of cutting-edge technology and a customer-centric approach, Tumodo aims to revolutionize the way businesses engage with travel services, ultimately driving efficiency and enhancing the overall travel experience.

The Power of Pre-Seed Funding

The successful raise of $3.5 million in pre-seed funding represents a pivotal moment for Tumodo, signifying not only investor confidence but also the potential for accelerated growth and innovation. This infusion of capital will enable Tumodo to further develop its platform, expand its market reach, and solidify its position as a frontrunner in the B2B travel tech space. The funding will also fuel research and development efforts, allowing Tumodo to introduce new features and capabilities that cater to the evolving needs of its clientele.

Redefining B2B Travel Engagement

Tumodo's platform serves as a catalyst for redefining B2B travel engagement, offering a suite of tools and solutions that empower businesses to streamline their travel operations. From seamless booking processes to advanced analytics and reporting, Tumodo's platform is designed to optimize efficiency, reduce costs, and provide unparalleled visibility into travel-related activities. This not only enhances the operational capabilities of businesses but also fosters stronger partnerships within the travel ecosystem.

Driving Innovation and Collaboration

The infusion of pre-seed funding positions Tumodo to drive innovation and collaboration within the B2B travel tech sector. By leveraging the capital to enhance its technological infrastructure and expand its service offerings, Tumodo is poised to set new industry standards, fostering a culture of innovation and excellence. Furthermore, the funding will enable Tumodo to forge strategic partnerships and alliances, creating a network of synergistic relationships that further elevate the value proposition for its clients.

The Future of B2B Travel Technology

As Tumodo embarks on this transformative journey fueled by pre-seed funding, it is poised to shape the future of B2B travel technology. With a steadfast commitment to innovation, customer satisfaction, and industry leadership, Tumodo is well-positioned to drive meaningful change, setting new benchmarks for operational efficiency, collaboration, and value creation within the B2B travel landscape.

In conclusion, Tumodo's groundbreaking pre-seed funding marks a significant milestone in the evolution of B2B travel technology, propelling the company towards a future defined by innovation, collaboration, and unparalleled value delivery. As Tumodo continues to redefine the B2B travel landscape, its platform stands as a testament to the transformative power of technology and strategic investment in driving industry-wide progress.

The World Bank anticipated increase in the UAE's current account balance to 12.4% in 2023 and 11.8% in 2024

RIYADH: The World Bank has projected a 3.4% growth in the real Gross Domestic Product (GDP) of the UAE by the year 2023, with expectations of further increase to 3.7% in 2024.

According to the recently published World Bank Gulf Economic Update (GEU) report, the Bank anticipated the UAE's non-oil GDP growth to reach 4.5% in 2023, driven by strong performances in the tourism, real estate, construction, transportation, and manufacturing sectors, along with increased capital expenditure. Meanwhile, the oil GDP is expected to grow by 0.7% in 2023, rising to 3.6% in 2024.

The World Bank anticipated increase in the UAE's current account balance to 12.4% in 2023 and 11.8% in 2024. The UAE is expected to achieve a surplus in the fiscal balance by 5.2% in 2023 and 4.6% in 2024.

According to the report, the Gulf Cooperation Council (GCC) region is estimated to grow by 1% in 2023 before picking up again to 3.6 and 3.7% in 2024 and 2025, respectively. This growth compensated for by the non-oil sectors, which are expected to grow by 3.9% in 2023 and 3.4% in the medium term supported by sustained private consumption, strategic fixed investments, and accommodative fiscal policy.

Khaled Alhmoud, Senior Economist at the World Bank, said that the diversification and the development of non-oil sectors has a positive impact on the creation of employment opportunities across sectors and geographic regions within the GCC.

“GCC countries have witnessed a remarkable increase in female labour force participation,” said Johannes Koettl, Senior Economist at the World Bank. “Saudi Arabia’s achievements in advancing women’s economic empowerment in just a few years is impressive and offers lessons for the MENA region and the world.”

According to the report, the Saudi private sector workforce has grown steadily, reaching 2.6 million in early 2023. Additionally, the labour force participation of Saudi women more than doubled in a span of six years, from 17.4% in early 2017 to 36% in the first quarter of 2023.

Source: zawya

Wize, a UAE-based logistics startup, has successfully raised $16 million in a pre-Seed funding round led by angel investors. This significant investment will fuel the growth and development of Wize's eco-friendly last-mile transportation solutions in the region.

Revolutionizing Last-Mile Delivery with Sustainable Solutions

Founded in 2022 by Alexander Lemzakov, Wize is dedicated to providing sustainable last-mile delivery solutions. The startup offers two core services: a marketplace for electric motorcycles and a subscription platform for businesses to manage their own fleets. Additionally, Wize provides battery-as-a-service and swapping stations, along with a Battery Swap App that allows drivers to reserve batteries in advance and stay informed about charge levels.

Funding for Expansion and Partnership Opportunities

The newly secured funds will be allocated towards product development, strengthening Wize's presence in the UAE market, and exploring new partnership opportunities in the Middle East and North Africa. Wize aims to enhance its offerings and expand its reach, ensuring that more businesses can benefit from their comprehensive ecosystem of sustainable delivery solutions.

A Comprehensive Ecosystem for Sustainable Delivery

Unlike its competitors, Wize has developed a comprehensive ecosystem that aligns with the UAE's net-zero requirements and the UAE Green Agenda. The startup's services include electric motorcycles tailored to meet courier transport regulations, a rental and subscription platform for business owners to manage their fleets, battery-swapping stations, and software components for efficient battery management.

Wize's subscription-based electric motorcycles not only contribute to environmental sustainability but also help businesses reduce transportation costs by up to 30% per month. The Wize Rental and Subscription Online Platform enables clients to manage their fleets 24/7, gathering valuable data on driver behavior, location, speed, and charge levels. Additionally, Wize's battery-swapping stations, known as Wize Power, provide drivers with a convenient way to exchange batteries, ensuring uninterrupted delivery operations.

With a focus on software, Wize has developed its own platform to manage battery swapping stations and monitor the condition of all batteries. This software is fully compliant with local laws, and all data is stored within the UAE, ensuring data security and compliance.

Wize is actively pursuing partnerships with renowned delivery companies in the region. The startup has already established a long-term partnership with Motoboy, the UAE's first sustainable logistics firm, with the shared goal of achieving zero-carbon emissions through the exclusive use of electric bikes. By collaborating with industry leaders, Wize aims to drive real change towards a more sustainable last-mile delivery ecosystem.

In conclusion, Wize's successful $16 million pre-Seed funding round marks a significant milestone for the UAE-based startup. With a focus on sustainability and innovation, Wize is poised to revolutionize last-mile delivery in the region. The investment will support the company's expansion, product development, and exploration of new partnership opportunities, ultimately contributing to a more sustainable and efficient delivery landscape in the UAE and beyond.

  • 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

 

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

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