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

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

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

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

Press release:

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

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

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

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

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

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

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

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

Source: Wamda

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

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

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

Press release:

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

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

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

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

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

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

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

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

source: Wamda

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

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

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

Press release:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: Wamda

UAE-based crypto VC fund Illuminati Capital,  has raised $50 million for a fund that aims to invest in early-stage blockchain and Web3 gaming startups.

Founded by Vickaash Agrawal, Dhaval Parikh, Muhannad Abulhasan and Laura K. Inamedinova, Illuminati Capital aims to build a Web3 ecosystem, driving transformative shifts in decentralised technologies.

Illuminati Capital will focus on multiple verticals, including decentralised finance (DeFi), blockchain gaming, artificial intelligence, NFT infrastructure, and real-world assets (RWA).

Illuminati Capital has raised $50 million to invest in early-stage blockchain startups — including game companies. The hope is to bring its partners’ wealth of experience and expertise to the rapidly evolving Web3 arena.

The firm is based in Dubai and its partners have individually invested in blockchain startups worth over $1 billion, demonstrating impressive growth and valuation.

Setting itself apart from traditional investment firms, Illuminati Capital aims to offer more than just financial support. The venture capital firm is dedicated to building the global Web3 ecosystem and driving transformative shifts in decentralized technologies.

The team behind Illuminati Capital has collectively deployed $30 million, resulting in exits worth $150 million. The partners include blockchain investors, marketing experts, accomplished angel investors, and other talented individuals. The diverse backgrounds of the partners enable Illuminati Capital to provide targeted advice and actively engage with founders.

“We are witnessing a remarkable growth trajectory in Web3 venture investing,” said Vickaash Agrawal, partner at Illuminati Capital, in a statement. “With a track record of 120-plus successful blockchain investments in my investment portfolio, I will bring my expertise in data, infrastructure, regulation and mining.”

Illuminati Capital’s investment focus spans multiple verticals, including decentralized finance (DeFi), blockchain gaming, artificial intelligence, NFT infrastructure, and real-world assets (RWA). By strategically investing in pioneering sectors, Illuminati Capital aims to play a pivotal role in shaping the decentralized economy of the future.

“The possibilities of decentralized technology are endless,” said Dhaval Parikh, a partner at Illuminati Capital and blockchain investor with five-plus years of experience and a portfolio of leading Web3 high-end projects, in a statement. “With a background in VC, I will focus on due diligence, risk assessment, portfolio management, and deal flow while analyzing industry trends and key ecosystem insights.”

The firm’s partnership connections, coupled with its focus on Web3 companies backed by real-world assets, position Illuminati Capital to help portfolio companies grow. Illuminati Capital will provide hands-on assistance with listings, exchanges, business development, public relations, key opinion leaders (KOLs), and more to drive the success of its portfolio projects.

“By leveraging our trusted network and industry know-how, we commit to building a solid foundation for long-term success,” added Laura K. Inamedinova, a partner at Illuminati Capital and CEO of LKI Consulting, in a statement. “As a marketing expert with a portfolio of 250+ Clients, I will advise projects on community building, branding, positioning, marketing strategy, and user acquisition securing early-stage growth.”

Source: Wamda

• UAE sovereign investor Mubadala Investment Company has led a $76 million in equity and debt financing for Nigeria-based mobility fintech startup “Moove”.
• Founded in 2020 by Jide Odunsi and Ladi Delano, Moove offers revenue-based vehicle financing to mobility entrepreneurs globally, including Uber.
• Mubadala has led the $28 million in equity along with new and existing investors, while the $10 million in venture debt from funds and accounts was managed by BlackRock, and $38 million in previously undisclosed funds was raised during the prior 12 months.
• Moove will use the funding to expand and consolidate its position globally.
• Moove is a Wamda portfolio company. 

UAE sovereign investor Mubadala Investment Company has led a funding round that secured $76 million in equity and debt for Moove, a Nigeria-based mobility fintech that offers vehicle financing to drivers of ride-hailing companies including Uber.

In a statement on Thursday, Moove said the funding consists of $28 million in equity from new and existing investors, in a process led by Mubadala, $10 million in venture debt from funds and accounts managed by BlackRock, and $38 million in previously undisclosed funds raised during the prior 12 months.

Faris Sohail Al Mazrui, Head of Ventures & Growth at Mubadala, who will join the fintech's advisory board, said: “Moove has built a highly scalable tech-enabled platform to serve mobility entrepreneurs globally by providing them access to credit and other financial services previously unavailable to them. This is a hugely underbanked and underserved market that we believe has significant long-term potential.”

Ladi Delano, Co-founder and Co-CEO of Moove said: “We are excited to be partnering with Mubadala and BlackRock to double down on our already profitable markets including the UAE, India, UK, and South Africa, as well as continuing to invest in our customer experience and accelerate our product development to deliver group-wide profitability within the next 12 months.”

Moove, which was founded in 2020, will use the funding to expand and consolidate its position globally. It operates in 13 markets across Africa, the Middle East, Europe and Asia, and is Uber's largest vehicle supply partner across EMEA. It is the second largest vehicle partner in India and operates the largest EV fleet by supply hours in UAE, the statement claimed.

Last year, Moove raised $30 million from a debut sukuk issuance to fund the building of an EV ride-hailing fleet in the MENA region.

Source: Wamda

CoaChess, a Tunisian startup founded in 2021, has announced securing a pre-seed funding round worth 600k TND (USD191,000) thanks to Omicrone, their new investor and startup builder.

The company’s objective is to revolutionize the chess world by utilizing AI-powered tools to make the game accessible to players of all skill levels.

The company offers a wide range of services, including beginner-friendly lessons and advanced learning techniques aimed at further developing players’ skills regardless of their level.

In addition, the company provides players with the opportunity to apply what they have learned in highly competitive environments and analyze their games to identify their strengths and weaknesses. CoaChess also offers the chance to participate in free and paid tournaments against players with different levels and skill sets.

CoaChess’s most innovative offering is its intelligent bot, which can mimic top chess champions and other influential figures in the history of the game. This tool assists players in learning more about the game and improving their skills.

CoaChess also offers services that can improve chess clubs’ learning environments, including personalized guidance throughout their learning journey and the ability to organize internal and inter-club tournaments.

The recent pre-seed funding round is a significant milestone for CoaChess, bringing the company one step closer to achieving its goals. With the funding, the to company can take its innovative tools to the market and improve the game for good.

CoaChess’s founder, Iheb Kaabi, expressed gratitude for the support and guidance of the company’s supporters, saying, “We are committed to continuing our journey and working to make chess more accessible and enjoyable for everyone.”

Source: African Heroes

Egyptian fintech and e-commerce ecosystem MNT-Halan has raised up to $400 million in equity and debt financing from local and global investors as it continues to serve underbanked and unbanked customers in the North African country.

The round includes $260 million in equity financing and $140 million through two securitized bond issuances secured within the past year, investments that will now see MNT-Halan command a post-money valuation of about $1 billion.

A large chunk of the equity, about $200 million, was provided by Abu Dhabi–based Chimera Investments. The investment firm invested that amount in exchange for 20% of the Egyptian digital lender and e-commerce platform, which is also in advanced stages of raising $60 million in additional capital in the coming weeks.

Last week, the IFC disclosed that it was investing $40 million in the company, but MNT-Halan declined to comment; it’s expected that the remaining financing will come from existing shareholders.

In a statement, MNT-Halan says the investments “demonstrate continued confidence in its value proposition, management team, and superior technology.” The company also plans to expand internationally after solid growth in Egypt and progress on the swap agreement between super app Halan and Netherlands-based microlending platform MNT Investments.

In 2021, Halan, operating a digital wallet that offered bill payments, e-commerce and ride-hailing as well as micro, nano and consumer loans, entered into a swap agreement with MNT Investments (a microlending platform operating in Egypt with roots dating back to 2010) to provide financing solutions to the underbanked and unbanked. The leveraged buyout deal, which was formed in 2018, saw both companies adopt a new name: MNT-Halan. Headquartered in Egypt, its digital ecosystem connects consumers, merchants and micro-enterprises with business loans, consumer finance, payments, BNPL and e-commerce offerings, all backed by Neuron, its proprietary technology.

Last year, MNT-Halan raised $120 million from private equity firms, including Apis Growth Fund II, Development Partners International (DPI) and Lorax Capital Partners, and venture capitalists such as Middle East Venture Partners, Endeavor Catalyst and DisruptTech. At the time, it had served over 4 million and disbursed more than $1.7 billion worth of loans since inception.

CEO Mounir Nakhla, who founded the company with Ahmed Mohsen, said MNT-Halan continued where it left off and is presently Egypt’s largest lender to the unbanked: Total loans disbursed now exceed $2 billion per the company’s website (MNT-Halan issued loans north of $65 million last month).

On average, businesses access $1,000 worth of loans while paying a 25% annual interest on the platform; Nakhla noted the fintech maintains a healthy nonperforming loan ratio without disclosing its figure.

The two securitizations, totaling $140 million, that MNT-Halan secured last year are behind its impressive lending operations. The fintech’s wholly owned subsidiary, Tasaheel, managed to secure these funds locally via a securitization program with the Commercial International Bank (CIB), Egypt’s largest private sector bank.

It can further securitize up to $250 million, the company said. In addition to CIB, participating regional and local financial institutions include Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait, Al Baraka Bank and National Bank of Egypt.

It’s been demonstrated that lending is MNT-Halan’s primary business and main revenue generator; however, what’s interesting about the company is how it has layered a digital ecosystem of products, including e-commerce, FMCG delivery and mobile POS payments that feed its lending operations.

To paint a picture: Last June, the five-year-old company acquired Talabeyah, a B2B e-commerce platform that offers FMCG supplies directly to small merchants and retailers with next-day delivery. Nakhla tells me that this acquisition has allowed MNT-Halan to provide loans to these merchants or grocers, who then, in an agency banking play, act as mobile agents to individual customers who frequent their shops.

The company also wants to extend grocery shopping — in addition to other e-commerce stores selling electronics and personal items — to individual customers.

“We’re capitalizing on our existing distribution through million-plus customers and adding services within our ecosystem,” said the chief executive. “If you need a loan for your business, we’re going to give you one; you need a loan for consumption, we’re going to give you one; you need to order groceries or buy a mobile phone on our platform, we’ll deliver it to you via our e-commerce stores. Also, we can give them the credit they can use to make all of these purchases within the ecosystem.”

MNT-Halan lends to single small business owners or individuals who need lending to manage their businesses.

According to the Egyptian startup, its digital ecosystem serves more than 5 million customers in Egypt, of which 3.5 million are financial clients and over 2 million are borrowers. The startup plans to launch a debit card for its customers by the end of March.

Nakhla noted that due to the company’s focus on commerce and lending, it’s had to shut down its ride-hailing operations, one of Halan’s core offerings — before the merger — which mostly lagged international mobility outfits like Uber, Careem and inDriver. Meanwhile, MNT-Halan faces competition from Khazna, Paymob and MaxAB across its other product offerings.

“In some sectors, we do have competition. But in the most important sector, we’re the largest, and no one is as advanced in technology or creates a fully-fledged ecosystem for the underbanked.

I think this is where we differentiate ourselves from any other player in the market,” said the chief executive when asked about competing players in Egypt, while adding that the company is exploring a couple of mergers and acquisitions to consolidate its position in the country’s fintech and e-commerce space.

For MNT-Halan to raise this sum in the current venture capital climate, it had to increase its revenues and open new streams, Nakhla noted in his statement. The fintech claims to have made over $300 million in revenue last year, representing a modest 3.4x multiples on its unicorn valuation which aligns with the present public market calculations as previously reported by TechCrunch.

On a related note, MNT-Halan is Egypt’s only private billion-dollar company; payments giant Fawry achieved that valuation after going public in 2019 (although it’s well off the mark now).

“We are thrilled to be part of Egypt’s greatest fintech success story,” said Seif Fikry, CEO of Chimera Abu Dhabi, in a statement. MNT-Halan’s upward trajectory and momentum reflect the management team’s realization of its extraordinary vision to transform a high-touch business by seamlessly infusing an unparalleled proprietary tech platform while increasing product depth for its target customer segment.”

Source: Techcrunch

LEAP23, the world’s most visionary and valuable technology event, will host two competitions with a prize purse of US$1.54 million, as well as a welcome a raft of global celebrities and tech industry luminaries ranging from music icon will.i.am and FIFA World Cup winner Carles Puyol to Amin H Nassr, CEO of Aramco, and Jae Sook Evans, Chief Information Officer at Oracle.

LEAP23 is set to run from February 6-9 at the Riyadh Front Exhibition and Conference Centre and will be the setting for the inaugural LEAP Rocket Fuel Startup Pitch Challenge, powered by Saudi Arabia’s National Technology Development Programme (NTDP). The initiative is a collaboration between the Kingdom’s Ministry of Communications and Information Technology (MCIT), the MiSK Foundation, and NTDP.

Ninety global startups will fight for the chance to be one of the 15 nascent businesses selected to pitch before a judging panel consisting of Shark Tank India’s Ghazal Alagh, Baroness Karren Brady, aide to The Apprentice’s Alan Sugar, Saudi angel investor Tala Al Jabri, and Dragon’s Den stars James Caan and Steven Bartlett.

The judges will present the LEAP Award and its accompanying US$250,000 main prize to the outstanding startup, while US$150,000 will go to the best early stage startup, the most innovative startup pioneered by women, the new business that best embodies the LEAP spirit, the most impressive startup occupying the Metaverse and Web 3.0, and the pitch that represents the most exciting, ground-breaking use of Artificial Intelligence.

On the show’s final day, LEAP23 will also host the winners’ ceremony of the ongoing Alibaba Cloud Saudi Hackathon, which comes with its own prize pool of US$532,000. Organisers said the response to the four-day hackathon, which started on January 29, was huge.

The winning solutions and ideas implementors – those that have made the best use of Alibaba Cloud technology to facilitate deployment, development, scalability, and fast go-to market solutions – will be presented with their awards on February 9.

LEAP23 is set to welcome 920 scheduled investors, including Sequoia Capital, Octopus Ventures, 500 Global and many more. Between them, they control an unprecedented US$1.9 trillion in assets under management. And with more than 5,000 potential meetings bookmarked, the four-day show promises to be the event where decisions are made and deals get done.

As well as pop superstar will.i.am and former Barcelona and Spain legend Puyol – both now entrepreneurs within the Metaverse – the latest batch of tech heavyweights and international celebrities set to speak at LEAP23 include Séan Garnier, CEO of Urbanball and world freestyle football champion, Gary Sorrentino, Global Chief Information Officer at Zoom, Helen K Pan, General Manager at Apollo Autonomous Driving – Baidu, Jim Deluca, CEO of Ceer, Hatem Dowidar, Group CEO at e& Group (formerly Etisalat), and a host of other C-suite thought-leaders from major global technology companies.

LEAP23’s newly released roster of tech talent also highlights the Saudi convention’s ability to connect East and West, with Selina Zhang, President of Alibaba Cloud, and Wu Eddie Yongming, Co-founder of Alibaba Group confirmed alongside Sheikh Talal Said Marhoon Al Mamari, CEO at Omantel, Saleem AlBlooshi, CTO at Du, Sheikh Bader bin Rashid Al Khalifa, Chief Communications and Sustainability Officer at Batelco, and Charles Li, ex-CEO of Hong Kong Exchange and Chairman of Micro Connect.

In connecting the most influential players from the East and West, LEAP23 will be the stage for announcing strategic alignments and large-scale business deals that will impact the tech community globally.

Last year, more than US$6 billion worth of investments were announced and organisers are confident this year, with an increase in investors, exhibitors, and attendees from around the world, will surpass that figure.

With more than 900 exhibitors confirmed for this year’s second iteration, LEAP23 will host more than 700 speakers, including billionaire investors, astronauts, and athletes-turned-tech investors across its 15 conferences. A host of Saudi Arabian heavyweights such as STC and NEOM will be accompanied by an international cadre of the biggest names in tech, such as Snapchat, Google Cloud, Amazon Web Services, Visa, Alibaba Cloud, Ericsson, Huawei, and Nokia.

Taking place alongside LEAP23 is the inaugural DeepFest, which will explore the global AI eco-system and showcase life-changing, multi-sector initiatives and innovations related to clean tech, the Metaverse, and women in technology. LEAP23 has garnered support from numerous leading government and private sector organisations.

Strategic partners and sponsors include NEOM, STC, Saudi Aramco, Mobily, IBM, Microsoft, Ericsson, Huawei, and Najm Insurance. The 2023 edition will also host country pavilions from the United Kingdom, Finland, Japan, Pakistan, Indonesia, Oman, and India.

The Ministry of Communications and Information Technology (MCIT) is powering LEAP in conjunction with Tahaluf – a strategic joint venture co-owned by Informa PLC and the SAFCSP.   

Source: African Business

UAE-based fintech Tabby, has raised $58 million in a Series C round from Sequoia Capital India, STV and PayPal Ventures, Mubadala Investment Capital, Arbor Ventures and Endeavor Catalyst, valuing the company at $660 million. The round also marks PayPal’s Ventures first investment in a GCC startup.

Founded in 2019 by Hosam Arab, Tabby is a fintech startup that offers users a buy now pay later (BNPL) facility for shopping online and offline.

The fintech works with over 10,000 brands including 9 out of the 10 largest retail groups in Mena. Last year, Tabby crossed three million active shoppers, expanded its operations to Egypt and grew 5x in revenue over the previous year.

The company has issued over 150,000 Tabby Cards, allowing users to purchase goods in-store and paying for them in instalments. In-store sales now make up over 10 per cent of the Tabby’s volumes.

Tabby will use the new funding to expand its product line into next-generation consumer financial services and support the company’s growing operations. This latest round takes the company’s total funding to date to $333 million.

Tabby, MENA’s leading shopping and financial services app, has raised $58 million from Sequoia Capital India, STV and PayPal Ventures, Mubadala Investment Capital, Arbor Ventures and Endeavor Catalyst in a Series C round which values the company at $660 million. The fundraise will be used to expand Tabby’s product line into next-gen consumer financial services and support the company’s growing operations. This round makes Tabby one of the most valuable startups in Mena and the first in the GCC to receive funding from PayPal Ventures.

Hosam Arab, CEO and co-founder of Tabby, said: "With rising interest rates and growing inflation, it has never been more important for people to have access to payment flexibility to stay in control of their finances. Despite downward pressure on fintech valuations, our business continues to sustainably scale as we lead the generational shift towards fair and transparent financial products in Mena.”

He added: “We’re excited to grow with an incredible set of investors who believe in the opportunity to create a healthier relationship with money for consumers in a region that’s ripe for change.”

The company works with over 10,000 brands including 9 out of the 10 largest retail groups in Mena, and more recently launched with noon, the region’s largest e-commerce marketplace. Last year, Tabby crossed three million active shoppers, expanded its operations to Egypt and grew 5x in revenue over the previous year.

GV Ravishankar, MD, Sequoia India, said: "We are excited to see Tabby grow into a leading consumer focused fintech company for the region. Over the next few years, it has the opportunity to offer several innovative products to its consumers to improve access while creating more affordability. The team has done this with continued focus on good credit quality and strong economics.”

Ihsan Jawad, Partner at STV said: “We are pleased to be doubling-down on our partnership with Hosam, Daniil and the team on their growth journey across the region.”

Among its other milestones, the fintech company has issued over 150,000 Tabby Cards only six months after launching its cards programme with in-store sales now making up over 10 per cent of the company’s volumes.

source Wamda

Egypt-based esports platform GBarena has acquired Tunisia’s Galactech for $15 million, in the form of a share swap.

This acquisition supports GBArena’s plans to expand into the GCC, including Saudi Arabia, with further expansion plans in the Middle Eastern esports industry. GBarena will leverage the on-ground presence and capabilities that Galactech has in Riyadh, Dubai, and Tunisia.

Founded in 2016 by Mustafa Zaza and Bishoy Mesdary, GBarena aims to create an online gaming community connecting gamers with tournament organisers and providing them with a platform where they can manage their tournaments through fully automated processes, while Galactech was founded in 2019 by Houcem Maiza and Houssem Zouaghi and now has over 200,000 active users.

Maiza, Galactech’s CEO, will be joining GBArena as co-CEO.

In October 2021, GBarena raised a six-figure pre-Series A funding round, to fuel its expansion plans.

Press release:

GBarena, the leading Middle East esports platform, today announced an agreement to acquire Tunisia-based Galactech, the gaming leader in North Africa alongside a significant presence in the GCC. The transaction expands GBArena’s footprint into the burgeoning North African market and signals their intentions to expand further including throughout the GCC.

Valued at around $15 million, in the form of a share swap, it marks the second Tunisian acquisition this month following Instadeep's whopping ₤562 million transactions by BioNTech.

This marks a milestone transaction for GBarena in anticipation of closing its Series A later this year, with participation from investors in the US, Singapore and the Mena region.

This acquisition comes in alignment with GBArena’s planned expansion into GCC, including Saudi Arabia. With the entry into North Africa executed via this transaction, the focus will continue on further expansion in the Middle Eastern esports industry. GBArena will leverage the on-ground presence and capabilities that Galactech has in Riyadh, Dubai and Tunis.

Galactech, founded in 2019, has been making waves in the North African gaming scene since its launch in 2019. With over 200,000 active users, they have become one of the most popular gaming platforms in North Africa and beyond in the region.

GBarena CEO Samer Wagdy expressed his enthusiasm for this new venture: “Our goal has always been to provide our users with an unparalleled esports experience, no matter where they're located in the world. With our acquisition of Galactech, we can now ensure that our users from North Africa will have access to identical features and content they have come to expect from us while providing them with extensive opportunities for growth and development within the esports community." Wagdy also emphasised that this acquisition is one step forward towards achieving the company’s vision, which is to be the leading aggregator in MENA, serving all stakeholders in the industry.

“We’re very happy to be taking a step forward to fulfil the vision we started embarking on the journey with. Under GBArena’s ownership, Galactech will be able to tap into both GBArena’s established user base and resources to strengthen its presence in the region,” mentioned Houcem Maiza, Galactech’s CEO, who’ll be joining GBArena as Co-CEO.

With today’s GenZ driving the region’s $3.56 billion industry, GBA’s youth-driven leadership is set in stone to build the engagement needed to foster communities across the Middle East and North Africa. Viewing today’s growth opportunity in markets like KSA and UAE, with injections of over $40 billion on infrastructural developments, a lot is expected to shape up in Mena’s gaming ecosystem in 2023. Upgrades to web3 & cloud gaming will be revolutionising the local experience very soon, reaching an expected 85.76 million gamers by 2025.

“We are thrilled to announce that with this transaction GBarena is joining forces with Galactech, creating a regional powerhouse in the thriving gaming industry," said GBarena’s chairman, Ahmed Abou Doma.

He added that "After careful analysis, we both realised it is a perfect complementary strategic fit for both companies. It will allow us to combine our strengths and resources maximising value creation and providing our gamers, fans and partners and all stakeholders with an unparalleled experience. We look forward to taking esports in the region to the next level and cementing our position as the regional leader in the industry.”

Shehata & Partners is acting as the legal advisor and Youssef Salem is acting as the financial advisor on the transaction.

source: Wamda