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.
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by k z | Aug 5, 2024 | Startups News
by k z | Aug 1, 2024 | Market Trends
The GCC region’s Debt Capital Market (DCM) grew by 7% year-on-year, reaching $940 billion in outstanding debt by the end of Q1 2024. Saudi Arabia and the UAE are major contributors, holding 43% and 30% of the total DCM, respectively.
Significant Growth and Sukuk Dominance
Fitch Ratings, covering over 70% of GCC US dollar sukuk, reported that sukuk made up 40% of the DCM debt by the end of Q1 2024. In comparison, the remaining debt consisted of bonds. Furthermore, Fitch predicts that government debt issuances will likely increase due to expected lower oil prices, reduced interest rates, and ongoing efforts to develop and diversify DCMs.
“GCC countries have made significant progress in developing their DCMs. They now account for nearly a third of total emerging-market dollar issuances, excluding China,” said Bashar Al Natoor, Global Head of Islamic Finance at Fitch Ratings.
Divergent Trends Among GCC Nations
Saudi Arabia is actively expanding its DCM to address budget deficits. The country uses market issuances to stabilize finances. Meanwhile, the UAE is likely to continue issuing debt, despite having budget surpluses.
On the other hand, Qatar and Oman are contracting their DCMs as they prepare for major debt repayments in 2024. Additionally, Kuwait faces limitations due to the absence of a debt law. Similarly, Bahrain depends heavily on DCM access and GCC funding to manage its large deficits.
Future Outlook
Looking ahead, the GCC’s debt market is poised for further evolution. Regional fiscal policies and broader economic conditions will shape this development. Consequently, the DCM will remain crucial in shaping the financial landscape and supporting sustainable growth.
Stay updated with the latest financial trends by visiting KZAAD for more news and insights.
by k z | Jul 31, 2024 | Investment Analysis, Startups News
Educatly, a leading global higher education network, has successfully raised $2.5 million in its latest funding round. Notably, this round was spearheaded by TLcom Capital and Plus VC, with additional participation from Egypt Ventures and the HBAN syndicate from Ireland.
Expanding Reach in Middle Eastern and African Markets
This new investment not only strengthens Educatly’s presence in key markets across the Middle East and Africa but also sets the stage for significant growth. Specifically, the funding will support expansion efforts in Egypt, Saudi Arabia, the UAE, Nigeria, Kenya, and Ireland. Consequently, Educatly aims to enhance its role in connecting students with educational opportunities in these regions.
Bridging Educational Gaps with Advanced Technology
Launched in 2020, Educatly’s mission is to assist students in making informed decisions about their education. To achieve this, the platform provides comprehensive information on schools, universities, programs, and scholarships worldwide. Additionally, by leveraging advanced artificial intelligence (AI) and large language models (LLM), Educatly ensures the accuracy and relevance of the information it offers. Currently, the platform features over 1,100 universities across 90 countries.
Moreover, Educatly helps universities connect with prospective students, thereby streamlining the engagement process and broadening their reach. This dual focus on supporting students and engaging universities clearly distinguishes Educatly in the educational technology landscape.
Vision and Growth
Engineer Mohammed El-Sonbaty, Founder and CEO of Educatly, commented on the funding: “Today’s announcement marks a significant milestone for Educatly. Our goal from the start was to bridge the gap between students’ educational needs and available opportunities. Furthermore, this new investment reaffirms our commitment to our vision and strategic goals, particularly our plans to expand in Africa and the Middle East. We are excited to enhance our services and reach more students globally.”
Similarly, Abdelrahman Ayman, Co-Founder and Chief Operating Officer, highlighted: “This funding underscores the potential of educational technology in our region. Since our launch, we have focused on three main pillars: helping students choose their fields of study, finding ideal programs and universities, and connecting with students and alumni worldwide. Consequently, we aim to increase our reach to approximately 7 million students by the end of 2024, up from over 3 million today.”
Rapid Growth and Future Outlook
Educatly has experienced remarkable growth since its inception, including a notable $1 million pre-seed funding round in November 2021. As a result, this recent funding round will further accelerate its expansion and technological capabilities. Therefore, it reinforces Educatly’s mission to provide valuable educational resources and support.
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by k z | Jul 31, 2024 | Startups News
Egypt’s B2B platform, Cartona, recently raised an additional $8.1 million in a Series A extension round. Notably, Algebra Ventures led the funding, with ongoing support from existing investors Silicon Badia and the SANAD Fund for MSME.
This latest extension follows a previous $12 million Series A round, which was also led by Silicon Badia. Thus, this continuous investor confidence highlights Cartona’s strong position and significant growth potential.
Strategic Allocation of Funds
Specifically, Cartona plans to allocate $5.6 million of the new equity capital to drive growth across various verticals, including FMCG (Fast-Moving Consumer Goods) and HORECA (Hotels, Restaurants, Cafes). Consequently, the company aims to expand its market share, lay the groundwork for regional expansion in MENA, and explore promising B2B2C (Business-to-Business-to-Consumer) opportunities.
In addition, Cartona will use $2.5 million in debt capital from Camel Ventures and GlobalCorp to support local retailers. This debt, raised under competitive local terms, will help retailers access essential working capital, thereby boosting their operational efficiency.
Asset-Light Business Model
Furthermore, Cartona’s asset-light business model stands out in today’s inflationary environment. By keeping costs low and maintaining robust unit economics, Cartona demonstrates both resilience and scalability. The platform effectively connects retailers directly with wholesalers, suppliers, and FMCGs, thus simplifying distribution and improving stock management.
Transforming Egypt’s Traditional Trade Market
Moreover, Cartona’s platform supports various stakeholders in Egypt’s trade market, such as mom-and-pop stores, hotels, restaurants, cafes, FMCG companies, and wholesalers. With over 188,000 retailers and a presence in 17 Egyptian cities, Cartona is making significant strides in enhancing market efficiency and financial inclusion.
Retailers benefit from features like order pooling and inventory financing, which not only improve profit margins but also facilitate business growth. Importantly, Cartona’s scalable infrastructure serves 3,000 customers and demonstrates the model’s rapid growth potential.
Leadership and Investor Confidence
In this context, Mahmoud Talaat, CEO and Co-Founder of Cartona, expressed his enthusiasm about the successful fundraise: “We are pleased to complete a Series A extension from a strong position. Our positive operational and financial metrics have helped us attract capital from both existing and new investors. Consequently, we remain committed to transforming the traditional trade market and creating value for all stakeholders.”
Similarly, Omar Khashaba, General Partner at Algebra Ventures, praised Cartona’s efficient model: “Cartona has achieved strong growth and profitability, even amid economic challenges. Moreover, its asset-light approach offers scalable infrastructure that can be adapted to new markets. Cartona has also promoted financial inclusion in the retail sector.”
A Bright Future Ahead
As a result, Cartona’s recent funding round represents a key milestone in its mission to revolutionize Egypt’s traditional trade market. With a strong focus on growth, regional expansion, and financial inclusion, Cartona is well-positioned to replicate its success across the MENA region. The company is set to make trading more accessible for retailers and suppliers.
Stay updated on Cartona’s developments and strategic moves as it continues to lead the digital transformation in Egypt and beyond.
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