by k z | Jun 12, 2024 | Startups News
Dubai-based Tenderd has raised $30 million in a Series A round led by Denmark’s A.P. Moller Holding, the parent company of A.P. Moller Group, which owns the world’s largest container shipping company, Maersk, and many other businesses.
Key Investors
Additionally,The Series A round saw participation from several notable investors:
- A.P. Moller Holding: Leading the round, providing significant support from the parent company of Maersk.
- Quadri Ventures: A London-based B2B SaaS venture capital firm.
- Saurya Prakash: A product leader at Stripe. Furthermore, Existing investors such as Wa’ed Ventures, Nakhla Ventures, Soma Capital, and Liquid 2 Ventures also joined the round.
Background and Evolution of Tenderd
Founded in 2018 by Arjun Mohan, Tenderd originally started as a marketplace for renting heavy equipment, including dozers, excavators, cranes, rollers, and trucks. However,It has since pivoted into a SaaS platform, offering comprehensive management solutions for heavy equipment and machinery.
Platform Capabilities
Tenderd’s platform provides several advanced features:
- Real-Time Tracking: Continuous monitoring of equipment locations.
- Predictive Maintenance: Alerts to prevent breakdowns.
- Data Analytics: Unified data collection for improved operational efficiency.
- Sustainability: Tracking fuel usage to reduce costs and CO2 emissions.
A statement from the startup highlights that Tenderd’s platform transforms data from heavy equipment into actionable insights, enhancing productivity, safety, and efficiency.
Operational Footprint and Future Plans
Moreover, Tenderd operates in the UAE and Saudi Arabia, serving over 300 companies globally. The new funding will enable Tenderd to expand its global footprint and continue innovating in the construction, mining, and industrial sectors.
Strategic Vision of Tenderd
Arjun Mohan, founder and CEO of Tenderd, emphasized the company’s commitment to transforming sectors that have remained unchanged for decades by integrating digital and physical operations. Meanwhile, Chetan Mehta, Head of Growth Equity at A.P. Moller Holding, expressed enthusiasm for Tenderd’s potential to enhance operational efficiencies and reduce carbon emissions, further highlighting the strategic fit of Tenderd’s solutions across various industries.
in conclusion ,With its latest funding, Tenderd is poised to revolutionize the heavy equipment management industry, leveraging AI to drive efficiency, safety, and sustainability.
by k z | Jun 12, 2024 | Startups News
The landscape of venture capital in Qatar is undergoing a significant transformation with the arrival of the Rasmal Innovation Fund. Qatar’s homegrown Rasmal Innovation Fund, a $100 million initiative, aims to propel tech startups and scaleups across the region. It targets high-growth companies in climate tech, fintech, B2B SaaS, and AI.
Investing in Qatar’s Technological Future
However, the Rasmal Innovation Fund goes far beyond simply providing financial backing. In essence, it aims to cultivate a thriving tech ecosystem within Qatar itself. Strategically aligned with the country’s Third National Development Strategy (NDS3), the fund strives to achieve several key objectives:
- Drive innovation forward by providing resources and support to promising tech ventures.
- Increase the availability of investment opportunities for startups and scaleups, thereby creating a more dynamic business environment.
- Contribute to the flourishing of a tech hub in Qatar, solidifying the nation’s position as a regional leader in technological advancement.
Qatar Open to All, Focused on the Future
While the fund explores all tech sectors, it prioritizes investments in climate tech, fintech, and supply chain logistics – key areas for Qatar’s sustainable future and efficient trade.
A Strong Start for a Promising Future
With $30 million already secured, the Rasmal Innovation Fund is poised to reshape Qatar’s tech landscape. Targeting key areas for the country’s future, the fund prioritizes climate tech, fintech, and supply chain logistics.By empowering entrepreneurs, the fund will undoubtedly shape a future fueled by innovation.
What This Means for MENA Startups
The launch of the Rasmal Innovation Fund is a positive development for tech startups across the MENA region. It signifies Qatar’s growing commitment to fostering innovation and entrepreneurship. Startups with strong ideas in the focus areas – climate tech, fintech, and supply chain logistics – should consider approaching the fund for potential investment. The fund’s focus on mentorship and support goes beyond just financial backing, offering valuable guidance for early-stage companies.
by k z | Jun 11, 2024 | Startups News
The UAE government has announced a groundbreaking $500 million investment to boost the nation’s AI and research capabilities. This significant financial commitment underscores the UAE’s ambition to become a global leader in technology and innovation.
Strategic Objectives
The $500 million investment will enhance advanced AI technologies and establish cutting-edge research platforms. Consequently, this initiative aligns with the UAE’s broader strategy to diversify its economy, reduce dependency on oil, and position itself at the forefront of the global tech industry.
Focus Areas
The investment will focus on several key areas:
- AI Development: Enhancing AI capabilities across various sectors, including healthcare, finance, and logistics.
- Research Platforms: Establishing world-class research facilities to foster innovation and support scientific advancements.
- Talent Acquisition: Attracting top global talent to the UAE by providing robust support for researchers and technologists.
Government’s Vision
The UAE government aims to create a conducive environment for technological innovation. By investing heavily in AI and research, the UAE plans to attract international tech firms and startups, thereby fostering a vibrant ecosystem of innovation and entrepreneurship. This initiative is part of a series of measures designed to make the UAE a global hub for technology and innovation.
Economic Impact
This investment will drive growth in the tech sector and create numerous job opportunities. Moreover, the focus on AI and research will likely lead to significant advancements in various industries. As a result, this initiative will enhance the overall competitiveness of the UAE economy. Additionally, the economic benefits will extend beyond the tech sector, positively impacting other areas such as education and healthcare.
Future Prospects
The future looks promising for the UAE as it continues to invest in technology and innovation. Furthermore, this $500 million investment represents a critical step towards achieving the country’s vision of becoming a leading global tech hub. As the UAE accelerates its efforts in AI and research, it will likely make significant contributions to global technological advancements. Consequently, the UAE will solidify its position as a pioneer in the technology sector, attracting more investments and talent from around the world.
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by k z | Jun 11, 2024 | Startups News
Founded by former Talabat employees, Growdash collaborates with over 300 restaurant brands, spanning 4,000 locations.
UAE-based marketing technology startup Growdash has secured $1.8 million in seed funding. This funding round was led by Oryx Fund, a MENA-focused investment fund, and Oraseya Capital, the venture capital arm of the Dubai Integrated Economic Zones Authority (DIEZ).
Growdash’s Mission
Founded by Sean Traviskis and Enver Sorkun, former employees of Talabat, Growdash aims to provide advanced marketing solutions for restaurants. The platform helps marketing and operational teams build, execute, and manage growth strategies across digital sales channels. Moreover, the company collaborates with over 300 restaurant brands, spanning 4,000 locations in the UAE, Kuwait, and Qatar.
Funding Round Details
Both debt and equity investors participated in this round, showing strong confidence in Growdash’s business model. Enver Sorkun, CXO of Growdash, stated, “With our seed financing, we will accelerate our product roadmap, focusing on machine learning and building innovative features aligned with our methodology: insight, decision, action.”
Expanding Reach and Services
With the new funding, Growdash plans to scale its operations and, consequently, reach more restaurants across emerging markets. Additionally, Sean Traviskis, CEO of Growdash, mentioned, “We will open our technology to restaurants in Saudi Arabia later this year and, furthermore, seize the first-mover opportunity in Central Eastern Europe.”
Bridging the Financial Inclusion Gap
Growdash is committed to bridging the financial inclusion gap for restaurant businesses. By offering advanced analytics and business intelligence tools, the platform empowers restaurants to manage their growth efficiently. This financial inclusion is essential for empowering businesses and fostering economic growth in these regions.
Future Prospects
The future looks bright for Growdash as it continues to innovate and expand its services. Additionally, the company plans to introduce features such as investment options, financial planning tools, and additional currency accounts. With this funding, Growdash is well-positioned to become a leading marketing technology provider in the region.
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by k z | Jun 10, 2024 | Investment Analysis
Firstly, SiFi, a rising player in the Saudi Arabian fintech scene, has secured a significant $10 million seed funding round. Signaling strong investor confidence, this investment, led by Sanabil Investments (Public Investment Fund) and Raed Ventures, propels SiFi’s growth and development.
With this financial backing, SiFi aims to revolutionize spend management for businesses and individuals alike. Their platform offers a comprehensive suite of tools for expense tracking, workflow optimization, and financial control. Moreover, the funding will empower SiFi to develop even more innovative features. These include adding new functionalities, improving user experience, and integrating cutting-edge technologies like AI and machine learning to provide smarter financial insights.
Strategic Investment for Growth:
SiFi plans to strategically utilize the seed funding to achieve several key objectives:
- Platform Enhancement: Firstly, A significant portion of the investment will be utilized to enhance the existing spend management platform. This includes adding new features, improving user experience, and integrating AI and machine learning for advanced financial insights.
- Market Expansion: after that , With the financial backing, SiFi aims to expand its reach and acquire new customers. The company will focus on marketing and customer acquisition strategies to target businesses and individuals seeking efficient spend management solutions.
- Innovation and Development: Finally,it prioritizes continuous innovation. The funding will support ongoing research and development efforts to ensure SiFi stays ahead in the ever-growing fintech sector.
Underscoring their strong belief in SiFi’s business model and vision, this successful seed round has attracted the support of Sanabil Investments (Public Investment Fund) and Raed Ventures. This vote of confidence positions SiFi to lead the fintech revolution in Saudi Arabia.
A Bright Future Awaits:
Consequently , SiFi stands poised for substantial growth. They plan to aggressively explore new market opportunities, forging strategic partnerships to solidify their position. Through continuous enhancement of their platform to meet the evolving needs of users, a lasting impact on the fintech industry is expected to be made by SiFi. This impact will extend beyond Saudi Arabia, reaching across the broader MENA region.
A Pivotal Moment for SiFi:
in conclusion, The $10 million seed round marks a pivotal moment , providing the resources needed to expand and innovate. As SiFi develops its platform and scales its operations, they are at the forefront of transforming financial management for businesses and individuals.
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