by k z | Jul 1, 2024 | Startups News
Iraqi food and last-mile delivery app Alsaree3 has secured a significant seven-figure Series A investment to fuel its growth and empower the country’s startup ecosystem. This marks a major milestone for both the company and the Iraqi tech scene.
Capitalizing on Craving:
Fueled by the surging demand for convenient food delivery in Iraq, Alsaree3 will leverage this fresh capital injection to expand its reach, enhance its services, and solidify its leadership position in the Iraqi food delivery market.
Strategic Investment Boosts Alsaree3 Iraqi Tech:
The funding round, led by Euphrates Ventures with participation from prominent investors like Snoonu and Iraq Venture Partners (IVP), highlights the growing confidence in Iraqi startups. Significantly, Snoonu, a major Qatari e-commerce player, joins the round, forming a strategic alliance. This partnership will combine Alsaree3’s local expertise with Snoonu’s advanced logistics technology, creating a powerful force in the regional market.
Rising Tide Lifts All Boats:
This investment underscores the immense potential of the Iraqi startup scene, attracting regional powerhouses like Snoonu. In turn, Alsaree3’s success will have a positive ripple effect across the Iraqi startup scene. Mohammed Khudairi, IVP General Partner, emphasizes their commitment: “We’re behind Alsaree3, a high-potential Iraqi startup, and will support their journey.” Their success paves the way for a new era of innovation in the country.
Industry Experts Applaud:
- Bassam Al-Ateia, Alsaree3 Founder, expresses his enthusiasm: “Partnering with a leader like Snoonu, while retaining existing investors’ trust, benefits everyone. This investment will significantly impact the Iraqi startup ecosystem.”
- Hamad Mubarak Al-Hajri, Snoonu Founder & CEO, adds: “We’re proud to support Alsaree3 and the Iraqi startup ecosystem. Together, we see immense growth potential for an Iraqi company to thrive regionally.”
- Geoffrey Batt of Euphrates Ventures remarks: “Alsaree3 is a true Iraqi success story. This round signifies not just investment, but a valuable technology exchange between Snoonu and Alsaree3.”
Alsaree3’s journey underscores the remarkable potential of the Iraqi tech sector. With this significant funding, Alsaree3 is poised to revolutionize food delivery in Iraq and inspire a new wave of innovation in the region.
by k z | Jun 28, 2024 | Market Trends
The Middle East and North Africa (MENA) region is experiencing a boom in Islamic finance. Fueling this growth is a 48% surge in Sukuk issuance, reaching $6.2 billion in the first half of 2024. This rise is driven by growing demand for Sharia-compliant investments, particularly in green and social projects.
Aligning with a Global Trend
This trend reflects a broader shift towards sustainable finance globally. Sukuk, Islamic bonds that comply with Islamic principles, offer an ethical alternative to conventional bonds. In fact, they play a crucial role in funding infrastructure development, eco-friendly initiatives, and social programs.
Key Takeaways:
- MENA Sukuk Market Booms: Green and social projects drive the growth, with issuance nearly doubling compared to the first half of 2023.
- ESG Focus: The Islamic financial sector prioritizes Environmental, Social, and Governance (ESG) investing, aligning with the UAE’s recent climate finance announcements at COP28.
- Saudi Arabia Leads: The Kingdom issued the most Sukuk in the region, totaling $3.98 billion.
- Banks Join In: Emirates Islamic Bank’s debut issuance of $750 million highlights growing bank participation.
Looking Ahead: Continued Growth Expected
Experts predict continued growth for the MENA Sukuk market, fueled by several factors. One key driver is the strong demand for sustainable investments, with investors showing a growing appetite for ESG-focused Sukuk.
Additionally, GCC countries’ efforts to diversify their economies will create new funding needs. Furthermore, a robust debt capital market will further support Sukuk issuance.
This positive outlook signifies a growing commitment to sustainable finance in the MENA region, offering ethical and impactful investment opportunities.
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by k z | Jun 27, 2024 | Startups News
UAE’s B2B payment leader, Comfi, secures a $5 million debt facility from a prominent Abu Dhabi family office. This strategic investment fuels Comfi’s mission to revolutionize transactions across the UAE and KSA.
Fueling B2B Growth and Innovation
Comfi’s CEO, Sanjar Samiev, sees the $5 million funding and family office backing as a springboard to onboard more companies and fuel their industry growth. Comfi remains committed to leveraging technology and partnerships to drive innovation and financial inclusion across the UAE and KSA.
Empowering Businesses with Flexible Payments
The $5 million debt facility will fuel the continued rollout of Comfi’s innovative embedded pay-later and pay-now solution. This unique solution, designed specifically for B2B supply chain businesses, allows business owners to directly offer real-time credit terms of up to 90 days to their customers. This, in turn, facilitates smoother transactions and increased sales.
Enabling $40 Million in B2B Transactions
$40 million boost in B2B transactions expected across UAE and KSA thanks to Comfi’s funding, paving the way for a smoother financial landscape for businesses.
Looking Ahead: What’s Next for Comfi?
With this significant investment, Comfi is poised for exciting growth. We can expect them to focus on:
- Expanding their reach: Comfi will likely target a wider range of B2B businesses across the UAE and KSA.
- Enhancing their platform: Look for further development of their embedded pay-later and pay-now solution, potentially with new features and functionalities.
- Building strategic partnerships: Comfi might collaborate with other FinTech companies or industry leaders to further strengthen their offerings.
This strategic move by Comfi has the potential to significantly impact the B2B landscape in the region. By providing flexible payment solutions and fostering financial inclusion, Comfi is well-positioned to empower businesses and contribute to a more dynamic and streamlined financial ecosystem.
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by k z | Jun 26, 2024 | Startups News
For many people in Saudi Arabia, the dream of renting an apartment can quickly turn into a financial headache. The traditional system requires paying a full year’s rent upfront, a significant barrier for young professionals, expats, and anyone new to the rental market.However, this is where Ejari, a revolutionary Saudi proptech startup, steps in. Founded in 2022, Ejari offers a unique “rent now, pay later” solution that makes renting more accessible and manageable.
Here’s how Ejari empowers tenants:
- Say Goodbye to Upfront Costs: Forget the burden of a full year’s rent upfront. Ejari takes care of that, allowing you to move in with a flexible monthly payment plan.
- Financial Freedom: Ejari’s model can be especially helpful for those who might struggle to secure traditional financing or have a limited credit history. In fact, Ejari’s approach can be particularly attractive for young professionals just starting out or expats transitioning to a new country.
Ejari model creates a win-win situation:
- Landlords receive their annual rent upfront, ensuring on-time payments and eliminating the risk of late or missed payments.
- Tenants gain access to their desired property without the upfront burden, offering greater financial flexibility.
- Ejari earns a fee for facilitating the transaction and managing the payment process.
Ejari Rise to Success:
the success story is built on a strong foundation:
- Identifying a Pain Point: The founders recognized the significant challenge of upfront rent payments and saw an opportunity to make a difference.
- Adaptability and Innovation: Ejari didn’t settle for the first idea. They experimented with various business models before landing on their successful “rent now, pay later” approach.
- Growth Mindset: With a recent pre-seed funding round of $1 million, Ejari is poised for expansion. Looking ahead, they are looking to offer services beyond residential rentals and enter commercial and industrial real estate markets. Furthermore, their focus on growth positions them well to capitalize on the rising demand for proptech solutions in Saudi Arabia.
Beyond Rent: A One-Stop Shop for Renters
Ejari’s vision extends beyond simply facilitating rent payments. They aspire to become a comprehensive solution for renters, offering a super app that provides:
- Moving assistance: Streamline your move-in process with Ejari’s help.
- Furnishing options: Simplify your transition with furniture rental or purchase options.
- Property maintenance: Ejari can connect you with reliable maintenance services to keep your rental in top shape.
Ejari is a shining example of how proptech startups are transforming the rental landscape in Saudi Arabia. By focusing on accessibility, flexibility, and a holistic renter experience, Ejari is making the dream of having a place to call home a reality for more people.
by k z | Jun 25, 2024 | Startups News
Egyptian fintech startup Connect Money has raised $8 million in seed funding. This investment will fuel their mission of simplifying the payments experience and expanding their embedded finance platform across North Africa. In turn, this will empower Connect Money to achieve several key goals:
- Launch new business verticals in North Africa. These new verticals (details to be announced) will be specifically designed to cater to the unique needs of the North African market.
- Become the go-to platform for seamless banking services. By offering a comprehensive solution, Connect Money aims to become the preferred choice for businesses seeking to integrate hassle-free banking services into their operations.
- Enhance efficiency and generate revenue for non-financial institutions. Connect Money’s platform can streamline processes and unlock new revenue streams for businesses that traditionally wouldn’t offer financial services.
Let’s delve deeper into how it will leverage this funding to achieve these goals.
Streamlining Payments and Expanding Reach: Connect Money’s Platform
Offering a comprehensive solution, Connect Money’s white-label card issuing platform provides businesses with a wealth of benefits:
- Effortless Card Issuance: Businesses can bypass the need for fintech infrastructure or regulatory licensing to issue debit and credit cards. This eliminates a major hurdle for businesses seeking to offer financial services.
- Seamless Digital Payments: Customers can enjoy a smooth and convenient way to pay thanks to Connect Money’s digital payments processing. Furthermore, the platform integrates easily with existing systems, minimizing disruption for businesses.
- Flexible Financing Options: Instant financing options empower businesses to adapt and thrive. However, it’s important to note that specific terms and conditions may apply.
- Extensive Partner Network: Connect Money connects businesses to a wider audience and valuable resources through its vast network of over 20,000 marketplace partners. This extensive network allows businesses to tap into new customer segments and expand their reach.
- End-to-End Solutions: Connect Money takes care of everything, simplifying the process for businesses. Their services encompass card issuance, distribution, KYC processes, customer support, and mobile banking app development.
“Eliminating Pain Points for Businesses”: Connect Money Commitment
This significant seed investment underscores our hyper-growth potential,” says Ayman Essawy, Co-founder and CEO of Connect Money.This commitment to growth is further reflected in their dedication to simplifying financial services for businesses, evident in their comprehensive platform. Transitioning to the broader impact, let’s explore how this investment positions Connect Money within the North African fintech landscape.
A Rising Player in North African Fintech: The Impact of the Investment
Furthermore, by positioning Egypt as a hub for exporting embedded finance services, it is poised to become a major player in North Africa’s burgeoning fintech landscape. This strategic move has the potential to not only benefit Connect Money but also accelerate the growth of the entire fintech ecosystem in the region. By establishing itself as a leader in embedded finance, Connect Money can pave the way for further innovation and financial inclusion across North Africa.
