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.
by k z | Jul 29, 2024 | Startups News
Watermelon Ecosystem, a pioneering food and beverage (F&B) startup based in the UAE, has successfully closed a $4 million Series A funding round. As a result, this investment raises Watermelon’s valuation to $29 million and grants new investors a 13.8% shareholding in the company. Key investors led the round, with Daman Investments providing essential support as the exclusive Fundraising Advisor.
A Major Milestone for Watermelon Ecosystem
This Series A funding represents a significant milestone for Watermelon Ecosystem, following a successful seed round in 2022. Moving forward, the company will use the new investment to drive growth locally and regionally. Specifically, Watermelon plans to enhance its technology, expand its market presence, and strengthen its leadership in the F&B sector.
Strategic Investment for Future Growth
To achieve its strategic goals, Watermelon will allocate the $4 million investment towards scaling operations, developing advanced technology, and broadening market reach. Consequently, this funding will boost the company’s efficiency, transparency, and sustainability, thereby solidifying its industry leadership.
Omar AlShamsi, CEO of Watermelon Ecosystem, expressed enthusiasm about this new phase of growth. “We are thrilled to have the support of our investors and advisers as we embark on the next stage of our journey,” AlShamsi said. “This investment will enable us to scale our operations, improve our product suite, and continue delivering exceptional value in the F&B sector.”
Daman Investments: A Key Player in Watermelon’s Success
Moreover, Daman Investments played a crucial role in securing this funding round as the exclusive Fundraising Advisor. Their expertise in equity and debt financing has been pivotal for Watermelon Ecosystem’s growth. Therefore, this successful collaboration highlights Daman Investments’ commitment to supporting innovation and entrepreneurship in the UAE.
A Thriving Ecosystem for Innovation
The UAE’s strong infrastructure and forward-thinking policies create a supportive environment for growth and innovation. With substantial investments in technology and a conducive business climate, the region nurtures startups like Watermelon Ecosystem. As a result, the UAE continues to strengthen its position as a hub for entrepreneurial excellence.
Looking Ahead
In conclusion, Watermelon Ecosystem’s recent funding milestone underscores its potential impact on the F&B industry. By leveraging this investment, Watermelon will expand both locally and regionally, driving innovation and contributing to the UAE’s vibrant startup landscape.
Stay tuned for more updates on startup Ecosystem’s journey and the latest developments in the MENA startup scene.
by k z | Jul 10, 2024 | Investment Analysis
The startup ecosystem in the Middle East and North Africa (MENA) region is experiencing a remarkable transformation. June 2024 witnessed an investment influx of $116 million, propelling the total funding for the year to an impressive $882 million. Despite a noticeable dip from May’s figures, this June marked a significant year-on-year growth, showcasing the resilience and potential of MENA startups.
June 2024 Investment Highlights
- Total Investment: $116 million
- Number of Startups: 38
- Month-on-Month Drop: 59% (from $282 million in May)
- Year-on-Year Increase: 182% (compared to June 2023)
Regional Leaders of investment
UAE: Driving the Momentum
Firstly, UAE-based startups led the charge, securing 71% of the total June investments. This amounted to $82.5 million spread across 15 deals. The UAE continues to be a beacon of innovation and entrepreneurship, attracting substantial investor confidence.
Egypt: Steady Progress Amid Challenges
Secondly,Egyptian startups followed, raising $15 million across four companies. Despite the ongoing economic challenges, Egypt’s entrepreneurial spirit remains undeterred, contributing significantly to the region’s startup landscape.
Saudi Arabia: Emerging Strong
Thirdly, Saudi startups garnered $13.5 million across seven initiatives, reflecting the country’s growing focus on fostering a vibrant startup ecosystem. With supportive policies and a burgeoning tech scene, Saudi Arabia is poised for continued growth.
Year-to-Date Performance
- Total Funding (2024): $882 million
- UAE’s Share: Over half of the total funding
- Saudi Arabia’s Contribution: $300 million
- Egypt’s Funding: $83 million (an 80% year-on-year drop)
Analysis and Insights
The Impact of Economic Conditions
The investment landscape in MENA is not immune to global and regional economic fluctuations. Egypt’s significant year-on-year decline highlights the sensitivity of startup funding to broader economic health. Conversely, the UAE’s robust performance underscores the importance of stable and supportive business environments.
The Tech Boom
The tech sector continues to dominate MENA’s startup scene. The 38 tech startups that raised funds in June exemplify the region’s growing prowess in technology and innovation. This trend aligns with global shifts towards digital transformation and technological advancement.
Future Prospects
The MENA startup ecosystem holds immense potential. With ongoing governmental support, increasing investor interest, and a vibrant entrepreneurial culture, the region is well-positioned for sustained growth. However, addressing economic challenges and fostering a conducive environment for startups across all sectors will be crucial.
Conclusion
June 2024 was a pivotal month for MENA startups, marking a significant year-on-year investment increase despite a month-on-month dip. The UAE, Egypt, and Saudi Arabia continue to lead the regional startup scene, driving innovation and attracting substantial investments. As the year progresses, the MENA region’s startup ecosystem is set to achieve new heights, contributing to economic diversification and technological advancement.
Call to Action
Stay tuned for more updates on MENA’s dynamic startup ecosystem. Follow our blog for the latest insights and trends shaping the future of entrepreneurship in the Middle East and North Africa .
by k z | Jun 11, 2024 | Startups News
Founded by former Talabat employees, Growdash collaborates with over 300 restaurant brands, spanning 4,000 locations.
UAE-based marketing technology startup Growdash has secured $1.8 million in seed funding. This funding round was led by Oryx Fund, a MENA-focused investment fund, and Oraseya Capital, the venture capital arm of the Dubai Integrated Economic Zones Authority (DIEZ).
Growdash’s Mission
Founded by Sean Traviskis and Enver Sorkun, former employees of Talabat, Growdash aims to provide advanced marketing solutions for restaurants. The platform helps marketing and operational teams build, execute, and manage growth strategies across digital sales channels. Moreover, the company collaborates with over 300 restaurant brands, spanning 4,000 locations in the UAE, Kuwait, and Qatar.
Funding Round Details
Both debt and equity investors participated in this round, showing strong confidence in Growdash’s business model. Enver Sorkun, CXO of Growdash, stated, “With our seed financing, we will accelerate our product roadmap, focusing on machine learning and building innovative features aligned with our methodology: insight, decision, action.”
Expanding Reach and Services
With the new funding, Growdash plans to scale its operations and, consequently, reach more restaurants across emerging markets. Additionally, Sean Traviskis, CEO of Growdash, mentioned, “We will open our technology to restaurants in Saudi Arabia later this year and, furthermore, seize the first-mover opportunity in Central Eastern Europe.”
Bridging the Financial Inclusion Gap
Growdash is committed to bridging the financial inclusion gap for restaurant businesses. By offering advanced analytics and business intelligence tools, the platform empowers restaurants to manage their growth efficiently. This financial inclusion is essential for empowering businesses and fostering economic growth in these regions.
Future Prospects
The future looks bright for Growdash as it continues to innovate and expand its services. Additionally, the company plans to introduce features such as investment options, financial planning tools, and additional currency accounts. With this funding, Growdash is well-positioned to become a leading marketing technology provider in the region.
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by k z | Jun 10, 2024 | Investment Analysis
In 2023, UAE startups secured a remarkable $353 million in debt funding, marking a significant 222% year-over-year increase. This surge in funding highlights the growing investor confidence in the UAE’s innovative and dynamic startup ecosystem.
Factors Contributing to Growth
Investor Confidence: The substantial increase in debt funding reflects strong confidence from investors in the UAE’s startups. Favorable economic policies, a strategic location, and a vibrant tech landscape have attracted significant investment.
Government Support: The UAE government has implemented supportive policies and initiatives to foster innovation. Programs aimed at boosting entrepreneurship and making it easier for startups to access capital have created a conducive environment for business growth.
Sectoral Diversity: The funding has spread across various sectors, including fintech, healthcare, e-commerce, and real estate. This diversity indicates a healthy startup ecosystem capable of attracting substantial investments.
Impact on the Startup Ecosystem
The influx of debt funding will accelerate the growth of startups in the UAE. It enables companies to scale operations, invest in new technologies, and expand their market reach both locally and internationally. The diversity of sectors receiving funding showcases the robustness of the UAE’s startup ecosystem and its capacity to attract significant investments.
Looking Ahead
The future looks promising for UAE startups with the increased availability of debt funding. As more investors recognize the potential of the region’s innovative ventures, the ecosystem will likely continue its upward trajectory. This financial boost will allow startups to drive technological advancements, foster entrepreneurship, and contribute to the overall economic growth of the UAE.
In conclusion, the $353 million in debt funding secured by UAE startups in 2023 is a testament to the region’s thriving entrepreneurial spirit and the growing trust of investors. This significant financial influx will undoubtedly catalyze further growth and innovation, solidifying the UAE’s position as a leading hub for startups in the MENA region.
catalyze further growth and innovation, solidifying the UAE’s position as a leading hub for startups in the MENA region.
