by admin | Oct 11, 2024 | Startups News
OCTA, a UAE-based fintech startup, raised $2.25 million in its pre-seed funding round. The round was co-led by Quona Capital and Sadu Capital, with participation from Sukna Ventures, Plus VC, 500 Global, and notable angel investors like Pawel Iwanow and Dom Monhardt. OCTA aims to simplify payment collections for small and medium-sized enterprises (SMEs), improving cash flow management and easing the pain of accounts receivable.
Addressing Cash Flow Challenges for SMEs
Founded in 2024 by Jon Santillan, Nupur Mittal, and Andrey Korchak, OCTA focuses on solving late payment issues. In the UAE, 60% of B2B invoices are paid late, with businesses spending an average of 40 days chasing overdue payments. These delays put a strain on SMEs trying to manage cash flow.
According to Santillan, collecting payments is not just a finance issue but a business problem. Late payments, managing multiple invoicing tools, and debt recovery slow business growth. OCTA’s platform automates payment collections to reduce these challenges.
How OCTA Works
OCTA automates the payment collection process. The platform syncs with a business’s accounting software, tracks invoices, and assigns collection scores to customers. It also manages reminders and follow-ups, offering financing options if needed. In cases of disputes, OCTA checks contracts to avoid unnecessary delays.
By automating these processes, OCTA allows businesses to focus on growth instead of chasing payments. This improves cash flow and unlocks liquidity, which is crucial for business expansion.
Expanding into Saudi Arabia
it has also expanded into the Saudi market. Since its launch, the platform has facilitated over $28 million in receivables. Companies like Careem, Lean Technologies, Ogram, Money Hash, and Gameball use OCTA to streamline their payment collections.
Santillan emphasized the company’s goal: “We are building a global company from the Middle East to revolutionize how businesses manage cash flow.”
Investor Confidence in OCTA
Investors see strong potential in OCTA. Monica Brand Engel, co-founder of Quona Capital, highlighted that OCTA’s AI-driven platform helps businesses focus on growth. Similarly, Qusai AlSaif of Sadu Capital pointed out that the startup addresses a critical pain point for SMEs by simplifying accounts receivable management.
Future Plans
OCTA plans to use the pre-seed funding to expand its offerings and reach. The company is positioned to transform how SMEs handle cash flow, turning receivables into growth capital.
As Santillan said, “This round is just the beginning. We’re helping businesses collect payments faster, so they can focus on growing.”
by admin | Oct 11, 2024 | Startups News
Dubai-based dropshipping platform 4Partners has raised $3.6 million to expand its services across the UAE. This funding will drive the company’s regional growth and enhance its e-commerce solutions. As demand for dropshipping increases, 4Partners aims to simplify online store launches by providing seamless logistics and a cloud-based IT infrastructure. Entrepreneurs can now focus on sales and brand growth, leaving stock management behind.
Streamlined Dropshipping for Business Success
4Partners connects businesses to over 7 million branded products from 753 suppliers globally. It eliminates the need for bulk purchasing and complex inventory management. The company’s warehouses in the UAE, USA, Germany, Turkey, and China offer cross-border shipping and efficient logistics. This setup helps businesses scale quickly without operational headaches.
The platform allows businesses to launch e-commerce stores without coding skills or upfront investments. Automated shipping, product sourcing, and IT infrastructure handle logistical challenges, freeing entrepreneurs to focus on marketing and growing their online stores.
Expanding in a Growing MENA E-Commerce Market
The MENA region’s e-commerce market is projected to hit $50 billion by 2025, with the dropshipping sector growing at a 17.9% CAGR from 2024 to 2030. Increasing consumer demand for diverse and accessible products is driving this growth. 4Partners’ expansion aligns with this demand, positioning the company to meet regional market needs.
Aleksandr Betra, CMO of 4Partners, stated, “We are excited to launch in the UAE and offer an e-commerce solution that empowers businesses. Our platform simplifies logistics and inventory management, allowing our partners to focus on selling and growing their brands.”
Leveraging Mobile Commerce
4Partners integrates with Shopify, allowing businesses to leverage mobile commerce. In 2023, mobile commerce generated $1.7 trillion in global sales, accounting for over half of retail e-commerce sales. This feature helps businesses reach more customers and increase sales by tapping into the mobile-first shopping trend.
A Game-Changer for UAE E-Commerce
Launched in 2023, 4Partners is reshaping e-commerce in the MENA region. Its dropshipping solution is ideal for small and medium-sized businesses, providing tools that help them compete in a growing market.
As the dropshipping industry grows, 4Partners’ recent funding reflects confidence in its potential to lead in MENA e-commerce. By focusing on logistics automation, global product access, and mobile integration, 4Partners provides businesses with everything they need to succeed—without the common challenges of running an online store.
by admin | Oct 2, 2024 | Startups News
UAE-based podcast platform Podeo has raised $5.4 million in a Series A round. The funding was led by Oraseya Capital, with additional investors such as Ibtikar Fund, Cedar Mundi Ventures, Samarium, iSME, and Razor Capital. Founded in 2020 by Stefano Fallaha, Anthony Essaye, and Mario Hayek, Podeo helps podcast creators distribute and monetize their content more effectively.
Expanding into Emerging Markets
Podeo will expand into emerging markets, including Latin America, Eastern Europe, and Southeast Asia. As podcasting grows rapidly, discoverability has become a major challenge for creators. To address this, they offer innovative distribution beyond traditional apps. For instance, its platform integrates with radio stations, airlines, ride-hailing services, and messaging apps.
An All-in-One Solution
they provide a comprehensive platform for podcast creators. It simplifies the process from content creation to monetization. Currently, Podeo supports more than 100,000 creators and connects them to a global audience of over 50 million listeners. This unique model helps creators reach wider audiences while also optimizing their ad revenue.
Driving Podcast Growth in MENA
In the MENA region, it has transformed the podcast landscape. In just two years, it increased podcast availability by 50X. As a result, creators have seen monthly audience growth rise by an average of 166%. The platform’s tools for monetization and audience engagement have made it a popular choice. For instance, Mo Islam, host of The Mo Show, credits Podeo for boosting his podcast’s visibility and growth.
Future Plans and Vision
With the new funding, Podeo plans to enhance its AI capabilities and improve its tools for creators. Stefano Fallaha, CEO of Podeo, expressed excitement about the company’s future. He stated, “We aim to empower creators to become global audio stars.” This investment will help Podeo expand quickly across emerging markets, ensuring diverse voices are heard worldwide.
Why Podeo is Unique
Podeo stands out for solving podcast discoverability problems. By offering a wider distribution network and effective monetization tools, changing the way podcasts reach audiences. As podcasting continues to grow, they are positioned to be a leader in the industry, helping creators succeed on a global scale.
by admin | Sep 17, 2024 | Startups News
by admin | Sep 16, 2024 | Startups News
Hub71, Abu Dhabi’s premier global tech ecosystem, has proudly welcomed 21 new startups into its 15th cohort. Consequently, this expansion brings the total number of supported ventures to an impressive 243. Collectively, these startups have raised a remarkable $134.9 million, thereby further strengthening Abu Dhabi’s reputation as a leading global tech hub.
A Diverse Global Selection
The latest cohort was meticulously chosen from over 1,228 applications. Interestingly, this group includes 17 international startups from countries such as the USA, UK, France, and Germany. Moreover, these companies are celebrated for their innovative approaches and significant growth potential. Among the notable additions are:
- EpiBone, a US-based HealthTech firm, which has successfully raised $43 million. This company is at the forefront of pioneering tissue engineering solutions.
- Partanna Oasis, a ClimateTech company co-founded by NBA legend Rick Fox. This firm has secured $26 million for its cutting-edge carbon-negative concrete technology.
- Greengage, a UK-based Web3 FinTech company with $10 million in funding. Notably, this firm is set to join Hub71+ Digital Assets.
By establishing operations in Abu Dhabi, these startups will undoubtedly contribute to the city’s burgeoning tech ecosystem, thereby reinforcing its status as a top destination for entrepreneurial growth.
Driving Innovation Across Multiple Sectors
The 21 startups in this cohort span seven critical sectors, including FinTech, ClimateTech, HealthTech, EdTech, and Mobility & Logistics. As a result, their work aligns seamlessly with Abu Dhabi’s strategic goals for economic development and sustainability. Importantly, over half of the startups in Cohort 15 are at the Seed and Series A stages. This fact highlights Hub71’s significant role in nurturing and scaling early-stage ventures.
Key Sectors in Cohort 15:
- FinTech: For instance, Greengage is leading the charge in digital assets, which further supports Abu Dhabi’s growing influence in this field.
- ClimateTech: Additionally, seven startups, including Partanna Oasis, will be joining Hub71+ ClimateTech. These startups focus on delivering innovative sustainability solutions.
- HealthTech: Furthermore, EpiBone’s advanced technologies address critical health challenges on a global scale, enhancing Abu Dhabi’s health innovation sector.
- Mobility & Logistics: Not to mention, Autone, a US-based logistics company, has raised $4.8 million to improve inventory management systems.
Hub71’s Expanding Influence
Hub71 continues to play a pivotal role in supporting high-potential startups. By providing them with access to valuable investments and essential resources, Hub71 is effectively accelerating their global impact.
Ahmad Ali Alwan, CEO of Hub71, remarked:
“Cohort 15 features an array of pioneering startups that are well-positioned to make significant contributions to Abu Dhabi’s innovation ecosystem. By facilitating investment opportunities and expanding market reach, Hub71 is accelerating their transformative impact on a global scale.”
Additionally, Hub71+ ClimateTech now supports a total of 12 startups committed to advancing sustainability. One of the newest additions is Plenesys, a French company that recently raised $3 million for its CO2-free hydrogen solutions.
Moreover, five startups will join Hub71+ Digital Assets, increasing the total number in this sector to 22. This expansion underscores Abu Dhabi’s growing leadership in digital transformation and blockchain technologies.
Conclusion: Abu Dhabi’s Growing Global Influence
In conclusion, the inclusion of 21 startups in Hub71’s 15th cohort further illustrates Abu Dhabi’s expanding influence as a global tech hub. With companies spanning diverse sectors such as ClimateTech and HealthTech, Hub71 is significantly contributing to the city’s economic resilience and sustainable growth.
For the latest updates on Hub71 and Abu Dhabi’s tech scene, be sure to visit kzaad.com.