TDF Grow Accelerator: A Catalyst for Saudi Arabia’s Tourism

TDF Grow Accelerator: A Catalyst for Saudi Arabia’s Tourism

by | Aug 29, 2024 | Startups News

Saudi Arabia is rapidly emerging as a global tourism hub. At the forefront of this transformation is the Tourism Development Fund (TDF), the national enabler of the tourism sector. Recently, TDF celebrated a significant milestone—the graduation of the first cohort of the “TDF Grow Accelerator” programme. This event, held at the KAFD Conference Centre in Riyadh, marked a pivotal moment in the Kingdom’s journey toward becoming a top global tourism destination.

A Milestone Event: The Demo Day

Firstly, the demo day was more than just an ordinary event. It served as a showcase of innovation and entrepreneurial spirit. The ceremony highlighted the accomplishments of 15 startups within the tourism space. Notably, this included 11 local startups and four regional and international projects. Each of these startups underwent a rigorous training and guidance process. Specifically, they participated in over 20 training sessions. These sessions equipped them with the necessary skills and knowledge to excel in the competitive tourism industry.

Investment Success: A Testament to Innovation

Moreover, the success of these startups extended beyond their participation in the programme. To date, they have collectively attracted investments exceeding $5 million (SAR 18 million). This impressive figure demonstrates the confidence investors have in these projects. It also underscores their potential to significantly impact the Kingdom’s tourism sector.

Leadership Acknowledgment: Commitment to Excellence

During the ceremony, TDF’s CEO, Qusai Al-Fakhri, delivered a powerful message through His Highness Prince Saud Bin Mohammed, Executive Director of TDF Grow. He emphasized how the TDF programs foster innovation and sustainable development in Saudi Arabia’s tourism sector. Additionally, he expressed immense pride in the startups’ achievements. He remarked, “We are proud of what these distinguished startups have accomplished during their journey within the TDF Grow Accelerator Programme.” This success reflects TDF’s unwavering commitment to supporting entrepreneurial ideas. It also highlights the importance of implementing the national tourism strategy effectively and reinforcing Saudi Arabia’s position as a global tourism destination.

The Journey: Accomplishments and Future Prospects

Furthermore, the ceremony provided a platform to review the programme’s accomplishments over several months. The 15 participating projects, including both local and international startups, showcased their contributions to creating added value within the Kingdom’s tourism sector. The event concluded with a presentation that highlighted the innovative tourism projects emerging from the programme. This presentation offered a glimpse into the future of tourism in Saudi Arabia.

TDF Grow Accelerator: Empowering the Future

It is important to note that the TDF Grow Accelerator Programme is more than just an initiative. It acts as a cornerstone in Saudi Arabia’s tourism development strategy. By empowering entrepreneurs in the tourism sector, TDF Grow provides essential support. It helps create innovative technical solutions, facilitates communication between startups and investors, and encourages the best tourism ventures to contribute to the Kingdom’s national tourism objectives.

In conclusion, as Saudi Arabia continues its journey toward becoming a leading global tourism destination, initiatives like the TDF Grow Accelerator will play a crucial role. The success of the first cohort is just the beginning. With continued support and investment, the Kingdom’s tourism sector is set for unprecedented growth.

for more news and insights , stay updated with our daily blogs !

UAE-based Myco Secures $10M in Series A Funding

UAE-based Myco Secures $10M in Series A Funding

by | Aug 28, 2024 | Startups News

Myco, the UAE-based Web3 streaming platform, has raised $10 million in the first closing of its Series A funding round. Announced on Tuesday, this milestone highlights strong global interest in Myco’s streaming solutions. The funding attracted prominent venture capital firms from the Middle East, North America, and Europe, reflecting confidence in the company’s vision.

Key Investors and Valuation

The Series A round included influential investors such as Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners, and Enjinstarter. Additionally, 88 accredited investors through Republic.com and several strategic angel investors contributed. As a result, Myco’s post-money valuation has reached $80 million.

Strong Financial Performance

This milestone follows Myco’s first profitable year, with an EBITDA of $1 million and revenues of $7.5 million for the 2023-24 fiscal year. Founder Umair Masoom stated, “Myco has shown our ability to scale in key markets, achieving exceptional metrics in user growth, retention, revenue, and community building.”

Expansion Plans and Partnerships

The new capital will help Myco expand into additional markets with similar demographics. This expansion will be supported by regional partnerships. Recently, Myco announced a significant partnership with the Aptos Foundation. As part of this collaboration, the company plans to relaunch its utility token on the Aptos Blockchain in Q4 2024 and migrate its wallet infrastructure.

Major Broadcasting Rights

Myco’s live streaming division has secured major broadcasting rights through 2025. These include:

  • Cricket: ICC and Pakistan Super League for Pakistan, Willow TV for North America, World Squash Federation, and Egypt Squash Federation.
  • Football: English Premier League rights for Pakistan.
  • Other Sports: Asian Hockey Championship and Brave MMA.

In esports, Myco holds rights for games such as Counter-Strike 2, PUBG, and Valorant across the MENA region.

Future Growth and Expansion

Following recent expansions into North America and Egypt, Myco is exploring new growth territories. The company aims to complete a second closing of its Series A funding by early 2025, further solidifying its global position. For more updates on startups and innovations, stay tuned to our blog and visit Myco’s website

Celebrating Emirati Women’s Achievements

Celebrating Emirati Women’s Achievements

by | Aug 28, 2024 | Successful Entrepreneurs

Emirati Women’s Day, celebrated annually on August 28th, honors the remarkable contributions of women in the UAE. This year, in alignment with the theme “We Share for Tomorrow,” the celebration reflects the visionary guidance of H.H. Sheikha Fatima bint Mubarak, the UAE’s esteemed Mother of the Nation. To commemorate this special day, we sought insights from several prominent Emirati women who generously shared their valuable lessons. These insights not only offer inspiration but also provide guidance for women around the globe.

H.H. Sheikha Latifa bint Mohammed bin Rashid Al Maktoum

“Emirati women have demonstrated exceptional competence across various fields, both locally and internationally. Consequently, they are the heart of our nation, playing a crucial role in nurturing future leaders and driving progress.”

H.H. Sheikha Bodour bint Sultan Al Qasimi

“The story of Emirati women is one of resilience and inspiration. Their roles in government, education, business, and technology underscore their vital contributions to our nation’s advancement. Indeed, their achievements extend beyond our borders, setting a powerful example for future generations.”

Abeer AlShaali

“As an Emirati professional, I’ve learned the importance of considering multiple perspectives. By listening to diverse viewpoints, one can enhance decision-making and foster better connections with others.”

Dr. Saeeda Jaffar

“The UAE’s focus on women’s empowerment has been pivotal for my career. For instance, from encouraging early interest in STEM to promoting female representation in leadership roles, the supportive environment here has been crucial for the success of many Emirati women.”

Huda Sabil Abdulla

“Emirati women have significantly shaped our society, and their exemplary standards inspire future generations. Therefore, celebrating their achievements today reflects our collective appreciation for their invaluable contributions.”

Amna Al Mazmi

“Emirati women excel in advancing humanitarian and social causes. Their dedication highlights our nation’s commitment to global solidarity and community support.”

Hanan Alrubaiai

“Being authentic and leveraging personal strengths are key to success. Remarkably, Emirati women lead with confidence and make impactful contributions by embracing their unique qualities.”

Hayat Al Hassan

“Emirati Women’s Day celebrates the impactful innovations of Emirati women. By embracing innovation and striving for excellence, they drive positive change and contribute significantly to a knowledge-based economy.”

Conclusion

As we celebrate this  Day, let us honor these trailblazers and embrace their lessons. Their achievements not only enrich our present but also pave the way for a brighter, more inclusive future.

For more Successful Entrepreneurs stories, stay updated with our daily blogs !

crafting a Pitch Deck That Captivates Investors

crafting a Pitch Deck That Captivates Investors

by | Aug 27, 2024 | Actionable Tips & Advice

A well-structured pitch deck is essential for securing funding and attracting investors. To create a compelling presentation that leaves a lasting impression, follow these guidelines:

1. Understand Your Audience

Firstly, identify your target investors. Research their interests, investment criteria, and previous investments. Then, tailor your pitch to resonate with their specific needs and goals.

2. Tell a Compelling Story

To begin, grab your audience’s attention with a powerful opening statement or intriguing statistic. Next, structure your narrative with a clear and logical flow to guide investors through your business idea. Finally, highlight the problem you’re solving and how your solution provides value.

3. Showcase Your Solution

Explain your product or service in simple terms. Furthermore, demonstrate your unique value proposition by differentiating your solution from competitors. Additionally, provide evidence of market demand to support your claims.

4. Highlight Your Team

Showcase your team’s expertise and experience. Moreover, demonstrate their passion and commitment to your business and its mission.

5. Present Your Financial Projections

Provide a realistic and conservative financial forecast. Include key metrics such as revenue, expenses, and profitability. Justify your assumptions by explaining the basis for your projections and how you arrived at your numbers.

6. Outline Your Funding Request

Clearly state the amount of funding you are seeking. Explain how the funds will be used to achieve your business goals. Finally, highlight the potential return on investment for investors.

7. Practice and Seek Feedback

Rehearse your pitch multiple times to deliver it confidently and smoothly. Seek feedback from trusted advisors to identify areas for improvement.

Essential Slides for Your Pitch Deck

  • Title Slide: Company name, logo, tagline, and presentation title
  • Problem and Solution: Clearly define the problem your business solves and how your solution addresses it
  • Market Opportunity: Demonstrate the size and growth potential of your target market
  • Business Model: Explain your revenue model and how you plan to generate profits
  • Team: Showcase your team’s expertise and experience
  • Financials: Present your financial projections and funding request
  • Call to Action: Clearly state what you want investors to do (e.g., invest, partner, provide mentorship)

By following these guidelines and tailoring your pitch deck to your specific business and audience, you can create a compelling presentation that attracts investors and secures the funding you need.

Pakistan’s PostEx Secures $7.3 Million to Expand in MENA

Pakistan’s PostEx Secures $7.3 Million to Expand in MENA

by | Aug 23, 2024 | Startups News

Lahore-headquartered startup PostEx has raised $7.3 million in a pre-Series A round, led by Dubai-based Conjunction Capital. Consequently, this new funding brings the total to around $16 million. Investors include Dash Ventures, Sanabil500, and existing supporters such as VentureSouq, FJ Labs, and Zayn VC.

PostEx: Evolution from Logistics to Financial Solutions

Founded in 2020 by Omer Khan, Saad Mahmood, Babar Razzaq, and Adil Naseem, PostEx started as a third-party logistics provider for e-commerce. It has since evolved to offer Shariah-compliant, non-dilutive financing, leveraging data from its logistics services.

To date, PostEx has loaned $90 million to over 8,000 businesses, quickly converting recurring revenue into instant capital, though specific loan details are not provided on their website.

Strong Market Position and Future Plans

ostEx has shown strong performance with an annual revenue run rate of $21 million and over four million transactions monthly. It has been profitable for several months and strengthened its position by acquiring Call Courier, a leading e-commerce logistics firm in Pakistan.

Looking ahead, PostEx plans to use its latest funding to expand into MENA, starting with Saudi Arabia. A pilot is underway, and the company aims to secure a local license for its financing solutions. In the UAE, PostEx has already obtained a license and is preparing for a future launch.

Insights from Leadership

Muhammad Omer Khan, CEO of PostEx, said, “Traditional banks often fail digital entrepreneurs. PostEx provides essential growth capital through our logistics solution.”

Conclusion

PostEx’s recent funding round marks a pivotal moment for the startup as it gears up to broaden its reach across MENA. With a strong foundation and a clear vision for the future, PostEx is set to transform e-commerce financing and support the growth of digital businesses in the region.

Stay tuned for more updates and insights on the latest developments in fintech and logistics. For further details, visit kzaad.com.