Admin Admin
The Lending Hub, a Saudi-based peer-to-peer lending platform, has secured a significant $3.2 million in funding led by Imbark and a group of angel investors.
This investment round was announced during the Fintech24 conference in Riyadh, underscoring the growing interest in fintech startups and the potential for innovative financial solutions in Saudi Arabia.
Founded in 2023 as a subsidiary of Imbark, a company committed to fostering entrepreneurship and innovation, The Lending Hub aims to revolutionize the traditional lending landscape by providing accessible and affordable financing options to individuals and businesses.
The company's focus on peer-to-peer lending aligns with global trends in financial technology, which emphasize transparency, efficiency, and direct connections between borrowers and lenders.
With the newly acquired funds, The Lending Hub plans to expand its operations, enhance its platform features, and strengthen its marketing efforts.
The company aims to attract a wider range of borrowers and lenders, increase transaction volume, and solidify its position as a leading player in the Saudi peer-to-peer lending market.
The investment in The Lending Hub is a testament to the growing confidence in the Saudi fintech ecosystem. As the country continues to diversify its economy and embrace technological advancements, startups like The Lending Hub are playing a crucial role in driving innovation and improving financial services.
Entlaq, a prominent Egyptian entrepreneurship support company, has acquired a stake in Brotinni, a leading local foodtech startup. The undisclosed investment aligns with Entlaq's strategy of promoting innovation and technological advancements in the food sector.
Founded in 2020 by Dalia Abu Omar, Brotinni operates as a dark store, offering customers the convenience of buying meat and poultry products online. The new partnership will enable Brotinni to expand its operations both within Egypt and in other regional markets.
Leveraging Entlaq's Expertise
Brotinni will benefit from Entlaq's extensive experience in business development and acceleration. This collaboration will help Brotinni enhance its market reach, particularly in the meat and poultry sectors, and strengthen its position as a leading player in the foodtech industry.
Innovative Solutions
Brotinni's commitment to innovation is evident in its use of industrial biotechnology and environmentally friendly green technologies. By integrating advanced technologies into its logistics and supply chains, Brotinni aims to reduce its environmental impact while ensuring the sustainability of its food products.
Previous Funding
In 2022, Brotinni successfully raised a $600,000 seed round led by Innlife investments. This previous funding provided the company with valuable resources to fuel its growth and development.
A Promising Partnership
The partnership between Entlaq and Brotinni is expected to have a positive impact on both companies. By combining Entlaq's expertise with Brotinni's innovative solutions, the collaboration has the potential to drive growth and innovation in the Egyptian foodtech sector.
Saudi Arabian startup Reachware has successfully raised $3 million in seed funding, led by Sadu Capital with participation from 500 Sanabil Investments and Elm Company.
Founded in 2021 by Hamza Abusitta and Maysarah Mashaal, Reachware offers businesses a comprehensive suite of services, including system integration, process automation, and advanced analytics. The company's innovative solutions have helped clients streamline operations, reduce errors, and gain valuable insights.
Plans for Growth
With this new funding, Reachware aims to expand its operations, develop new products, and enhance its sales and marketing efforts in the GCC market. The company plans to hire additional talent, explore AI and machine learning technologies, and strengthen its partnership program.
Investor Confidence
The investment round was led by Sadu Capital, a leading early-stage fund that recognizes Reachware's potential to transform the automation and integration landscape. Salem Washeely, Managing Director at Sadu Capital, commented on the investment, stating, "In the era of digital transformation, the need for seamless system integration and unified reporting has become paramount. Reachware's deep expertise and innovative approach make them well-positioned to dominate this market in the MENA region."
Strategic Partnerships
Reachware has already established strong partnerships with major tech companies and regional institutions. These collaborations have enabled the company to integrate with over 200 systems, ensuring seamless data flow between different applications.
Customer Success
Since its launch, Reachware has attracted over 300 clients from various industries, including retail, manufacturing, financial services, hospitality, and e-commerce. The company's solutions have helped clients improve efficiency, reduce costs, and make data-driven decisions.
A Bright Future
With this significant funding boost, Reachware is poised to accelerate its growth and become a leading player in the automation and integration market. By leveraging its innovative solutions and strategic partnerships, the company is well-positioned to shape the future of business technology.
Startups often find themselves captivated by the marketing prowess of established giants, dreaming of emulating their grand campaigns. However, the reality is stark: the budget of a startup is worlds apart from that of a behemoth like Apple or Amazon. While those companies can afford prime-time ad spots and billboard domination, startups must find creative, cost-effective ways to reach their audience.
Fortunately, history is replete with examples of startups that achieved remarkable success with minimal financial outlay. Apple's humble beginnings involved showcasing their product to tech enthusiasts at the Homebrew Computer Club. Dropbox leveraged a referral program, rewarding users with extra storage space for each friend they invited.
Slack capitalized on word-of-mouth, relying on early employees to introduce the platform to their professional networks. These examples underscore the power of resourcefulness and ingenuity in the early stages of a startup.
To emulate these successes, startups must embrace a scrappy, cost-conscious approach to marketing. This involves identifying and implementing low-cost strategies that deliver maximum impact. From content creation and SEO to public relations and social media, a well-executed marketing plan can propel a startup towards growth without breaking the bank.
Content Marketing: Building a Foundation
Content marketing is a cornerstone of any successful startup. It involves creating valuable, relevant, and consistent content to attract and retain a clearly defined audience. By establishing your startup as a thought leader in your industry, you can build trust, credibility, and brand awareness.
- SEO Optimization: Writing content with search engine optimization (SEO) in mind is a cost-effective way to increase visibility. Focus on creating high-quality content that addresses your target audience's needs and incorporates relevant keywords.
- Thought Leadership: Develop content that showcases your unique perspective and expertise. Position your startup as an authority in your industry by sharing valuable insights and opinions.
- Effective Distribution: Ensure your content reaches the right audience by distributing it through social media, email newsletters, and relevant online communities.
SEO Marketing: Improving Search Visibility
Search engine optimization (SEO) is the process of optimizing your website to improve its ranking in search engine results pages (SERPs). By appearing higher in search results, you can increase website traffic, generate leads, and drive sales.
- Keyword Research: Identify the keywords and phrases your target audience is searching for. Use tools like Moz, Ahrefs, and SEMrush to conduct thorough keyword research.
- Technical SEO: Ensure your website is technically sound to improve its crawlability and indexability. Optimize website speed, structure, and mobile-friendliness.
- Backlink Building: Acquire high-quality backlinks from reputable websites to boost your website's authority and search rankings.
Social Media Marketing: Engaging Your Audience
Social media platforms offer a vast audience, but it's essential to focus on the platforms where your target audience is most active. By developing a strong social media presence, you can build brand awareness, engage with customers, and drive traffic to your website.
- Organic Growth: Utilize organic social media marketing to share updates, interact with followers, and join relevant conversations.
- Platform Selection: Choose social media platforms that align with your target audience and brand identity. Avoid spreading your resources too thin across multiple platforms.
- Social Listening: Monitor conversations related to your industry and participate in relevant discussions to establish your startup as a valuable contributor.
Events and Conferences: Networking and Building Relationships
Attending industry events and conferences provides opportunities to connect with potential customers, partners, and investors. By actively engaging with attendees and showcasing your product or service, you can generate buzz and build relationships.
- Elevator Pitch: Prepare a concise and compelling pitch that highlights your product's value proposition and benefits.
- Product Demos: Be prepared to demonstrate your product or service to interested parties.
- Follow-up: Collect contact information and follow up with new connections to nurture relationships.
Public Relations (PR): Generating Media Coverage
PR can help you reach a wider audience and build credibility for your startup. By securing media coverage in relevant publications, you can generate positive publicity and attract new customers.
- Founder Outreach: Journalists often prefer to speak directly with founders. Encourage your founders to build relationships with journalists and pitch story ideas.
- Compelling Pitches: Develop compelling pitches that highlight the newsworthiness of your startup and its products or services.
- Target Niche Publications: Focus on smaller, niche publications that cater to your target audience rather than aiming for major media outlets.
Email Marketing: Building Customer Relationships
Email marketing is a powerful tool for nurturing leads, building relationships, and driving sales. By collecting email addresses and sending targeted campaigns, you can stay connected with your audience and convert prospects into customers.
- Email List Building: Implement strategies to capture email addresses, such as offering incentives or gated content.
- Customer Segmentation: Divide your email list into segments based on demographics, behavior, or preferences to deliver personalized content.
- A/B Testing: Experiment with different subject lines, email content, and call-to-actions to optimize your email campaigns.
SMS Marketing: Reaching Customers Directly
SMS marketing allows you to connect with customers directly through their mobile phones. By sending timely and relevant messages, you can drive engagement and increase conversions.
- Incentivize Sign-ups: Offer incentives to encourage customers to opt-in to SMS marketing.
- Provide Value: Send valuable content, exclusive offers, or important updates through SMS.
- Respect Privacy: Allow customers to easily opt out of SMS messages and comply with anti-spam regulations.
By implementing these low-cost marketing strategies, startups can effectively reach their target audience, build brand awareness, and drive growth. Remember, consistency, creativity, and a deep understanding of your target market are essential for success.
In conclusion, there's no one-size-fits-all marketing strategy for startups. Each company has a unique identity and target audience. Therefore, every company must develop a customized marketing strategy that meets its specific needs and goals. Now is the time to turn this knowledge into action.
Set your marketing goals, explore available opportunities, and start implementing your plan. Remember, marketing is both a science and an art, and you must continue to learn, develop, and analyze results. By consistently measuring and analyzing the performance of your strategy, you can identify what's working and what's not and adjust your strategy accordingly. Be patient and persistent, and you will achieve the results you seek
Oman’s capital market has attracted investors from 135 nationalities, up from 67 in 2023, supported by favorable policies including low tax rates and flexible capital transfer options.
Newly released statistics from the Muscat Stock Exchange reveal a 19 percent increase in foreign investments as of May, including participants from the Gulf Cooperation Council, Arab countries, and beyond.
Oman’s capital market has implemented policies favoring foreign investments, including unrestricted profit repatriation and exchange operations. This trend aligns with the nation’s economic resurgence and growing institutional confidence in government strategies aimed at reducing public debt, increasing investment in essential services, and launching infrastructure projects to bolster private sector participation.
The MSX data also indicates that foreign investments are predominantly focused on the industrial and service sectors, accounting for 15.8 percent and 15.7 percent respectively.
Gulf investors are particularly focused on the services sector, accounting for 15.4 percent, and the financial industry at 8.5 percent.
Conversely, non-Gulf Arab investments are primarily directed toward the financial sector, comprising 3 percent.
Local investments heavily favor the financial industry at 87.6 percent, followed by the industrial sector at 75.6 percent and the services sector at 67.7 percent.
The first half of this year has seen significant growth in trading activity at MSX, underscoring heightened market dynamism.
Trading volumes surged to 3.1 billion securities, surpassing 517 million Omani rials ($1.3 billion) in value by the end of May, marking a notable 38.4 percent increase from the previous year.
Executed transactions also rose, reflecting increased market participation and liquidity.
The exchange is expanding its database on listed companies to enhance transparency and advocate for disclosure standards among publicly traded entities, the Oman News Agency reported.
Additionally, efforts are underway to encourage government and family-owned businesses to transition into privately held entities, enriching market diversity and investment opportunities.
Foreign investors can invest in shares of MSX-listed companies or investment funds without prior permission, under the oversight of an independent supervisory body ensuring market fairness, investor protection, and transparency.
Foreign investment in MSX-listed public joint-stock companies is permitted up to 100 percent, with significant interest observed in the industrial and services sectors, highlighting diversified investor preferences.
Reflecting positive sentiment, the market capitalization of MSX-listed public joint-stock companies reached 9.4 billion rials by May’s end, up 448.5 million rials since the start of the year.
The broader market value of all MSX-listed securities rose to 24.48 billion riyals, a gain of 676 million riyals year-over-year, bolstered by contributions from closed companies and the bond and sukuk market.
Market indices reflected this growth, with the main index climbing to 4845 points by May’s close, up 331 points from the previous period.
Successful IPOs by entities like Abraaj Energy Services and OQ Gas Networks have attracted new investors and boosted market liquidity, with OQ considering IPOs for two more subsidiaries this year, according to Bloomberg.
This upward trend underscores investor confidence in MSX’s growth potential, supported by Oman Investment Authority’s plans to offer additional companies for public subscription in the coming years.
The OIA reported a 7.4 percent year-on-year increase in Oman’s sovereign wealth fund assets, reaching 19.24 billion rials in 2023, with a 9.95 percent return on investment, as disclosed in a statement on X.
This performance underscores the authority’s pivotal role in fostering economic growth and stability in the Middle Eastern country.
The robust results also reflect the OIA’s strategic investment approach and effective management of its diverse portfolio, in line with its mandate to manage national funds and assets, build financial reserves, and advance targeted economic sectors through government policies.
At a media briefing in Muscat earlier this month, the authority affirmed its commitment to contributing over 6 billion rials annually to the state’s general budget from 2016 through 2023.
The statement further outlined the OIA’s plans to geographically diversify its new foreign and local investments across various sectors, while facilitating technology transfer and modern techniques to bolster targeted local industries.
Looking ahead, MSX aims to strengthen its regulatory framework, expand investor outreach initiatives, and cultivate an environment conducive to sustainable economic growth, the Oman News Agency reported.
By enhancing its reputation as a gateway for international investment and adhering to global best practices in financial markets, MSX aims to maintain its position as a leading choice for investors interested in opportunities in Oman’s dynamic capital market, it added.
The Middle East and North Africa (MENA) startup ecosystem experienced a remarkable resurgence in July 2024, with a staggering $355 million invested across 38 startups.
This represents a monumental 206% month-on-month (MoM) increase and a more than 260% year-on-year (YoY) growth, signaling a robust rebound from the earlier investment slump.
This surge is particularly noteworthy given the backdrop of a global economic downturn and escalating geopolitical tensions in the region. However, the looming prospect of a Fed rate cut in September appears to have injected renewed optimism into the market, driving investor confidence.
A notable shift in investment trends emerged in July. Debt financing, which had previously gained traction, took a backseat, accounting for less than 1% of total investments. This indicates a growing preference for equity-based funding, suggesting a healthier investment climate.
Egypt emerged as the undisputed leader in July, securing a substantial $185 million across seven deals. A single transaction, involving MNT-Halan, accounted for a significant portion of this amount.
While the UAE retained its position as the second-largest recipient of investment with $96 million, Saudi Arabia experienced a downturn, securing only $31 million. Surprisingly, Oman claimed the third spot, thanks to a substantial $37 million investment in 44.01.
Fintech continued its dominance as the most favored sector, attracting $181 million across 16 startups. The Web3 sector followed closely with $85 million invested in just two startups, highlighting the growing interest in decentralized technologies.
Deeptech and cleantech gained prominence, securing significant investments in 44.01 and Intelmatix, respectively. Although e-commerce witnessed a decline in terms of investment, it remained active with six deals securing $15.7 million.
The investment landscape tilted towards early-stage startups, with seed-stage companies receiving $96 million across eight deals, closely followed by Series A with $91.7 million across eight deals. Pre-seed startups secured a modest $1.8 million across five deals.
B2B models continued to dominate investor interest, capturing $345 million across 27 businesses. In contrast, B2C startups received a comparatively smaller amount of $8 million across nine deals.
While the overall investment landscape showed signs of recovery, the gender disparity persisted. Only two female-led startups secured a combined $270,000, highlighting the ongoing challenges faced by women entrepreneurs in the MENA region.
The M&A landscape witnessed some activity, primarily centered in the UAE. Notable deals included the acquisition of BitOasis by CoinDCX, Power League Gaming by Muller & Phipps Middle East Group, and Lableb by Majarra.
Overall, July 2024 marked a significant turning point for the MENA startup ecosystem. The substantial increase in investment, coupled with a shift towards early-stage funding and a renewed focus on equity-based deals, indicates a promising outlook for the region's tech sector.
However, addressing the gender gap in investment and fostering a more inclusive ecosystem remains crucial for the sustainable growth of the MENA startup landscape.
UAE-based foodtech startup, MealPlanet, has successfully secured a $6 million Seed round led by a consortium of prominent investors, including Middle East Venture Partners (MEVP), AlTouq Group, Sanabil 500, Faith Capital, and Alturki Ventures. Renowned entrepreneurs Marc Lore and Samih Toukan also participated in the funding round, underscoring the company's promising potential.
Founded in 2024 by seasoned entrepreneur Khalid Baareh, MealPlanet is disrupting the food industry by offering a comprehensive meal planning platform that connects consumers with a diverse range of meal options from trusted brands.
The app empowers users to effortlessly discover, subscribe to, and manage their meal plans, transforming the way people approach healthy and convenient eating.
The newly acquired capital will be instrumental in accelerating MealPlanet's growth trajectory. The company plans to invest in expanding its technology infrastructure, enhancing user experience, and bolstering its marketing efforts.
Furthermore, the funds will fuel its ambitious regional expansion strategy, with Saudi Arabia being the first target market for launch in the first quarter of 2025.
MealPlanet's partnership with over 100 renowned brands, including Prep & Co, Basiligo, PrepHero, and The Lean Co., among others, highlights its commitment to providing customers with a wide array of choices to cater to diverse dietary preferences and lifestyles.
The platform's focus on delivering convenience, variety, and flexibility has resonated with consumers, positioning MealPlanet as a frontrunner in the meal planning space.
Walid Mansour, co-founder and co-CEO of MEVP, expressed enthusiasm for MealPlanet's potential to revolutionize the meal planning market.
"The increasing demand for healthy and convenient food options presents a significant opportunity," he stated. "MealPlanet's innovative approach and dedicated team position them as a strong contender to lead this growing market. We are confident in their ability to deliver exceptional value to consumers and drive sustainable growth."
MealPlanet's success in securing substantial funding from leading investors is a testament to the company's innovative business model and strong market potential.
As the company expands its footprint and introduces its platform to new markets, it is poised to become a dominant player in the foodtech industry, shaping the future of meal planning and consumption.
Kuwait's Kem Secures $3 Million Investment from Tether: A Strategic Partnership to Revolutionize Payments
15 Aug 2024Kuwait-based fintech startup, Kem, has successfully secured a $3 million investment from the digital asset behemoth, Tether. This strategic partnership marks a significant milestone for both companies, promising to reshape the regional payments landscape.
Founded in 2021, Kem has rapidly gained traction as a leading peer-to-peer (P2P) instant payment platform in Kuwait. Its innovative approach, which eliminates the need for traditional payment methods and relies on QR codes for seamless transactions, has resonated with consumers and businesses alike.
With this fresh infusion of capital, Kem is poised to expand its reach and solidify its position as a dominant player in the region's fintech ecosystem.
The collaboration between Kem and Tether is a strategic match made in fintech heaven. By combining Kem's expertise in real-time payments with Tether's commitment to expanding access to digital finance, the partnership aims to empower millions of people across the region with innovative and inclusive financial services.
This alliance is particularly significant in countries facing economic challenges, as it offers a potential lifeline for individuals and businesses seeking to mitigate the impact of hyperinflation and currency fluctuations.
For Tether, the investment in Kem represents a strategic foothold in the Middle Eastern market. As the largest company in the digital asset industry, Tether has been at the forefront of driving financial inclusion and stability.
By supporting Kem's growth, Tether is demonstrating its commitment to democratizing access to financial services and empowering individuals to protect their wealth.
The partnership also holds immense potential for Kuwait. The influx of foreign investment into the country's fintech sector is a positive indicator of its growing attractiveness as a destination for innovative businesses.
By fostering a thriving fintech ecosystem, Kuwait can position itself as a regional leader in financial technology and attract further investment.
Kem's founders, Seth Sadeq, Zane Chichua, and George Chichua, expressed their enthusiasm for the partnership, highlighting its potential to transform the Gulf region into a digital cash economy.
They envision a future where financial services are accessible to all, regardless of socioeconomic background.
As Tether continues to expand its global footprint and solidify its position as a dominant force in the digital asset industry, the partnership with Kem is a strategic move that aligns with the company's broader mission.
With its massive 24-hour trading volume and substantial treasury holdings, Tether is well-positioned to support Kem's growth and drive the adoption of digital currencies in the region.
The collaboration between Kem and Tether is undoubtedly a game-changer for the Middle East's fintech landscape. By combining their strengths and resources, the two companies are poised to revolutionize the way people and businesses transact, paving the way for a more inclusive and efficient financial future.
Saudi Arabia's restaurant industry is experiencing a meteoric rise, transforming the Kingdom into a coveted destination for global food and beverage brands.
A confluence of factors, including a burgeoning young population with a discerning palate, government-led economic diversification, and a burgeoning tourism sector, has propelled the industry into a period of unprecedented growth.
The Kingdom’s ambitious Vision 2030 initiative, aimed at reducing oil dependency and diversifying the economy, has created a fertile ground for investment in non-oil sectors, including hospitality and leisure.
As part of this strategy, Saudi Arabia is positioning itself as a global entertainment and tourism hub, a vision that is rapidly materializing.
The decision to host the 2034 FIFA World Cup has accelerated this trajectory, necessitating a significant expansion of the country’s hospitality infrastructure, including its culinary offerings.
The restaurant sector has responded enthusiastically to these developments. A burgeoning middle class with increasing disposable income, coupled with a growing appetite for international cuisines, has created a robust consumer base.
Point-of-sale data reveals a staggering 13.6% annual growth in restaurant and café spending, underscoring the sector’s dynamism.
Moreover, the government's proactive stance in creating a conducive business environment has been instrumental in attracting foreign investment.
Streamlined regulations and supportive policies have facilitated the entry of international brands, enriching the culinary landscape and elevating dining experiences for Saudi consumers.
As the Kingdom undergoes a rapid social and cultural transformation, the restaurant industry is at the forefront of this evolution. A new generation of Saudi consumers is increasingly exposed to global trends and demands diverse and innovative dining options. This shift in consumer preferences has prompted both local and international players to invest heavily in the market.
Looking ahead, the prospects for Saudi Arabia's restaurant sector are exceedingly bright. With a projected doubling of market size by 2030, the industry is poised to become a significant contributor to the Kingdom's GDP.
However, success will hinge on the ability of industry stakeholders to adapt to evolving consumer tastes, leverage technology to enhance customer experience, and ensure sustainability in operations.
In conclusion, Saudi Arabia's restaurant sector is undergoing a period of extraordinary growth, driven by a combination of economic, demographic, and cultural factors.
The Kingdom's strategic vision, coupled with a supportive regulatory environment, has created a compelling investment proposition for global food and beverage players.
As the industry continues to mature, it is expected to play a pivotal role in shaping Saudi Arabia's image as a global destination for tourism, leisure, and culinary excellence.
Egypt-based B2B e-commerce platform Cartona has successfully raised an additional $8.1 million in Series A extension funding, led by Algebra Ventures.
The investment, a combination of $5.6 million in equity and $2.5 million in debt, marks a significant milestone for the company as it accelerates its mission to digitize Egypt's traditional trade market.
Founded in 2019, Cartona has rapidly grown to connect over 188,000 retailers across 17 Egyptian cities with FMCG producers, wholesalers, and distributors.
The platform's innovative approach has disrupted the traditional supply chain by offering a digital marketplace that streamlines operations, improves efficiency, and enhances profitability for all stakeholders.
The newly acquired capital will fuel Cartona's expansion plans, enabling the company to solidify its position in the Egyptian market, explore new opportunities in the MENA region, and potentially venture into B2B2C services.
By investing in product development, marketing, and talent acquisition, Cartona aims to further enhance its platform's capabilities and deliver exceptional value to its customers.
A key differentiator for Cartona is its asset-light business model, which has allowed the company to achieve impressive growth while maintaining a lean cost structure.
This financial prudence has been particularly advantageous in navigating the challenges posed by inflationary pressures. Moreover, Cartona's commitment to financial inclusion is evident in its efforts to provide small retailers with access to credit and working capital through its platform.
Algebra Ventures, a leading Egyptian venture capital firm, expressed confidence in Cartona's potential to revolutionize the retail industry. Omar Khashaba, General Partner at Algebra Ventures, highlighted the company's strong financial performance, capital efficiency, and ability to adapt to market challenges.
The investment firm believes that Cartona's innovative approach and experienced leadership team position it for long-term success.
As Cartona continues to scale its operations and expand its reach, the company is poised to become a driving force in the transformation of Egypt's retail landscape.
By empowering retailers and suppliers with cutting-edge technology and financial solutions, Cartona is creating a more efficient, sustainable, and inclusive ecosystem for the entire industry.