by admin | Aug 16, 2024 | Startups News
Major Investment Achievement
Yuze, a fintech company based in the UAE, has recently achieved a significant milestone by raising $30 million. Osten Investments led this funding round. Founded by Rabih Sfeir in 2022, Yuze aims to transform financial services for startups, micro, and small businesses in emerging markets. Consequently, this investment represents a pivotal moment for the company.
Plans for Expansion
With the $30 million investment, Yuze will accelerate its expansion into new markets. The company has set an ambitious goal of reaching one million SME and professional customers within the next five years. Therefore, this expansion aligns perfectly with Yuze’s mission to provide tailored financial services for small businesses and independent professionals.
Offering Comprehensive Financial Services
In addition, Yuze’s digital platform offers a wide range of services. These include business accounts, card programs, and strategic partnerships with banks. As a result, this approach simplifies financial management for SMEs and addresses the common challenges faced by e-traders and freelancers in accessing essential financial resources.
CEO’s Commitment to Financial Inclusion
Moreover, Yuze CEO Rabih Sfeir highlighted the importance of the funding round. He stated, “This investment not only validates our mission but also enhances our ability to expand and improve our offerings. We are committed to breaking down barriers and advancing financial inclusion for SMEs and professionals.”
A Pivotal Growth Moment
Furthermore, this funding round marks a crucial step in Yuze’s growth journey. It builds on previous investments that have established the company’s reputation in the fintech sector. Consequently, the support from Osten Investments underscores the potential of Yuze’s innovative business model and its capacity to set new industry standards.
Looking to the Future
Looking ahead, Yuze plans to leverage this investment to strengthen its presence in existing markets while also entering new regions. By focusing on financial inclusion and addressing the needs of underserved businesses, Yuze is poised to make a substantial impact in the global fintech landscape.
by admin | Jul 11, 2024 | Startups News
In a landmark move to propel AI innovation and economic growth across the Middle East and North Africa (MENA) region, Progressio Solutions and Real AI B.V. announced a strategic joint venture. Moreover, the partnership, unveiled at the Invest EU Egypt Conference, aims to double AI revenues in MENA within three years.
Progressio & Real AI: Combining Expertise for MENA AI Leadership
Firstly, this collaboration brings together the strengths of two industry leaders:
- Real AI B.V., a Netherlands-based AI powerhouse, contributes advanced AI expertise and a strong European foothold.
- Progressio Solutions, a leading R&D and consulting firm in Cairo, offers extensive regional experience and robust R&D capabilities.
By merging their strengths, they aim to accelerate AI adoption and development in key MENA markets like Egypt, UAE, Saudi Arabia, and the GCC region.
Focus on Secure, Localized AI Solutions
Secondly, The partnership prioritizes developing secure and localized AI solutions tailored to the needs of MENA institutions and businesses. Real AI’s open-source, human-centric large language model (LLM) will be adapted to comply with MENA’s specific regulations and language requirements (Arabic language processing).
“Our vision is to position MENA as a global AI hub,” said Tarry Singh, CEO of Real AI B.V. “By combining our secure, ethical AI with Progressio’s local R&D prowess, we are not just serving the market – we are shaping the future of AI in MENA.”
A Cairo-Based AI Research Center
thirdly, a core aspect of the partnership involves establishing a state-of-the-art AI research center in Cairo. This center will focus on developing custom AI solutions for various sectors, including energy, education, healthcare, and government. Additionally, it will launch AI products specifically designed for the MENA market.
“Combining our R&D labs with Real AI’s platforms unlocks value for clients and partners,” emphasized Yoeil Ashraf, CEO of Progressio Solutions. “This partnership will expand Egypt’s AI R&D capacity, driven by local talent, and extend services beyond the Middle East into Europe.”
Driving Economic Growth and Ethical AI
Furthermore, This joint venture signifies a significant step towards introducing advanced and responsible AI technologies across MENA. It has the potential to drive innovation, enhance regional AI capabilities, and foster economic growth across various sectors. The focus will be on developing AI consulting services, nurturing local AI talent, and ensuring ethical AI use.
Shaping the Future of AI in MENA
in conclusion, this collaborative effort holds immense potential to transform the AI landscape in MENA, positioning the region as a global AI leader.
Stay tuned for further updates o with our daily startup news .
by admin | Jul 10, 2024 | Investment Analysis
The startup ecosystem in the Middle East and North Africa (MENA) region is experiencing a remarkable transformation. June 2024 witnessed an investment influx of $116 million, propelling the total funding for the year to an impressive $882 million. Despite a noticeable dip from May’s figures, this June marked a significant year-on-year growth, showcasing the resilience and potential of MENA startups.
June 2024 Investment Highlights
- Total Investment: $116 million
- Number of Startups: 38
- Month-on-Month Drop: 59% (from $282 million in May)
- Year-on-Year Increase: 182% (compared to June 2023)
Regional Leaders of investment
UAE: Driving the Momentum
Firstly, UAE-based startups led the charge, securing 71% of the total June investments. This amounted to $82.5 million spread across 15 deals. The UAE continues to be a beacon of innovation and entrepreneurship, attracting substantial investor confidence.
Egypt: Steady Progress Amid Challenges
Secondly,Egyptian startups followed, raising $15 million across four companies. Despite the ongoing economic challenges, Egypt’s entrepreneurial spirit remains undeterred, contributing significantly to the region’s startup landscape.
Saudi Arabia: Emerging Strong
Thirdly, Saudi startups garnered $13.5 million across seven initiatives, reflecting the country’s growing focus on fostering a vibrant startup ecosystem. With supportive policies and a burgeoning tech scene, Saudi Arabia is poised for continued growth.
Year-to-Date Performance
- Total Funding (2024): $882 million
- UAE’s Share: Over half of the total funding
- Saudi Arabia’s Contribution: $300 million
- Egypt’s Funding: $83 million (an 80% year-on-year drop)
Analysis and Insights
The Impact of Economic Conditions
The investment landscape in MENA is not immune to global and regional economic fluctuations. Egypt’s significant year-on-year decline highlights the sensitivity of startup funding to broader economic health. Conversely, the UAE’s robust performance underscores the importance of stable and supportive business environments.
The Tech Boom
The tech sector continues to dominate MENA’s startup scene. The 38 tech startups that raised funds in June exemplify the region’s growing prowess in technology and innovation. This trend aligns with global shifts towards digital transformation and technological advancement.
Future Prospects
The MENA startup ecosystem holds immense potential. With ongoing governmental support, increasing investor interest, and a vibrant entrepreneurial culture, the region is well-positioned for sustained growth. However, addressing economic challenges and fostering a conducive environment for startups across all sectors will be crucial.
Conclusion
June 2024 was a pivotal month for MENA startups, marking a significant year-on-year investment increase despite a month-on-month dip. The UAE, Egypt, and Saudi Arabia continue to lead the regional startup scene, driving innovation and attracting substantial investments. As the year progresses, the MENA region’s startup ecosystem is set to achieve new heights, contributing to economic diversification and technological advancement.
Call to Action
Stay tuned for more updates on MENA’s dynamic startup ecosystem. Follow our blog for the latest insights and trends shaping the future of entrepreneurship in the Middle East and North Africa .
by admin | Jun 10, 2024 | Startups News
Dubai-based fintech startup Elevate has raised $5 million in a mix of debt and equity funding. This capital will help Elevate expand its financial services, particularly its global USD accounts for remote workers and freelancers in emerging markets.
Elevate’s Mission
Elevate aims to provide accessible financial solutions for remote workers, especially those in emerging markets who often face unreliable banking services. The rise of the gig economy has increased the need for flexible financial services. Therefore, Elevate’s global USD accounts allow users to receive, manage, and utilize their earnings from anywhere in the world.
Funding Round Details
Both debt and equity investors participated in this funding round, reflecting confidence in Elevate’s business model. The funds will enhance Elevate’s technology platform, expand its user base, and introduce new financial products tailored to remote workers’ needs.
Expanding Reach and Services
With the new funding, Elevate plans to scale its operations and reach more remote workers across emerging markets. Additionally, the platform’s global USD accounts will enable users to receive payments from international clients, manage their finances efficiently, and access a range of financial services often unavailable through traditional banking systems.
Bridging the Financial Inclusion Gap
Elevate is committed to bridging the financial inclusion gap for remote workers in emerging markets. By offering global USD accounts, the platform provides freelancers and remote employees with a reliable way to manage their earnings, pay bills, and save for the future. This financial inclusion is essential for empowering individuals and fostering economic growth in these regions.
Future Prospects
The future looks bright for Elevate as it continues to innovate and expand its services. The company plans to introduce features such as investment options, financial planning tools, and additional currency accounts. With this funding, Elevate is well-positioned to become a leading financial service provider for the global remote workforce.
In conclusion, Elevate’s $5 million funding round significantly boosts its global USD account services. This move will provide essential financial solutions to freelancers and remote workers in emerging markets, thus impacting financial inclusion and the global gig economy.