by k z | Jul 15, 2024 | Startups News
Launch Africa Ventures, a leading African venture capital firm, has committed $4.3 million to 16 startups across 11 countries as part of its second fund. This follows a successful first fund that invested in 133 startups.
Founders and Funds in Africa
- Founded in July 2020 by Zachariah George and Janade du Plessis, with Margaret O’Connor as chairperson
- Closed its first fund, Launch Africa Ventures Fund 1, at $36.3 million in March 2022, attracting 238 investors from 40 countries.
- Launched its second fund with a focus on investing in, growing, and scaling top technology-driven ventures.
Diverse Portfolio
The second fund has invested in startups across various sectors, including:
- Car service marketplace (Servisor)
- Logistics platforms (Shiprazor, Paps)
- FMCG insights platform (Lengo)
- Data management (Periculum)
- Inventory tracking (Logistify)
- Direct air capture (Octavia Carbon)
- Lending marketplace (Kredete)
- Prop-tech (Bosso)
- Beauty (Zuri)
- E-health (Meditect, Viebeg)
- E-bike (Wahu! )
Geographic Reach in Africa
The $4.3 million investment is spread across 11 countries, including:
- South Africa
- Senegal
- Kenya
- Nigeria
- Zambia
- DRC
- Ivory Coast
- Rwanda
- Ghana
- Egypt
Investor Friendly
Launch this venture is committed to being a top-performing, value-adding, and founder-friendly investor in the African VC and startup ecosystem.
Looking Forward
Launch Venture investment highlights the growing vibrancy of the African startup scene. With a focus on founder diversity, sector strength, market opportunities, and geographic reach, Launch Africa Ventures is well-positioned to support the continent’s most promising startups.
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by k z | Jul 9, 2024 | Startups News
In a significant move for the cryptocurrency market in the Middle East and North Africa (MENA), Dubai’s BitOasis, a leading regional crypto exchange, has been acquired by Indian counterpart CoinDCX.
This acquisition, announced today in a joint statement, underscores the growing importance and integration of global cryptocurrency markets.
A Profitable Deal for BitOasis Investors
CoinDCX invested in BitOasis less than a year ago, showing strong belief in the MENA-based crypto exchange. Though financial details are undisclosed, a CoinDCX spokesperson confirmed to TechCrunch that the deal was profitable for BitOasis investors, who will now receive equity in the Indian exchange.
BitOasis: A Success Story
Founded in 2016 by Ola Doudin, Tarek Kaylani, and Daniel Robenek, BitOasis has made a significant impact on the crypto market in MENA.
The platform lets retail and high-net-worth investors trade over 60 cryptocurrencies using AED, SAR, and USD. BitOasis has processed over $6 billion in trading volume, with more than 50% in the last 18 months.
Challenges and Comeback
Despite its success, BitOasis faced regulatory challenges last year when VARA suspended its operational license due to compliance issues. However, it made a comeback with VARA lifting the suspension in April, allowing the exchange to reopen to new users. Additionally, BitOasis secured a Category 2 license from the Central Bank of Bahrain, enhancing its regulatory compliance and regional presence.
CoinDCX’s Strategic Acquisition
CoinDCX, established in 2018, is one of India’s leading crypto exchanges, boasting a user base of over 15 million and a quarterly trading volume exceeding $840 million in 2024. The acquisition aligns with CoinDCX’s strategic plans to expand internationally, beginning with the MENA region. Sumit Gupta, Co-Founder of CoinDCX, estimates that BitOasis will help generate an additional $30 to $50 million in annual revenue for the company.
Commitment to Compliance and Customer-Centricity
Commenting on the acquisition, Sumit Gupta emphasized CoinDCX’s commitment to investor protection and regulatory compliance. “Building on six years of success and supporting more than 15 million Indians in their crypto journey, CoinDCX aims to become the go-to trading platform for crypto worldwide. For us, investor protection has been paramount, and we have distinguished ourselves in India with unwavering compliance,” he said.
Ola Doudin, Co-Founder & CEO of BitOasis, echoed similar sentiments, highlighting the shared values between the two companies. “CoinDCX’s acquisition marks an exciting new chapter for BitOasis, one that propels us forward on much stronger ground. Since the start of BitOasis, trust and regulatory compliance has been a key pillar in our mission to drive crypto adoption across MENA.”
Looking Ahead
With the acquisition, BitOasis’s brand and leadership will remain unchanged, ensuring continuity and stability for its users. The integration of BitOasis into CoinDCX’s ecosystem is expected to bring enhanced capabilities and resources, benefiting users across both platforms.
In conclusion, the acquisition of BitOasis by CoinDCX is a landmark event in the MENA cryptocurrency industry. It signifies the growing global integration of crypto markets and underscores the importance of regulatory compliance and investor protection.
As CoinDCX expands its footprint in the MENA region, users can look forward to a more robust and innovative crypto trading experience.
by k z | Jul 3, 2024 | Investment Analysis
The MENA region is experiencing a significant boom in its startup ecosystem, attracting growing investor interest. Here’s a breakdown of some key trends and investment opportunities:
Investment Trends:
- Surge in Venture Capital: Venture capital deployment in the MENA region has steadily increased, reaching over $2.58 billion in 2020 (source: STV) compared to $1.09 billion in 2017. This trend is expected to continue, with predictions of even higher investment levels in the coming years.
- Focus on Early-Stage Startups: While late-stage investments were more common in the past, VCs are now focusing on funding early-stage startups with high growth potential, as valuations might be more attractive.
- Increase in Consolidation: Experts predict an increase in mergers and acquisitions (M&A) activity as startups within the region mature and consolidate their positions in the market.
- Alternative Funding Options: Venture debt is gaining traction as an alternative financing option for startups struggling with traditional venture capital funding rounds.
Investment Opportunities:
Here are some of the hottest sectors attracting investor attention:
- Fintech: This remains a dominant sector with continued growth in mobile payments, digital lending, and insurtech solutions. (e.g., Tamara, Paymob)
- Ecommerce: The rise of online shopping is fueling the growth of e-commerce platforms and logistics startups. (e.g., Ejari)
- Healthtech: Increasing demand for accessible and affordable healthcare is driving investments in telemedicine, remote patient monitoring, and AI-powered healthcare solutions. (e.g., UDENZ)
- Edtech: The post-pandemic focus on education technology offers opportunities for startups developing online learning platforms and personalized learning solutions.
- Proptech: Digital solutions for the real estate sector, such as property management platforms and virtual reality tours, are gaining traction.
Considerations for Investors:
- Market Specificity: The MENA region is diverse. Understand the specific opportunities and challenges within each country you’re interested in.
- Regulation: Regulatory landscapes can vary across the region. Do your due diligence regarding regulations impacting your target sector.
- Talent Acquisition and Retention: Finding and retaining top talent within the region can be challenging. Evaluate a startup’s strategy for addressing this.
Investing in the MENA startup ecosystem comes with its own set of challenges, but the potential rewards are significant. By understanding the current trends and focusing on promising sectors, investors can capitalize on the exciting growth happening in this region.
by k z | Jul 2, 2024 | Startups News
Fueled by Innovation: Saudi Arabia’s leading edutainment platform, Jeel, has secured a significant seven-figure USD investment. This funding round, led by RZM Investments and prominent angel investors, injects vital resources into Jeel’s mission to empower learners across the Arab world.
Expanding Horizons: Founded in 2020 by Ahmed Sobaih, Jeel offers engaging and informative Arabic content for all ages. The new funding will propel Jeel’s growth strategy:
- Breaking Language Barriers:Jeel will expand by adding new languages, attracting a broader user base from diverse Arab countries.
- Entering New Markets: Furthermore, it plans to leverage the funding to enter new regional markets, solidifying its position as a leader in Arabic edutainment.
- Strengthening Partnerships: To further solidify their leadership, Jeel will use its innovative services to forge strategic partnerships with institutions and governments (B2B & B2G).
Enhancing the User Journey: Jeel prioritizes exceptional user experiences. A significant portion of the funding will be dedicated to:
- Continuously Improving the App: Jeel will consistently develop new features and refine the user experience to keep users engaged.
- Seamless Purchases:in order to boost revenue, it will launch a convenient online store for easy purchase of app products and services.
Jeel Investing in the Future:
This investment strengthens Jeel’s leadership in education, ensuring continued development of high-quality Arabic content for learners of all ages.
Jeel’s Path to Growth and Leadership
Consequently, Jeel’s dedication to innovation and user experience positions them for continued growth and leadership in the Arabic edutainment market. Next, their expansion plans promise to bring high-quality Arabic learning resources to a wider audience.
by k z | Jul 1, 2024 | Startups News
Iraqi food and last-mile delivery app Alsaree3 has secured a significant seven-figure Series A investment to fuel its growth and empower the country’s startup ecosystem. This marks a major milestone for both the company and the Iraqi tech scene.
Capitalizing on Craving:
Fueled by the surging demand for convenient food delivery in Iraq, Alsaree3 will leverage this fresh capital injection to expand its reach, enhance its services, and solidify its leadership position in the Iraqi food delivery market.
Strategic Investment Boosts Alsaree3 Iraqi Tech:
The funding round, led by Euphrates Ventures with participation from prominent investors like Snoonu and Iraq Venture Partners (IVP), highlights the growing confidence in Iraqi startups. Significantly, Snoonu, a major Qatari e-commerce player, joins the round, forming a strategic alliance. This partnership will combine Alsaree3’s local expertise with Snoonu’s advanced logistics technology, creating a powerful force in the regional market.
Rising Tide Lifts All Boats:
This investment underscores the immense potential of the Iraqi startup scene, attracting regional powerhouses like Snoonu. In turn, Alsaree3’s success will have a positive ripple effect across the Iraqi startup scene. Mohammed Khudairi, IVP General Partner, emphasizes their commitment: “We’re behind Alsaree3, a high-potential Iraqi startup, and will support their journey.” Their success paves the way for a new era of innovation in the country.
Industry Experts Applaud:
- Bassam Al-Ateia, Alsaree3 Founder, expresses his enthusiasm: “Partnering with a leader like Snoonu, while retaining existing investors’ trust, benefits everyone. This investment will significantly impact the Iraqi startup ecosystem.”
- Hamad Mubarak Al-Hajri, Snoonu Founder & CEO, adds: “We’re proud to support Alsaree3 and the Iraqi startup ecosystem. Together, we see immense growth potential for an Iraqi company to thrive regionally.”
- Geoffrey Batt of Euphrates Ventures remarks: “Alsaree3 is a true Iraqi success story. This round signifies not just investment, but a valuable technology exchange between Snoonu and Alsaree3.”
Alsaree3’s journey underscores the remarkable potential of the Iraqi tech sector. With this significant funding, Alsaree3 is poised to revolutionize food delivery in Iraq and inspire a new wave of innovation in the region.
