by k z | Aug 9, 2024 | Startups News
Investment Boosts Expansion Plans
Saudi Arabia-based food pick-up app TWLM has successfully raised $270,000 in its latest funding round. Specifically, B Group led this investment, with valuable contributions from angel investors. This funding marks a significant milestone for the company, paving the way for future growth.
Founders and Service Overview
Founded in 2023 by Ahmed Al-Dakhil, Abdulaziz Al-Rashoud, Abdullah Al-Dakhil, and Walid Al-Qarni, TWLM is transforming the way people order food. The app offers a convenient solution for picking up orders from restaurants and stores, thus catering to the increasing demand for efficiency and ease.
Goals for Expansion
With this new infusion of capital, TWLM is set to accelerate its expansion plans. Currently featuring over 250 restaurants and stores, the company aims to boost its network to 1,000 locations by the end of the current fiscal year. Consequently, this ambitious goal highlights TWLM’s commitment to significantly enhancing its presence across Saudi Arabia.
Future Prospects
Moreover, the investment will enable TWLM to improve its services further and reach a broader audience. By leveraging these funds, TWLM is poised to scale its operations effectively, offering even more value to its users. As a result, the company will continue to solidify its position in the competitive food pick-up market.
Looking ahead, TWLM will remain focused on delivering an exceptional pick-up experience. This focus will ensure that customers can easily enjoy their favorite meals without the usual hassle of traditional ordering methods.
Stay tuned for more updates on TWLM’s progress and other exciting developments in the startup world. For additional insights and the latest news, visit kzaad.com.
Source: Inc. Arabia
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 7, 2024 | Startups News
Egypt-based fintech Qardy has secured a seven-figure pre-seed round of investment. Notably, White Field Ventures, Vastly Valuable Ventures, and several angel investors participated. This funding highlights the strong confidence in Qardy’s innovative approach and its growth potential.
Qardy :Innovative Digital Lending Platform
Founded in 2022 by Abdelaziz Abdel Nabi, Asser Yehia, and Tamer El-Manasterly, Qardy is transforming digital lending in Egypt and the MENA region. Specifically, it is the first digital lending marketplace dedicated to micro, small, and medium-sized enterprises (MSMEs). Consequently, Qardy provides essential financing solutions that help MSMEs scale and grow.
Expanding Qardy Platform Capabilities
Moreover, the new investment will significantly enhance Qardy’s platform and enable service expansion across the MENA region. Since its soft launch in late 2022, Qardy has made substantial progress. For instance, it has attracted over 1,000 corporate clients and executed loan transactions exceeding 550 million Egyptian pounds (about $12 million). Therefore, Qardy is making a significant impact.
Tailored Financial Solutions for MSMEs
Qardy’s technology offers a range of tailored financial programs. These programs support MSMEs with their working capital and expansion needs. By connecting businesses with a broad network of financial institutions—including banks, leasing companies, factoring firms, and microfinance organizations—Qardy effectively facilitates essential funding.
Investor Support and Future Plans
Tamer El-Manasterly, COO of Qardy, expressed excitement about this milestone: “We are thrilled to reach this point. The support from our investors has been crucial. As a result, this investment will allow us to enhance our services and expand in Saudi Arabia and the region.”
Backing from 500 Global and White Field Ventures
500 Global has also expressed strong support for Qardy’s mission. Amal Dokhan, Managing Partner at 500 Global, commented, “We are excited to support Qardy. Their work empowers businesses with accessible financial solutions. Indeed, we believe in their potential to drive positive change.”
Similarly, White Field Ventures has shown enthusiasm. Kapil Agrawal, Managing Director, stated, “We are pleased to support Qardy’s vision. Their execution capabilities and commitment to customer solutions align perfectly with our investment goals. Consequently, we look forward to their expansion into Saudi Arabia and beyond.”
Reputation for Excellence
With a strong focus on transparency and efficiency, Qardy has quickly built a reputation for excellence in financial services. As the company continues to innovate and expand, it remains dedicated to revolutionizing financial service delivery and driving MSME growth across the MENA region.
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 | 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.
