by k z | Aug 9, 2024 | Investment Analysis, Startups News
New Funding Round Details
Cairo-based fintech startup Lucky One has raised $3 million in a new funding round. On Tuesday, the company announced that it secured this financing through a convertible note. Existing investors, including Lorax Capital Partners, KEM, and DisrupTech Ventures, led the round.
Evolution from Loyalty Solutions to Consumer Credit
Dsquares founded Lucky One in 2019 as a provider of loyalty and rewards solutions. Initially, Lucky One leveraged its network of discount and rewards partners to launch as a consumer product. Over time, the company evolved to offer a physical card and installment-based credit options for shopping with its partners.
Impressive Network and Regional Expansion
Lucky One now provides rewards and offers at over 10,000 websites and stores, giving it the largest merchant network in Egypt. Additionally, the company has expanded its services into Morocco, showcasing its growing regional presence.
Path to Profitability and Future Plans
The fintech startup aims to achieve profitability by the first quarter of 2025. To support this goal, the company will use the new funds to enhance its credit services and drive expansion efforts.
CEO’s Statement on Funding and Growth
Momtaz Moussa, co-founder and CEO of Lucky One, expressed excitement about the new funding. “We are thrilled to close this round successfully. This funding will drive our ambitious growth plans and support our mission to provide accessible consumer credit solutions to underbanked Egyptians. Our investors’ trust reaffirms our commitment to achieving sustainable profitability while creating true value in the Egyptian market.”
Additionally, Moussa emphasized that the company will leverage its solid collection processes and low default rates to scale its consumer credit services effectively.
Looking Ahead: Regional Expansion Plans
Lucky One plans to extend its reach to other regional markets over the next two years. However, the company has not yet disclosed specific details about these plans.
For more updates on fintech and startup news, visit KZAAD and stay tuned for our daily updates.
by k z | Aug 7, 2024 | Startups News
Saudi startup Blend has recently secured USD 1.3 million in a pre-seed investment round. Notably, this funding, provided by a group of angel investors, will significantly boost the company’s growth. Consequently, Blend plans to expand into Kuwait and Bahrain by the end of next year. Furthermore, the company aims to extend its reach across the Gulf region by 2026.
Innovative Food Delivery Integration
Founded in 2023 by Omar bin Sultan Al-Lahyan, Blend is revolutionizing the food delivery industry. Specifically, the company offers a platform that integrates multiple food delivery services into a single interface. As a result, restaurant owners benefit from streamlined order management, efficient item tracking, and comprehensive reporting. Additionally, Blend has already partnered with five local delivery apps, further enhancing its market presence.
Market Growth and Expansion Plans
Blend’s strategic vision aligns closely with Saudi Arabia’s Vision 2030, which emphasizes economic diversification and technological advancement. According to Al-Lahyan, “The sector is substantial, and our platform provides a unique understanding of the real challenges and technical needs of business owners dealing with delivery apps.” Moreover, with 30% of potential customers yet to engage with delivery apps, Blend anticipates significant market growth.
Support and Recognition
The company’s journey has been marked by notable achievements in startup support. For instance, Blend has graduated from prestigious programs such as the Misk Accelerator and the MVPLab Accelerator of the National Program for Information Technology Development. In addition, Blend is present in the Intelligence Center of Manshaat, further highlighting its commitment to innovation and excellence.
Looking Ahead
As Blend continues to expand its footprint in the Gulf region, it remains dedicated to enhancing the food delivery experience for restaurant owners. By consolidating multiple delivery platforms, Blend is poised to play a pivotal role in shaping the industry’s future.
Therefore, stay tuned for more updates on Blend’s progress and other exciting developments in the startup ecosystem. For further insights and the latest news, be sure to visit kzaad.com
by k z | Aug 6, 2024 | Startups News
SANDBOX’s Fourth Cohort Achievements
SANDBOX, the Accelerator programme dedicated to the growth of tech startups and a key initiative of Oraseya Capital, has proudly concluded its fourth cohort. As part of Oraseya Capital, which operates under the Dubai Integrated Economic Zones Authority (DIEZ), SANDBOX attracted over 1,500 applications. Consequently, seven technology startups received significant investment, with each startup awarded AED 570,000 (USD 150,000) following their success in the programme.
Milestones and Strategic Importance
Hassan Waheed, Vice President of Corporate Finance and Treasury at DIEZ and Partner at Oraseya Capital, commented, “We are incredibly proud of the milestones achieved by Oraseya Capital in startup investments, especially given the few months since its launch at the end of 2023. The substantial interest in the SANDBOX programme, combined with the many innovative and ambitious projects, highlights the strategic importance of this initiative in fostering the growth of small and medium-sized enterprises across various sectors.”
Investment in Promising Startups
Furthermore, Waheed emphasized, “Oraseya Capital has invested in startups demonstrating significant growth potential, characterized by creative ideas and innovative visions. As we aim to transform the advanced technology sector, we look forward to achieving new milestones that align with our efforts to enhance Dubai’s competitiveness as a prime destination for global investments.”
In addition to these new investments, Oraseya Capital has taken a leading role in an investment round for Growdash, a Dubai-based SaaS platform that empowers restaurant marketing and operations. Moreover, Oraseya Capital has participated in several investment rounds for startups such as RemotePass, an HR tech-platform for managing remote teams, and iSchool, an EdTech startup focused on upskilling youth with digital capabilities.
The Startups of SANDBOX’s Fourth Cohort
The seven startups that received funding from SANDBOX’s fourth cohort are:
- Qureos: A recruitment tech startup that matches talent with jobs 10x faster.
- Herogo: A sustainable food tech subscription platform for fruits and vegetables.
- Lisan: A deeptech generative AI startup specializing in Arabic linguistics.
- Sthrive: A B2B SaaS platform for retailers aimed at boosting sales and employee performance.
- Zoya: A fintech startup simplifying halal investing for Muslims worldwide.
- JobEscape: A productivity startup enhancing freelancers and employees’ skills with AI tools.
- Opteam: A startup leveraging AI-driven optimizations for project management in the construction sector.
Success Stories and Testimonials
Saad Malik, Co-founder and CEO of Zoya, stated, “SANDBOX provided an invaluable foundation for Zoya. The mentorship and supportive community empowered us to refine our startup and prepare for the next stage of our journey. We’re excited to apply these insights as we move forward.”
Similarly, Alex Epure, CEO and Co-founder of Qureos, added, “The SANDBOX Accelerator programme is exceptionally well-structured and adds significant value. Being backed by Oraseya Capital also means the potential for future investment rounds, which is not always the case with other programmes.”
Programme Structure and Benefits
The SANDBOX programme spans five months, divided into two phases. Initially, the “Evaluation Phase” lasts for 8 weeks, culminating in a pitch to the Investment Committee of Oraseya Capital. Successful startups then enter the 3-month SANDBOX Accelerator programme, each receiving an investment offer from Oraseya Capital. This programme emphasizes a mindset of experimentation, focusing on revenue-generating activities and further fundraising efforts.
Startups benefit from over 50 hours of workshops covering financial analytics, marketing strategies, and legal compliance. Additionally, entrepreneurs receive more than 30 hours of mentoring from industry experts and have opportunities to network with regional investors.
Looking Ahead
Looking ahead, the fifth edition of SANDBOX will begin in September 2024 and has already received more than 1,100 applications. This continued enthusiasm underscores the programme’s growing impact and success.
For the latest startup news, stay updated with our daily blogs .
by k z | Aug 1, 2024 | Actionable Tips & Advice
Starting a new venture is an exhilarating journey, but it often comes with its own set of financial challenges. Securing the right funding and managing finances effectively are crucial to your startup’s success. Here’s a comprehensive guide to navigating these aspects smoothly.
1. Understanding Different Funding Options
Initially, exploring various funding options can significantly impact your startup’s trajectory. For instance, venture capital, angel investors, and crowdfunding are popular choices. Each of these options comes with its advantages and considerations. Consequently, assessing which aligns best with your business goals is essential.
2. Creating a Solid Financial Plan
Once you’ve determined your funding source, the next step is to develop a robust financial plan. To begin with, outline your startup’s financial goals and strategies. Subsequently, include detailed projections for revenue, expenses, and cash flow. A well-structured financial plan will help you anticipate future financial needs and make informed decisions.
3. Effective Budgeting and Expense Management
Furthermore, budgeting is a vital component of financial management. Start by setting up a detailed budget that accounts for all anticipated expenses. By doing so, you can track spending and ensure you stay within your means. Additionally, regularly reviewing and adjusting your budget can help you address unexpected expenses and maintain financial stability.
4. Monitoring Financial Performance
Another important aspect is monitoring your financial performance. Regularly analyzing your financial statements and key performance indicators (KPIs) will provide insights into your startup’s financial health. This practice allows you to make data-driven decisions and pivot strategies as needed.
5. Leveraging Financial Tools and Resources
To streamline financial management, consider utilizing various tools and resources. Accounting software, financial dashboards, and budgeting apps can simplify tracking and reporting. Additionally, seeking advice from financial experts can offer valuable guidance and help you navigate complex financial situations.
6. Preparing for Future Funding Rounds
Finally, preparing for future funding rounds is crucial for long-term growth. Building a track record of financial success and demonstrating a clear path to profitability will make your startup more attractive to potential investors. As a result, you’ll be better positioned to secure additional funding when needed.
In summary, mastering funding and financial management involves understanding your options, creating a solid plan, and effectively managing your budget. By employing these strategies, you can ensure your startup remains financially healthy and poised for growth.
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by k z | Aug 1, 2024 | Investment Analysis, Startups News
In a significant boost for entrepreneurship, UAE-based startup Verbatica has raised $700,000 in angel investments. This funding will enhance its educational platform for teaching English and Arabic. Verbatica plans to make a big impact in the Middle East and North Africa (MENA) market. Additionally, the company is preparing for a $2 million funding round in November 2024. It also aims to expand its services into Indonesia and other parts of Asia.
Adaptive AI and Teacher Insights: A Winning Combination
Verbatica, co-founded by Nikita Savilov and Nikolay Morozov, combines insights from over 100 active teachers with adaptive AI. Savilov, an MGIMO alum with more than ten years at Skyeng, and Morozov have developed a platform supporting both independent and teacher-assisted learning. This approach provides learners with valuable resources like dictionaries and flashcards.
Introducing the Language Quotient (LQ)
A unique feature of Verbatica’s platform is its Language Quotient (LQ). This tool evaluates proficiency in five areas: reading, listening, writing, speaking, and cultural understanding. Additionally, it integrates cultural elements such as books, films, customs, history, slang, and social media. Thus, learners receive a well-rounded and contextual learning experience.
Strategic Launch and Market Insights
Verbatica will start demo testing on August 15, with an official launch at the end of August. This timing aligns with the academic year, maximizing user engagement. CEO Nikita Savilov highlights the UAE’s diverse population and strong demand for language learning as key factors. Notably, Russians were among the top three property buyers in the UAE in early 2024, showing a high demand for English and Arabic skills.
Future Prospects and Entrepreneurial Vision
Verbatica’s vision goes beyond the MENA region. The startup plans to expand into Indonesia and across Asia. The upcoming $2 million funding round in November 2024 will support its growth and innovation.
In conclusion, Verbatica’s successful fundraising and strategic plans demonstrate the dynamic nature of entrepreneurship in education. Leveraging AI technology and teacher expertise, the company is set to transform language learning and make a global impact. Stay tuned for updates on Verbatica’s journey and future developments.
