The three main innovation hubs — the UAE, Egypt and Saudi Arabia — accounted for 68 per cent of total deals disclosed in 2020 and once again, the UAE ranked first and accounted for the lion’s share of total funding and the highest number of deals in Mena, representing 56 per cent of all capital deployed across Mena (26 per cent), with 129 deals and $579 million in funding in 2020. Eureeca is the place to find, invest in and support new businesses and ideas. A tech startup based in Cairo has just raised a six-figure amount of investment funding to expand its platform to offer digital services to closed communities in the Middle East and North Africa. Private equity (PE) and venture capital (VC), as sources of funding, are slowly picking up in the UAE. A15, an entrepreneurial company develops and invests in digital products and tech brands. The other option is SeedStartup, one of the first private business accelerators and seed funding companies founded in Dubai. The UAE’s starup community will emerge stronger in 2021 as it gets ready to … Cocoon Venture, a Dubai based Venture Capital firm, primarily focuses on making investments in early-stage Information Technology and Internet of Things (IoT) software companies that thrives on the passion and success. Over the last few months, we have researched and come across some brilliant and innovative new companies in the Middle East. Get the best prices at the sites you frequent the most. In fact, any business has money at its core. Tap Payments: Stripe for MENA. Despite the challenges stemming from Covid-19, e-commerce and fintech, retained top spots by the number of deals, with the two sectors together representing 24 per cent of all deals in 2020. Speaking of the launch and funding for Fenix, IQ Sayed, in a press statement said, “The … It should come as no surprise that Careem is the top funded startup in the UAE, even after … All Rights Reserved. The company motto believes that “a buoyant start can make all the difference”. Etihad Credit Insurance, TDB sign agreement. This statement defines the funding stage of startups perfectly. Cofounder.ae – Startup and Founder Stories from UAE – Technology Startups, Investors, Incubators, Accelerators, Funding and More! This marks the first investment by an Israeli venture capital fund in a UAE-based tech startup since the normalization of relations between Israel and the UAE . Have news to share? UAE-based Fenix, a new micromobility venture focused on the Middle East, has secured a $3.8 million seed … The company said, that the fresh capital will be deployed towards boosting App4Legal’s growth plans across Asia and Europe. 3.7K views “Increased activity will translate into increased competition, especially as contemporary customers are well aware of their choices. The following list contains the top 60 startups in the Middle East. Image used for illustrative purpose. UAE-based legal-tech software editor, App4Legal, on Monday raised Pre-Series A funding from Betatron, a venture capital fund, and Dubai Angel Investors (DAI). The market now has more appetite for mental health services.” — sandhya@khaleejtimes.com, The UAE is Africa’s fourth-largest global investor with an... READ MORE, Abu Dhabi Sustainability Week 2021 consists of a series of high-level ... READ MORE, The acquisition will be another step towards cementing Agthia’s ... READ MORE, Natural gas will play a leading role in national energy strategies... READ MORE, Dubai authorities tighten rules to keep residents, tourists safe from ... READ MORE, Dubai Tourism has put all entertainment activities on hold until... READ MORE, UAE doctors have put his fears to rest, saying: Men looking to have... READ MORE, The scourge has killed over 2 million people worldwide. Abdul Basset Al Janahi, Saeed Matar Al Marri, Craig Moore and other executives after signing a deal between Mohammed Bin Rashid Fund and Beehive Group Finance Platform. By tracking and analysing startup investments in 19 countries and counting, we have been able to provide real-time intel to governments, founders and investors to support them in making informed decisions and policies,” added Bahoshy. The three main innovation hubs — the UAE, Egypt and Saudi Arabia — accounted for 68 per cent of total deals disclosed in 2020. UAE start-up inks deals to expand online B2B marketplaces into the US, Australia “We are currently raising a funding round which has attracted great interest from multiple investors, both larger Angel investors and also from VCs,” Haisam Jamal, co-founder and CEO of Distichain, told Arabian Business in an exclusive interview. macro_profile: , Source: Khaleej Times. Excluding the $200m raise by Dubai-based ride-hailing app Careem, total start-up funding in the MENA region was up 31 percent on 2017, according to the Magnitt 2018 MENA Venture Investment Report. The Magnitt report ‘2021 Emerging Venture Markets Report’, released on Tuesday ranked Egypt second for both total funding with $179 million (up +31 per cent ) and number of deals (down -10 per cent) and fast-growing Saudi at third place for total funding with $152 million (up +55 per cent), with the number of deals seeing the highest increase in Mena, up by 35 per cent, which is made more remarkable when compared with the slow-down in the rest of Mena. Last year saw a record number of 366 startup deals across the MENA region, … The UAE's startup ecosystem is poised to become more buoyant as 2019 unfolds with more appetite for seed funding as well as for larger funds at the Series B level. “Covid-19 rapidly accelerated the adoption of technology across emerging markets, creating larger markets and more opportunities to scale. The UAE has long been synonymous with change and innovation. All Rights Reserved. All new KT app is available for download: Get the latest news around the world in your inbox, so you dont miss out on the action. This makes funding or initial investment the most important part of a startup cycle. … As in previous years, the UAE, Saudi Arabia and Egypt accounted for the bulk of start-up funding at 68 percent, with the UAE taking the lion’s share of funding at 58 percent. By tracking and analysing startup investments in 19 countries and counting, we have been able to provide real-time intel to governments, founders and investors to support them in making informed decisions and policies,” added Bahoshy. Access the most comprehensive database of companies and officers in the Middle East and North Africa, covering all major sectors and industries, from Refinitiv. A draft regulation for crowdfunding Crowdfunding in the UAE 14 Jan. UAE startups top in funding, deals led by ecommerce in 2020. The UAE attracted the most start-up funding in the MENA region, with $625 million of investment last year. Tap Payments is hoping for a similar trajectory in MENA. Not only has a much larger subset of customers become used to the convenience of e-commerce, the services on offers have also been enhanced. We are passionate about entrepreneurs and teams that have taken … All rights reserved. UAE startups top in funding, deals led by ecommerce in 2020. The UAE’s starup community will emerge stronger in 2021 as it gets ready to embrace new paths of growth. Offices In: UAE. Email us at editorial.zawya@refinitiv.com, or send us your company press releases to pressrelease.zawya@refinitiv.com. Stories. However in 2021 businesses will need to differentiate themselves in the e-commerce space as well, cautions Azmi. Screen, analyze and compare projects in the Middle East and North Africa across Infrastructure, Real Estate, Industrial and Energy sectors with Refinitiv’s Eikon. Crowd investing and Crowd Funding is raising money for or investing in startups and businesses. SMEs contribute close to half of UAE’s annual GDP. The three main innovation hubs — the UAE, Egypt and Saudi Arabia — accounted for 68 per cent of total deals disclosed in 2020. Not only has a much larger subset of customers become used to the convenience of e-commerce, the services on offers have also been enhanced. Ally Salama, CEO, EMPWR, said: “Traction and startup business in mental health means less stigma, and more marketing, education and awareness. AstroLabs Dubai Skyline. Crowdfunding is the practice of funding a project by raising money from a large number of people through licensed online platforms. The funding round is notably the largest pre-launch funding in the UAE startup ecosystem till date. (File photo) Platform offers SMEs crowd funding and peer to peer finance. The financials of the funding deal were undisclosed. Similarly, the amount invested in healthcare startups more than tripled, increasing by +280 per cent to $72 million. Agthia Group acquires majority stake in Nabil... UAE takes strides in the switch to natural gas, Dubai announces new Covid safety rules: Full list. Team. The three main innovation hubs — the UAE, Egypt and Saudi Arabia — accounted for 68 per cent of total deals disclosed in 2020 and once again, the UAE ranked first and accounted for the lion’s share of total funding and the highest number of deals in Mena, representing 56 per cent of all capital deployed across Mena (26 per cent), with 129 deals and $579 million in funding in 2020. Roberto Croci, managing director of Microsoft for Startups MEA, said: “The UAE has all the ingredients to become a vibrant hub for start-ups, underpinned by effective public-private partnerships and fast regulatory decision-making. Repeat is … Startup Funding From A-Z With Marcel Muenster & Global Entrepreneurship Summit Call For Applications Startup Grind Abu Dhabi Welcomes Careem’s Magnus Olsson LinkedIn Makeover with Referbility.com’s Clemens Mielke & LinkedIn Influencer Sohaib Hasan Abu Dhabi’s First Startup Grind & LinkedIn Local Networking Mixer Derek Andersen (Startup Grind + Bevy CEO) Nina Curley (Flat6Labs Abu Dhabi) Majid … September 23, 2020 September 23, 2020 … Despite the challenges stemming from Covid-19, e-commerce and fintech, retained top spots by the number of deals, with the two sectors together representing 24 per cent of all deals in 2020. Tech startups can help accelerate … Copyright © 2021 Khaleej Times. The UAE as a whole remains the top destination for start-up funding in the MENA region, receiving 32% of all deals and 67% of funding in the first quarter of the year, according to data from Dubai-based start-up platform MAGNiTT. So new businesses must find innovative ways to sustain themselves. “Covid-19 rapidly accelerated the adoption of technology across emerging markets, creating larger markets and more opportunities to scale. 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Much of this has been driven by SMEs and Startups, which are often at the forefront of fresh ideas – in many ways they can be considered the lifeblood of the UAE commercial spirit. Lessons of 2020 indeed impart a new meaning to resilience as the startup community received a stronger government support in various forms of sops, with Mena startups raising over a record $1 billion of investment in 2020, indicating a 13 per cent increase year-over-year. The building blocks for a successful start-up. UAE-headquartered fintech startup, Ziina, has announced that it has raised seed funding led by OTF Jasoor Ventures, with participation from Class 5 Global, Long Journey Ventures, Graph Ventures, Jabbar Internet Group, FJ Labs and Wamda. Last year, Pakistan recorded $77 million in 48 deals, and Turkey recorded $383 million in 140 deals. Read More . Provided by SyndiGate Media Inc. (Syndigate.info). They were placed on your computer when you launched this website. 2020-12-23 // Startups To Play Much Bigger Role In Supporting Dubai’s Transition To A Digitally-Driven Economy. More. This will mean implementing data driven machine learning operations, enhanced omni-channel engagement, and personalised services that leverage customer data effectively,” added Azmi. Image used for illustrative purpose. UAE startups top in funding, deals led by ecommerce in 2020 The three main innovation hubs — the UAE, Egypt and Saudi Arabia — accounted for 68% of total deals disclosed in 2020 Group of entrepreneurs and business people sitting at the table and discussing potential cooperation and joint projects. We are a member-led Micro-VC made up of more than 100 like-minded investors. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. BRINGING CAPITAL AND EXPERTISE TO ENTREPRENEURS. macro_adspot: ©2021 Galadari Printing and Publishing LLC. Lessons of 2020 indeed impart a new meaning to resilience as the startup community received a stronger government support in various forms of sops, with Mena startups raising over a record $1 billion of investment in 2020, indicating a 13 per cent increase year-over-year. “2020 was a rollercoaster year that highlighted the importance of leveraging data to make opportunities visible across borders,” said Philip Bahoshy, Magnitt’s CEO. This website uses cookies to improve your online experience. Blog. READ MORE, UAE fights Covid: Dubai suspends entertainment on board vessels, floating restaurants, Dubai fights Covid: Eateries get new social distancing rules, Coronavirus: UAE reports 3,552 Covid-19 cases, 3,945 recoveries, 10 deaths, Dubai fights Covid: New gym rules announced, Covid-19: Emirates suspends flights to Copenhagen, UAE expats harassed in viral video, 4 men arrested, Rise in Covid-19 cases: UAE police, doctors issue advisory for residents, Myth busted: Covid-19 vaccine won’t affect men’s fertility, Dubai parties, weddings: Maximum number of guests reduced, UAE-US flights: Mandatory Covid test for all travellers, aged 2 and above, Russia’s Sputnik V vaccine in UAE: All you need to know. Sajid Azmi, founder and chief executive officer, Yegertek, said: “Pandemic induced restrictions accelerated the growth of e-commerce, but this should not be seen as a temporary transition. Meanwhile, H.A.D Consultants and EMPWR are jointly organising ‘Empowering Minds’ a wellbeing and leadership event series. Handout via Fenix . Visit a place frequently? Startups. Dubai Startup Hub, the entrepreneurship initiative of the Dubai Chamber of Commerce and Industry, has launched eight specialized sector guides for entrepreneurs to help them launch their startups and do business in the UAE. By Staff Writer, ZAWYA. Stripe has quickly grown into one of the most valuable startups of all time (latest valuation: $20B). 9. TaxBuddy.com, a Mumbai-based fintech startup, on Monday raised $1 million in early-stage funding from UAE-based fund Zenith Global. Similarly, the amount invested in healthcare startups more than tripled, increasing by +280 per cent to $72 million. macro_action: article, The startup community is certainly witnessing a spurt in mental health services and is gaining traction among businesses. “Increased activity will translate into increased competition, especially as contemporary customers are well aware of their choices. 80% of the population of the UAE consists of foreigners who are in the country on 3-year visas. Dubai startups get new funding sources. Virtuzone partners with Zbooni to provide SMEs with transaction solutions powered by WhatsApp . Repeat. Today, Tap offers bill management, online payments, a payments app and a robust API, supporting the unique payment processing environment that is the Middle East and … Group of entrepreneurs and business people sitting at the table and discussing potential cooperation and joint projects. Businesses will need to adopt technology strategically and in a way that differentiates their offerings. Sajid Azmi, founder and chief executive officer, Yegertek, said: “Pandemic induced restrictions accelerated the growth of e-commerce, but this should not be seen as a temporary transition. Add to this the inherent advantages e-commerce offers businesses in terms of market penetration, and it’s clear that growth in the sector will only accelerate.”. This will mean implementing data driven machine learning operations, enhanced omni-channel engagement, and personalised services that leverage customer data effectively,” added Azmi. Total Funding: $203k. Also, nearly half of all companies registered in Dubai are early stage startups. Dubai-based home services startup MoveSouq.com has closed a $3m funding round at an undisclosed valuation, it announced on Tuesday. Business funding Dubai: Banks in the United Arab Emirates [UAE] lend to businesses only with a 3-year track record. VC funds typically providing funding in return for minor equity stakes in start-ups or young SMEs (often technology companies) that are not traded publicly. UAE's micromobility startup secures $3.8mln funding led by Israeli VC. “This is the second … Examples of crowdfunding platforms in the UAE are Beehive, Humming Crowd Realty, Eureeca. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Top Story; Funding Story; Events; Internet; Social Impact; Incubators in UAE; Send Your Story! H.A.D Consultants is a team of three women — Hala Bou-Alwan, Amrika Bhogaita and Dalia El Kilany — who believe that empowering individuals has a snowball effect, leading to stronger, more resilient teams, businesses, communities and societies as a whole. The Magnitt report ‘2021 Emerging Venture Markets Report’, released on Tuesday ranked Egypt second for both total funding with $179 million (up +31 per cent ) and number of deals (down -10 per cent) and fast-growing Saudi at third place for total funding with $152 million (up +55 per cent), with the number of deals seeing the highest increase in Mena, up by 35 per cent, which is made more remarkable when compared with the slow-down in the rest of Mena. Fenix scooters. Businesses will need to adopt technology strategically and in a way that differentiates their offerings. Knowledge should be free, and that’s why we’ve decided to share this list of best startups in the region (Dubai, Abu Dhabi, UAE, Jordan, Qatar, Saudi Arabia, Oman, etc). The UAE has long been synonymous with change and innovation. Last year, Pakistan recorded $77 million in 48 deals, and Turkey recorded $383 million in 140 deals. Magnitt’s latest report analyses and compares investments in technology startupscheadquartered in Mena, Pakistan, and Turkey, as the Dubai-based data platform expands its coverage beyond Mena and into emerging venture markets (EVMs). Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. Quickly uncover hidden opportunities with comprehensive data and content. Eureeca is the place to find, invest in and support new businesses and ideas. You can change your cookie settings through your browser. WHAT IS DAI? Regional start-ups enjoyed record funding in 2017. Magnitt’s latest report analyses and compares investments in technology startupscheadquartered in Mena, Pakistan, and Turkey, as the Dubai-based data platform expands its coverage beyond Mena and into emerging venture markets (EVMs). dubai, angel, investors, investing, venture, seed, capital, startup, start-up, technology, tech, entrepreneur, entrepreneurs, founder, equity, convertible, Home. Top Story . TaxBuddy.com,a Mumbai-based fintech startup, on Monday raised $1 million in early-stage funding from UAE-based fund Zenith Global. From the very beginning, it is the strategic use of funds that decides the amount of profits your venture makes in the long run. Saudi Arabia saw dramatic growth, up 55 percent with $152 million of funding, with the biggest increase in the number of deals across the region, up by 35 percent. The nation displayed a unique ability to tackle challenges — be it global or regional — making it the most vibrant regional player both in terms of deals and funding. Try to raise fund through Eureeca crowdfunding platform. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. By: Vineet Jain Business / Economy / NRI Comments: No Comments. The nation displayed a unique ability to tackle challenges — be it global or regional — making it the most vibrant regional player both in terms of deals and funding. Founded by IQ Sayed, ex-Careem executive; and Jaideep Dhanoa, former regional head of Circ, Fenix will begin its operations from Abu Dhabi and expand its operations across Turkey and the rest MENA region. Copyright © 2021 Zawya. Souq.com received initial seed funding, grew astronomically, ... and investing in UAE startups leveraging the platforms and services offered by the Dubai ecosystem. And can pick up their bags and leave the country overnight. 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