by k z | Aug 26, 2024 | Startups News
Powder Beauty, a UAE-based e-commerce platform, successfully closed its pre-Series A funding round. Sophia Collective, founded by Sara and Magnus Olsson, and NKHEL, a fund by Zerodha founders Nithin and Nikhil Kamath, led the round. Several regional angel investors, including Maha Taibah, also contributed.
Empowering a Female-Led Vision
In 2018, Ayat Toufeeq, Amina Grimen, and Marriam Mossalli founded Powder Beauty, the Middle East’s first female-owned e-commerce platform focused on clean beauty. The company curates a selection of cruelty-free, eco-friendly products from both local and international brands. As a result, it quickly became a leader in the clean beauty segment, educating customers on sustainable beauty.
Fueling Expansion in Saudi Arabia
With this new funding, Powder Beauty plans to scale its operations in Saudi Arabia. The clean beauty market in the region is valued at $8.7 billion, with projections to grow to $39 billion by 2033. Powder Beauty intends to introduce exclusive brands to the region and expand its product categories, including skincare, haircare, makeup, and wellness.
Closing the Gender Gap in MENA Entrepreneurship
This investment directly addresses the gender gap in entrepreneurship within the MENA region. Sara Salhab, founder of Sophia Collective, highlighted that female-founded startups received only 1% of Middle East VC funding in 2023. By supporting Powder Beauty, Sophia Collective aligns perfectly with its mission to empower female founders and close the investment gap.
Redefining Beauty Standards
Co-founder and CEO, Ayat Toufeeq, expressed excitement about the company’s future. She stated, “We aim to build on our leading position in this fast-growing market.” Powder Beauty’s mission extends beyond profit, as it strives to shift beauty industry standards and make ethical, sustainable beauty products accessible across the Middle East.
Moreover, co-founder and CMO, Marriam Mossalli, emphasized the need for female representation in the beauty industry. She noted, “The multi-billion-dollar beauty industry sells primarily to women, yet men still run most of its biggest companies. I’m eager to see more female investors become owners within the beauty industry, transitioning from consumers to shareholders.”
Conclusion
In summary, with strong industry backing and a clear mission, Powder Beauty is set to lead the clean beauty movement in the Middle East. This pre-Series A funding marks a pivotal moment in the company’s journey, laying the foundation for continued growth and innovation.
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by k z | Aug 20, 2024 | Startups News
Resal, a pioneering Saudi Arabian e-gifting platform, has successfully secured a $9 million Series A funding round. Importantly, Merak Capital led this round, along with participation from strategic investors. As a result, this investment will propel Resal’s mission to create a comprehensive digital ecosystem for rewards, loyalty programs, and alternative payments.
A Robust Platform for Merchants and Consumers
In 2016, industry veterans Abdullah Alfarhan and Hatem Kameli founded Resal, developing a robust platform that empowers merchants to engage with customers through loyalty programs and digital cards. In addition, consumers can manage and redeem rewards on a centralized platform. Thus, the platform creates a win-win situation for both merchants and consumers.
Strategic Investment Fuels Expansion
Moreover, this capital infusion will enable Resal to accelerate its growth trajectory. Specifically, the company plans to expand its product offerings and strengthen its technology infrastructure to reach a wider audience and deepen its market penetration. Consequently, Resal is poised to make a significant impact in the digital payments sector.
A Vision for the Future
Resal’s founders and leadership team envision a compelling future for digital payments. With the support of strategic investors, they aim to establish the company as a dominant player in the region’s rapidly evolving fintech landscape. Therefore, Resal is set to capitalize on emerging opportunities in this dynamic market.
Driving Innovation and Growth
Resal demonstrates its commitment to innovation by creating a platform that seamlessly connects merchants, companies, and individuals. By leveraging technology to address the evolving needs of consumers and businesses, Resal is shaping the future of digital payments. As such, the company continues to drive both innovation and growth in the fintech industry.
by k z | Aug 19, 2024 | Startups News
Riyadh, Saudi Arabia – Mithu, an innovative loyalty platform aggregator, has recently announced a significant milestone. Specifically, they secured a $500,000 pre-seed investment from Adaverse, a leading Web3 venture builder. This crucial funding will accelerate Mithu’s mission to transform the loyalty program market, thereby addressing critical issues that have long plagued customers and businesses alike.
Transforming Loyalty Programs
In Saudi Arabia, only 2.5% of restaurants currently offer loyalty programs, representing a substantial growth opportunity for Mithu. Furthermore, globally, an astonishing $100 billion worth of loyalty points expire each year. This issue underscores the need for a more efficient solution. Moreover, customers often manage an average of 17 loyalty programs, with 68% churning within the first year. To tackle these challenges, Mithu aims to consolidate multiple loyalty programs into a single, gamified app.
Notably, Mithu’s platform offers a network-wide rewards system, on-chain memberships, and engaging gamification features. These elements are designed to enhance customer interaction and retention. Additionally, by integrating advanced AI-driven analytics, Mithu provides merchants with deep insights to optimize performance and drive business growth.
Strategic Investment and Growth
Mohsin Qureshi, Founder of Mithu, expressed his excitement about the partnership: “We’re thrilled to have Adaverse on board. Their expertise in Web3 and gamification is invaluable as we develop a tokenized version of our app. Consequently, this investment accelerates our time to market, allowing us to better serve our clients and users.”
In a similar vein, Vincent Li, Founding Partner of Adaverse, shared his enthusiasm: “We are excited to invest in Mithu, whose founding team brings decades of experience in the restaurant and retail sectors. The opportunity to disrupt this vertical in Saudi Arabia is enormous, and we’re eager to support Mithu in developing their cutting-edge solutions. Thus, our global expertise in technology and Web3 positions Mithu for significant success and growth.”
Meet the Team
Mithu’s founding team brings extensive experience to the table. For instance, CEO Mohsin Qureshi has over 15 years of expertise in foodtech, q-commerce, and technology startups, with notable roles at Foodics, Cheetay, and Delivery Hero. Additionally, CTO Asif Ali, who holds leadership experience from Careem, Swvl, and foodpanda, is currently pursuing a Ph.D. in AI.
About Adaverse
Adaverse is a blockchain and Web3 investment fund, accelerator, and venture builder. With 60 investments including 20 accelerated startups across 13 countries, Adaverse leads the Web3 revolution in Saudi Arabia. Consequently, they bring a wealth of global expertise to their portfolio companies.
In summary, Mithu’s innovative approach to loyalty programs, combined with its strategic partnership with Adaverse, sets the stage for a new era in customer engagement and retention in the Saudi Arabian market. Stay tuned for more updates as Mithu continues to grow and make an impact.
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by k z | Aug 14, 2024 | Market Trends
Startup funding in the Middle East and North Africa (MENA) region witnessed a remarkable surge in July 2024. Notably, investments soared to USD 355 million, reflecting a dramatic 206% increase from the previous month and a 260% rise compared to July 2023. Consequently, this unprecedented growth highlights the burgeoning opportunities within the MENA startup ecosystem.
Key Highlights
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Egypt Takes the Lead
Firstly, Egypt emerged as the standout performer in July, securing USD 185 million across seven deals. This impressive figure not only eclipsed the USD 15 million raised in the previous month but also underscores Egypt’s rising prominence in the regional startup landscape.
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Sector-Specific Investment Trends
- Fintech: Dominating the investment landscape, the fintech sector attracted USD 180.8 million. This demonstrates its continued appeal to investors.
- Web 3: Following closely, Web 3 startups secured USD 85 million. This reflects the growing interest in decentralized technologies.
- Cleantech: Meanwhile, with a focus on sustainable solutions, the cleantech sector raised USD 37 million.
In addition, other notable sectors included deeptech, with USD 20 million, and e-commerce, which garnered USD 15.7 million.
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Regional Investment Distribution
The UAE led the region with 12 deals, thus setting a benchmark in startup investments. Furthermore, Egypt and Saudi Arabia each secured seven investments, while Jordan rounded out the top with six deals. This distribution illustrates a diverse and expanding investment landscape across the MENA region.
Conclusion
In summary, the surge in startup funding in the MENA region during July 2024 underscores a vibrant and rapidly evolving market. With Egypt leading in investment value and fintech emerging as the most attractive sector, the region is poised for continued growth and innovation. As startups across the MENA region continue to attract significant investments, the future looks promising for entrepreneurs and investors alike.
For more insights into the latest developments in the startup ecosystem, visit kzaad.com and stay tuned for daily updates.
by k z | Aug 12, 2024 | Startups News
Saudi Arabia-based healthtech company Athir has successfully closed its first investment funding round. Notably, Wa’ed Ventures, SHARE Investment Co., and RZM Investment participated as key investors. Although the exact amount remains undisclosed, this milestone represents a significant achievement for Athir, which Jawad Chaudhry, Ahmad AlJehani, and Abdoulmohsen Alyoubi founded in 2017.
Innovative Healthcare Solutions
Athir is driving digital transformation in healthcare with its advanced system. This system not only manages healthcare, revenue, and medical insurance but also includes smart device applications. These applications provide integrated medical records for both clinic and medical center visitors.
Moreover, the “Athir HIS” system stands out as the first fully integrated Saudi system for healthcare facilities. It caters to both public and private sectors and integrates seamlessly with platforms like Absher, Sehhaty, and Wasfaty. Additionally, it connects with hospital and medical insurance systems.
A Milestone for Athir
Jawad Chaudhry, Chairman and Co-Founder , expressed his excitement about the success of the funding round. He emphasized that this achievement marks a major milestone for the company. Athir has developed its innovative health platform on a national cloud network, aiming to enhance the patient experience. Furthermore, the platform automates medical insurance procedures and drives sector-wide transformation.
Conclusion
In summary, Athir’s funding success highlights the growing interest in healthtech innovation within Saudi Arabia. Consequently, with its cutting-edge solutions, Athir is well-positioned to play a pivotal role in the future of healthcare technology.
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