News
SVC, a key player in the venture capital space, recently made a significant investment of $30 million in Olive Rock Partners Fund I. This investment not only highlights SVC's commitment to supporting innovative startups but also underscores the importance of venture capital investments in driving growth and innovation in the startup ecosystem.
SVC: Company Profile
SVC is a dynamic venture capital firm known for its strategic investments in high-growth startups across various sectors. With a focus on technology, innovation, and disruptive business models, SVC has a track record of successful investments and a diverse portfolio of companies that have thrived under its guidance.
Olive Rock Partners Fund I
Olive Rock Partners Fund I is a venture capital fund with a focus on investing in early-stage startups with high growth potential. The fund's investment thesis revolves around supporting innovative entrepreneurs, disruptive technologies, and market-leading solutions in sectors such as technology, healthcare, and sustainability.
$30 Million Investment Details
The $30 million investment by SVC in Olive Rock Partners Fund I will provide the fund with additional capital to support its investment strategies, portfolio companies, and growth initiatives. The strategic rationale behind the investment lies in the alignment of investment philosophies, growth objectives, and market opportunities.
Utilization of Funds
Olive Rock Partners Fund I plans to utilize the investment to fuel its growth initiatives, expand its portfolio, and create value for its portfolio companies. The funds will support the fund's mission to identify and nurture innovative startups, drive industry disruption, and contribute to the growth of the startup ecosystem.
Impact of the Investment
The $30 million investment by SVC will have a transformative impact on Olive Rock Partners Fund I, enabling the fund to accelerate its growth, enhance its market positioning, and create value for its portfolio companies. The investment will support Olive Rock Partners Fund I's mission to drive innovation, support entrepreneurs, and foster industry disruption.
Investor Insights and Support
Investors backing Olive Rock Partners Fund I bring valuable insights, expertise, and support to the fund, contributing to its success and growth trajectory. Their perspectives on the fund's investment focus, value proposition, and market potential underscore the fund's position as a leading player in the venture capital landscape, with promising opportunities for future growth and success.
Venture Capital Landscape
The venture capital landscape is dynamic and evolving, with opportunities for venture capital firms like Olive Rock Partners Fund I to thrive and make a significant impact. By staying abreast of market trends, identifying emerging sectors, and leveraging strategic partnerships, Olive Rock Partners Fund I can navigate challenges and capitalize on growth opportunities in the competitive market.
Strategic Investment Focus
Olive Rock Partners Fund I maintains a strategic focus on key investment areas, including technology, healthcare, sustainability, and other sectors with high growth potential. By targeting innovative startups, disruptive technologies, and market-leading solutions, Olive Rock Partners Fund I aims to support entrepreneurs and drive industry transformation and innovation.
Portfolio Management and Value Creation
Effective portfolio management and value creation are essential components of Olive Rock Partners Fund I's investment strategy. By providing strategic guidance, operational support, and growth opportunities to its portfolio companies, Olive Rock Partners Fund I aims to maximize value, drive sustainable growth, and position its investments for long-term success and market leadership.
Market Expansion Strategies
To expand its market reach and enhance its ecosystem engagement, Olive Rock Partners Fund I will focus on strategic partnerships, collaborations, and industry alliances. By fostering relationships with key stakeholders, investors, and industry players, Olive Rock Partners Fund I can leverage synergies, access new markets, and create value for its portfolio companies and the broader startup ecosystem.
Tech Innovation and Disruption
Olive Rock Partners Fund I plays a crucial role in fostering tech innovation and disruption by investing in cutting-edge technologies, startups, and disruptive business models. By supporting entrepreneurs with bold ideas, transformative solutions, and market-changing innovations, Olive Rock Partners Fund I contributes to industry disruption, economic growth, and technological advancement.
Sustainable Growth Strategies
Sustainable growth strategies are at the core of Olive Rock Partners Fund I's approach to investment and portfolio management. By focusing on scalability, long-term value creation, and impact-driven investments, Olive Rock Partners Fund I aims to support startups that have the potential to drive sustainable growth, create jobs, and contribute to the development of the startup ecosystem.
Industry Impact and Influence
Olive Rock Partners Fund I's influence on the industry and startup ecosystem is significant, with contributions to innovation, entrepreneurship, and economic development. By supporting startups, driving industry disruption, and fostering a culture of innovation, Olive Rock Partners Fund I plays a pivotal role in shaping the future of the venture capital landscape and driving positive change in the industry.
Future Growth Prospects
Looking ahead, Olive Rock Partners Fund I is well-positioned for continued growth, market leadership, and industry influence. With a strong foundation, strategic vision, and investor support, Olive Rock Partners Fund I is poised to capitalize on emerging opportunities, navigate challenges, and drive sustainable growth in the dynamic venture capital landscape, shaping the future of innovation and entrepreneurship.
In conclusion, the $30 million investment by SVC in Olive Rock Partners Fund I marks a significant milestone for both the fund and the venture capital landscape. By leveraging the investment, pursuing strategic initiatives, and staying true to its commitment to innovation, value creation, and industry impact, Olive Rock Partners Fund I is poised to achieve new heights of success, drive industry disruption, and contribute to the growth and development of the startup ecosystem.
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.
The Ahlan app, a prominent player in the tech startup scene, recently secured a significant investment of $3 million led by Hope Ventures. This funding marks a milestone for the app and underscores the importance of financial support in driving the growth and innovation of app startups.
Ahlan App: A Brief Overview
The Ahlan app is a user-friendly platform that connects users with local services, events, and businesses in their community. With features designed to enhance user experience and convenience, the app targets a diverse audience seeking personalized recommendations and seamless access to resources.
Investment Details
The $3 million investment in the Ahlan app, spearheaded by Hope Ventures, will fuel the app's expansion efforts, product enhancements, and marketing initiatives. In addition to Hope Ventures, other investors participated in the funding round, signaling confidence in the app's potential and value proposition.
Significance of the Investment
The infusion of capital will enable the Ahlan app to scale its operations, enter new markets, and introduce innovative features to attract and retain users. The investment underscores the app's growth trajectory and positions it for increased visibility and competitiveness in the app market.
Hope Ventures: Profile and Investment Strategy
Hope Ventures is a renowned venture capital firm known for its strategic investments in high-growth startups across various industries. With a focus on supporting innovative technologies and disruptive business models, Hope Ventures brings expertise and resources to help startups like the Ahlan app thrive.
Tech Startup Ecosystem in the MENA Region
The MENA region boasts a vibrant tech startup ecosystem, characterized by a diverse range of entrepreneurial ventures and investment opportunities. App startups, in particular, benefit from the region's growing digital economy and consumer adoption of mobile technologies, creating a fertile ground for innovation and growth.
Challenges and Opportunities for App Startups
While app startups face challenges such as market saturation and user acquisition costs, they also have opportunities to differentiate themselves through unique value propositions and targeted marketing strategies. By leveraging data analytics, user feedback, and industry trends, app startups can navigate obstacles and capitalize on growth opportunities.
User Experience and Innovation
User experience is paramount in app development, as seamless navigation, intuitive design, and personalized features drive user engagement and satisfaction. App startups like the Ahlan app prioritize innovation by continuously enhancing their offerings, integrating user feedback, and staying ahead of market trends to deliver a superior user experience.
Monetization Strategies
App startups employ various monetization strategies, including in-app purchases, subscription models, advertising, and partnerships. The Ahlan app, for instance, generates revenue through sponsored content, premium features, and targeted advertising, balancing user value with sustainable monetization avenues.
Competitive Landscape
In a competitive app market, differentiation is key to standing out and attracting users. The Ahlan app differentiates itself through its localized approach, curated recommendations, and community-driven content, offering a unique value proposition that resonates with its target audience and sets it apart from competitors.
User Acquisition and Retention
Acquiring and retaining app users require a strategic approach that combines targeted marketing campaigns, user engagement initiatives, and retention strategies. The Ahlan app focuses on building a loyal customer base through personalized recommendations, exclusive offers, and interactive features that encourage ongoing user interaction and loyalty.
Data Privacy and Security
Data privacy and security are paramount in app development, as users entrust apps with sensitive information and personal data. The Ahlan app prioritizes data protection through encryption, secure payment gateways, and compliance with privacy regulations, ensuring user trust and safeguarding against potential security breaches.
Future Growth Prospects
Looking ahead, the Ahlan app is poised for continued growth and success in the dynamic app market. By leveraging its recent investment, expanding its user base, and exploring new partnerships and revenue streams, the app is well-positioned to capitalize on emerging trends and solidify its presence in the digital landscape.
Community Engagement and Partnerships
Community engagement plays a vital role in the success of app startups, as user feedback, community forums, and partnerships enhance brand loyalty and user satisfaction. The Ahlan app fosters community engagement through local events, user-generated content, and collaborations with businesses and organizations, creating a vibrant ecosystem that resonates with its audience.
In conclusion, the $3 million investment led by Hope Ventures marks a significant milestone for the Ahlan app, signaling a new chapter of growth, innovation, and market expansion. With a focus on user experience, innovation, and community engagement, the app is well-positioned to capitalize on the opportunities in the app market and deliver value to its users and stakeholders. As the app continues to evolve and thrive, it exemplifies the potential of app startups in the MENA region and underscores the importance of strategic investments in driving entrepreneurial success.
The recent Qatar Web Summit witnessed the unveiling of initiatives set to revolutionise Qatar's startup ecosystem, heralding potential advancements in innovation and entrepreneurship within the region. These developments, which have attracted both domestic and foreign attention, aim to reshape the startup landscape under the leadership of organisations like the Qatar Investment Authority (QIA) and Invest Qatar.
The Fund of Funds
A notable initiative spearheaded by the Qatar Investment Authority (QIA) is the introduction of Qatar's first Venture Capital (VC) Fund of Funds. This strategic investment programme, backed by a substantial commitment exceeding $1 billion, seeks to foster innovation domestically while yielding competitive commercial returns. In line with Qatar's National Development Strategy (NDS3), which prioritises startup growth and enhanced VC funding accessibility, the initiative reflects Qatar's ambition to nurture a robust entrepreneurial environment.
The programme's objectives encompass attracting leading international VC funds and entrepreneurs to Qatar and the broader GCC region while addressing existing funding gaps for local and regional startups. HE Mansoor Ebrahim Al-Mahmoud, CEO of QIA, emphasised the pivotal role of this initiative in diversifying Qatar's economic landscape, citing the establishment of a well-connected startup ecosystem network as fundamental to long-term economic diversification.
Startup Qatar Initiative: A centralised resource platform
Complementing QIA's efforts, Invest Qatar unveiled the "Startup Qatar" platform, an online hub catering to the multifaceted needs of startups. Providing an array of support services, funding avenues, and incubation programs, this initiative serves as a primary resource for startups seeking information, assistance, and growth opportunities within Qatar.
Qualified startups stand to benefit from various incentives, including tax and fee waivers, extended tax exemptions facilitated by the Qatar Financial Centre (QFC), and access to shared office spaces in prominent local incubators. Additionally, the platform facilitates equity funding access through the Qatar Development Bank's Startup Qatar Investment Programme.
Exclusive Offerings
Ahead of the anticipated Web Summit Qatar, Invest Qatar outlined plans to introduce exclusive services during the event. The "Startup Qatar" Pavilion, in collaboration with key stakeholders, aims to provide immediate support for business setup, talent attraction, and immigration guidance. Positioned at the Doha Exhibition and Convention Center, the initiative seeks to showcase Qatar's burgeoning tech sector to a global audience of tech enthusiasts, startups, and investors.
These initiatives reflect Qatar's aspirations to foster an inclusive and dynamic startup ecosystem conducive to innovation and economic growth. As stakeholders convene at the Web Summit Qatar, opportunities for collaboration and knowledge exchange abound, potentially propelling Qatar's position as a significant player in the global startup arena.
In summary, the announcements made during the Qatar Web Summit underscore a pivotal juncture in Qatar's quest to cultivate a thriving startup ecosystem. While these initiatives represent significant strides towards fostering innovation and entrepreneurship, their ultimate impact remains contingent on effective implementation and sustained support from both the public and private sectors. As Qatar endeavours to position itself as a regional hub for innovation, the outcomes of these initiatives will be closely monitored by stakeholders invested in the country's economic diversification and long-term sustainability.
Source: Wamda
Saudi Arabia-based SaaS provider Salla has raised a $130 million pre-IPO investment round, led by Investcorp, along with Sanabil Investment and STV.
Founded in 2016 by Nawaf Hariri and Salman Butt, Salla enables merchants to set up their e-commerce online shops within hours.
The investment was made through Investcorp Saudi Pre-IPO Growth Fund LP, a platform targeting equity growth capital investments across a range of companies primarily based in Saudi Arabia.
Press release:
Investcorp, a leading global alternative investment firm, today announced it has led a $130 million pre-IPO investment round in Salla, a leading SaaS e-commerce enablement platform in Saudi Arabia. The investment was made alongside Sanabil Investment, a wholly owned company by Saudi Arabia’s Public Investment Fund. STV, a regional venture capital investor and an existing shareholder of Salla, also participated in the transaction.
Salla was established in 2016 in Makkah to promote the entrepreneurial ecosystem in Saudi Arabia by providing SMEs and aspiring entrepreneurs with a proprietary SaaS solution to deliver on their e-commerce ambitions. Today, Salla enables merchants to tap into a $20 billion e-commerce market expected to grow over 25% year-on-year in the coming years. Since 2020, Salla has enabled $7 billion in e-commerce sales and currently serves over 80 thousand active merchants on the platform.
Founded by Nawaf Hariri and Salman Butt, the company now has over 160 developers focused on technology and product development. It offers merchants a fully-digitalized and automated solution, allowing them to build their e-commerce website, start selling their products online within a few hours, accept online payments, and ship their products to the end user. Beyond being fully integrated with online payment solutions and logistics companies, Salla has over 400 applications on its platform, supporting its merchants throughout the lifecycle of running an online business.
Investcorp’s investment was made through Investcorp Saudi Pre-IPO Growth Fund LP, a platform targeting equity growth capital investments across a range of companies primarily based in Saudi Arabia with the potential to access the capital markets. Additionally, Robin Mansour, Principal at Investcorp, will be joining the Board of Directors of Salla.
The Fund allows investors to gain exposure to growing and market-leading businesses in strategic, high-growth sectors such as business services, transport and logistics, healthcare, and consumer.Investcorp Head of Emerging Markets Private Equity, Walid Majdalani, said, “Saudi Arabia today has over a million SMEs, having grown three times over the past five years. We believe that the Kingdom’s transformation agenda will continue to drive innovation and empower the next generation of entrepreneurs, with Salla acting as a key enabler to support the development of new companies in the e-commerce ecosystem”.
He added, “We see great interest in the potential of Saudi companies to IPO, especially as scale-ups and unicorns demonstrate local and regional success. Salla has managed to grow exponentially and deliver best-in-class margins.
We are excited to be part of their next growth phase and are keen to work with the founder and management team to explore a potential future listing in line with our track record”.
Nawaf Hariri, CEO and co-founder of Salla, added, “We are deeply grateful for the trust and investment from Investcorp and Sanabil in Salla, which reflects their confidence in our vision and our platform’s potential.
This investment propels us forward in our ongoing mission to open opportunities and empower individuals, SMEs, and enterprises to start and expand their businesses both within and beyond Saudi Arabia. We are committed to delivering innovative, customer-centric solutions that simplify and enhance the e-commerce experience for our merchants.”
Investcorp, through Investcorp Saudi Pre-IPO Growth Fund LP, previously led a pre-IPO funding round in TruKKer, a leading MENA digital freight network, with over 45,000 trucks inducted on its platform. This was followed by the fund’s investment in NourNet, one of Saudi Arabia’s leading ICT companies, with over 1,200 B2B clients operating across 20 industries.
Source: Wamda
US-based Egyptian fintech MoneyHash has raised a $4.5 million Seed funding round, co-led by COTU Ventures and Sukna Ventures, with participation from RZM Investment, Dubai Future District Fund (DFDF), VentureFriends, and angel investors.
Founded in late 2020 by Nader Abdelrazik, Mustafa Eid and Anisha Sekar, MoneyHash is a payment orchestration that offers a comprehensive payment operating system as a service to address the various technological and product challenges faced by enterprise merchants.
In 2022, MoneyHash raised a $3 million pre-seed round.
The new funds will be used to expand the business team and growth capabilities while maintaining technological progress.
Press release:
We are thrilled to announce that MoneyHash, the first and leading payment orchestration platform in the Middle East and Africa (MEA), has successfully raised $4.5 million in a seed funding round. The round was co-led by COTU Ventures and Sukna Ventures, with participation from RZM Investment, Dubai Future District Fund, VentureFriends, and a group of strategic investors and operators.
Despite the significant slowdown in market activity, this investment illustrates the market’s confidence in MoneyHash and its potential for continued growth and market leadership. MoneyHash's proprietary payment orchestration platform and end-to-end payment operating system have garnered acclaim for their innovative approach to streamlining payment processes, making it the top choice for businesses seeking efficient and scalable payment infrastructure. This funding will enable MoneyHash to further invest in its technology and expand its business growth initiatives across the region.
Addressing Challenges in The MEA Payments Landscape
The payment landscape in the MEA is highly fragmented. Each country has tens of payment providers and methods, developing payment regulations, limited economic integration with other markets, and a diverse set of customer preferences and market dynamics.
The complexity of the ecosystem is compounded by the region's susceptibility to payment fraud, low checkout conversion rates, and increased transaction failures. "COVID certainly boosted the adoption of digital payments in the region, but the infrastructure remains significantly underdeveloped. In MEA, payment failure rates are three times the global average, and fraud rates and cart abandonment are over 20% higher than in all other regions. This places merchants in a challenging position, viewing payments as a cost and risk center rather than a strategic enabler," says Nader Abdelrazik, co-founder and CEO of MoneyHash.
Abdelrazik adds, "However, the opportunity is enormous. MEA's trillions of dollars in payments are still less than 10% digital, suggesting the region will experience the most growth over the next decade. Merchants who navigate the complex payment ecosystem effectively will reap significant benefits. This is where MoneyHash steps in."
Empowering MEA With a Full Suite of Payment Capabilities
MoneyHash offers a comprehensive payment operating system as a service to address the various technological and product challenges faced by enterprise merchants. Elena Panchenko, the Chief Product Officer of MoneyHash, emphasizes, “Payment challenges are intertwined. Rather than merchants juggling between solutions and in-house fixes, we offer a versatile suite to address current and future challenges simultaneously.”
MoneyHash's product includes a unified API to integrate pay-in and pay-out rails, a fully customizable checkout experience, transaction routing capabilities with fraud and failure rate optimizers, and a centralised transaction reporting hub. This is complemented by tools enabling various use cases, such as virtual wallets, subscription management, and payment links.
Elena adds, “An integrated set of solutions is essential for enterprise merchants to address challenges comprehensively and explore opportunities freely. The infrastructure is powered by over 200 pre-integrated APIs with payment service providers and payment methods across 80+ markets. This not only offers merchants maximum flexibility and coverage but also helps us gain the trust of our customers, knowing that all scenarios and implementations fall within our expertise.”
MoneyHash products promise a 10-20% increase in revenue generation and a 90% decrease in development costs.
MoneyHash Progress & Future Plans
MoneyHash was established in early 2021 by Nader Abdelrazik and Mustafa Eid, two Egyptian technologists with extensive backgrounds in fintech and enterprise software. After a successful BETA launch in 2022, which attracted key players in the region such as Foodics, Rain, and Tamatem, MoneyHash launched its enterprise suite last October, targeting large enterprises.
In 2023, MoneyHash doubled its network of integrations, achieved triple revenue, and grew its processing volume by 30x. It also landed large enterprise customers shortly after its October launch.
Amir Farha, Managing Partner at COTU, stated, “We firmly believe that the full potential of digital payments in MEA is yet to be realized. MoneyHash has developed a sophisticated and high-quality platform that can catalyze the growth of digital payments across the region, enabling both global and local merchants to tap into new revenue streams.
We are thrilled to renew our support for a team that has consistently demonstrated superior execution, not just in securing top mid-market and enterprise customers, but also in expanding value across the entire chain, even under challenging market conditions.”
Asher Siddiqui, General Partner at Sukna Ventures, expressed, “In the rapid digital transformation of the region, part of Sukna’s fundamental thesis is to back exceptional teams that are pioneering transformative infrastructures in specialized sectors. The team at MoneyHash embodies this vision, consisting of skilled payment operators who have leveraged their expertise to establish a competitive edge, prioritizing engineering precision above all else. Their product, refined with precision and supported by a stellar team, is exceptionally well-positioned to lead the market and define the future of digital payments in the region.”
This round marks the first Middle Eastern investment by Tom Preston-Werner, GitHub's founder and early Stripe investor, highlighting his belief in MoneyHash's product quality and its ability to solve critical customer issues. MoneyHash announced his participation in an earlier press release.
MoneyHash, headquartered in NYC with 30 team members across 9 countries globally, previously raised a $3 million pre-seed round in 2021. The new funds will primarily be used to expand the business team and growth capabilities while maintaining technological progress.
Source: Wamda
Riyadh, Saudi Arabia: Anabolic Food Technologies, a Saudi-based food tech company, has announced the closing of a $9 million seed round at a valuation of $33 million. The investment will be used to accelerate the company's technology development and expand its reach in the Saudi market.
Technology:
Anabolic's app uses machine learning to analyze a user's unique dietary needs and preferences, creating customized meal plans that fit their lifestyle. Whether you're a busy professional, a fitness enthusiast, or a student on the go, the app has something for everyone.
About Anabolic:
Founded in 2023, Anabolic is a food tech company specializing in personalized meal plans and supply chain solutions. The company's platform leverages the expertise of chefs, nutritionists, and software engineers to combine culinary artistry with the precision of food algorithms.
The Saudi Food Tech Industry:
The Saudi food tech industry is a rapidly growing sector, attracting significant investment and fostering a wave of innovative startups. Driven by factors like rising demand for convenience and healthy food options, government support for the tech sector, and increasing smartphone penetration, the industry is expected to continue its upward trajectory, offering exciting opportunities for both startups and investors.
UAE's The Cloud Secures $12 Million in Series B Funding, Acquires UK's KBOX
03 Mar 2024 Written by Admin AdminUAE-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.
World Intellectual Property Organization Opens Applications for 2024 WIPO Global Awards
01 Mar 2024 Written by Admin AdminFOR IMMEDIATE RELEASE:
The World Intellectual Property Organization (WIPO) is pleased to announce the opening of the call for applications for the 2024 WIPO Global Awards. The application period will be open from January 15 to 31 March, 2024.
This year, the competition welcomes startups, in addition to small and medium-sized enterprises (SMEs) from all over the world, operating in all sectors of the economy – whether in technology, agriculture, creative industries or others. Applications are welcome from those using all forms of intellectual property (IP), from copyright and trademarks to patents and geographical indications.
The application form is available in English, French, Spanish, Arabic, Chinese, Russian and Japanese.
An independent jury will select up to seven winners. Each winner will be invited to attend an awards ceremony during the WIPO General Assembly in July in Geneva.
Each winner will also receive a personalized mentoring program aimed at promoting the use of IP, pursuing new business goals, accessing financial resources, and making a greater impact.
For more information, please visit the WIPO Global Awards website: https://www.wipo.int/global-awards/en/how-to-apply.html
About WIPO:
WIPO is an intergovernmental organization that aims to promote the protection of intellectual property (IP) around the world. It was established in 1970, following the convening of important conferences such as the Paris Convention for the Protection of Industrial Property (1883) and the Berne Convention for the Protection of Literary and Artistic Works (1886).
Additional Information:
- Official website: https://www.wipo.int/
- Date of establishment of WIPO: 1970
- Headquarters: Geneva, Switzerland
- Number of member states: 193
The meeting discussed the efforts to prepare the cooperation programme between Egypt and Switzerland for 2025-2028
Rania A. Al-Mashat, the Minister of International Cooperation and Egypt’s Governor at the Swiss Agency for Development and Cooperation, met with Patricia Danzi, the Director General of the Swiss Agency for Development and Cooperation, and Maya Tesavi, the Head of the Middle East and North Africa Department at the Swiss Ministry of Foreign Affairs, today. The meeting was attended by Yvonne Baumann, the Swiss Ambassador to Egypt, and officials from the Swiss Embassy and the Ministries of Foreign Affairs and International Cooperation.
The meeting discussed the efforts to prepare the cooperation programme between Egypt and Switzerland for 2025-2028, which will follow the current Swiss cooperation programme from 2021-2024, covering governance, human rights, green growth, youth skills development, protection issues, and migration.
Al-Mashat emphasized the importance of the Egyptian-Swiss economic cooperation relations and the Egyptian government’s keenness to strengthen this partnership and expand it to serve the national development agenda and the implementation of development priorities in various fields.
She also reviewed the cooperation with the institutions of the Team Europe Initiative from 2020-2023 and the preparation for the future period of joint work, referring to the comprehensive report on the Egyptian development cooperation relations under the title “Egypt & Team Europe: A Shared Development Vision for Progress and Prosperity.”
She added that Egyptian-European relations are developing within a framework of integration and partnership that meets the development requirements following the national development priorities and determinants.
She explained that the projects within the NWFE programme, a nexus of water, food and energy projects, achieve many goals, such as advancing towards comprehensive development in various parts of Egypt, diversifying between mitigation and adaptation projects to cope with climate change, implementing water desalination projects, supporting the capabilities of small farmers to adapt to climate change, increasing agricultural crop productivity and farmers’ incomes through the use of modern technology and clean energy, and benefiting from innovative financing tools to mobilize investments worth $14.7bn.
Patricia Danzi, the Director General of the Swiss Agency for Development and Cooperation, stated, “In November 2023, Switzerland disbursed an additional $102m in response to the humanitarian crisis in the Gaza Strip and the region, which will address basic humanitarian needs such as water, food and medical care.”
Source: Zawya
