Welcome to our daily update for the latest developments and activities of startups in the Arab region. This brief will cover the latest news from the region’s vibrant startup ecosystem.
8th June 2023 Startups Activities News
1. Google Launches the Cleantech Startup Accelerator Program in the MEA to Strengthen the Presence of Environmentally Friendly SMEs in the Region.
Google has announced the commencement of its Cleantech Startup Accelerator Programme. The 10-week programme incubates firms still in the early stages of development and focuses on addressing climate change through technology in the Middle East and Africa. In-depth workshops and courses on product creation, business growth, and leadership development are included in the accelerator, and selected startups will benefit from Google Cloud’s specific technical expertise. This programme is run in collaboration with Google Cloud and is based on the premise that participants retain all intellectual property rights to their businesses. Joining the accelerator needs the firm to demonstrate some development in its business and to have an immediate product to build to help it expand with the direction of the top Google experts and through a range of activities based on physical or virtual presence, as well as individual and group mentorship courses.
2. Amazon Web Services FinTech Africa Accelerator Program Chooses 25 African Startups to Join the Inaugural Group to Support Fintech on the Continent.
The Amazon Web Services financial Africa Accelerator has chosen 25 African fintech startups to join its inaugural programme Startup Loft Accelerator offers. The programme is intended to work directly with CEOs and CEOs to provide them with resources like strategy, technology team management, product development, and assistance in preparing founders to cope with the complications of fundraising. Incubated businesses will begin participating in the 10-week programme in June. During that period, they will receive technical review sessions and workshops, funding up to $25,000 in technical credits, and personalised assistance and mentoring from essential industry players such as AFTS, Lendsqr, and Vestbee to assist them in building their businesses.
3. Oman’s Sharakah Joins UAE-Based Fintech Beehive’s Board as a New Investor to Develop SMEs Investment and Accelerate the Growth of the Corporate Economy and Facilitates Access to Funding.
Sharakah, an Omani SME developer, has joined the board of UAE-based fintech Beehive. Beehive, founded in 2014 by Craig Moore, offers a peer-to-peer (P2P) lending platform that connects companies seeking funding with investors, giving them faster access to low-cost financing. The new partnership for both companies will help accelerate the growth of the SME economy by facilitating access to finance. Since beginning operations in Oman six months ago, Beehive has helped finance SMEs with more than $5.19 million. Last month, the UAE’s e&Enterprise invested $35 million in Beehive.
4. HyperPay Payment Gateway announces its support for Mada Apple Pay Recurring Services for Merchants Within Its Secure and Convenient Options.
HyperPay, the Middle East and North Africa’s online payment gateway has launched frequent payment services using the range Apple Pay, allowing merchants to offer subscription services in secure and simple payment methods. This step demonstrates HyperPay’s dedication to providing merchants with innovative payment solutions and technology to help them stay competitive and grow their businesses by increasing sales and revenue through simple and convenient payment processes. This feature enables HyperPay merchants to provide subscription services to customers and reap the benefits of payment services via (Apple Pay recurring range), particularly for those who use subscription and membership features across their Apple devices, which will save payment information when updating their membership without the need to enter it again. On the other hand, their payment information is replaced with an encrypted identification code that holds confidential data, allowing retailers to process and accept payments while providing a secure and dependable means to manage recurring subscription payments. Effectively, HyperPay strives to help merchants improve their market competitiveness, attract more customers, and raise customer satisfaction by providing a simple and secure payment experience.
5. Sahem Launches Its Saudi Stock Exchange Data Platform to Help Investors Analyse Financially and Improve Their Investment Decisions.
Sahem has officially announced the debut of its platform dedicated to assisting investors and those interested in investing in the Saudi capital market, which will be based on daily data and updates on market activity as well as the most recent news from listed firms. According to Sahem, the platform was inspired by the need for integrated sources of information and data on the Saudi capital market to assist investors in financial analysis and decision-making. The platform allows displaying market movement and data of listed companies for more than ten years and comparing them with simple clicks, whether between the companies themselves or between different sectors, in addition to supporting them with customised benefits with reduced subscriptions, and Sahem indicates that it provides its services to all categories and commensurate with their needs through free and paid packages, each of which contains advantages corresponds to the platform’s benefits.
6. Global Startup Africa Selects Egyptian Agritech Startup Dajin as a Regional Winner for Its Innovative Technological Solutions and Applications in the Poultry Market.
The Global Startup Africa (GSA) Award has named the Egyptian digital startup Dajin as regional winner, allowing the platform to compete with over 8,000 entrepreneurs from around North Africa and represent Egypt in the continent’s finals. The company will be able to compete on a global scale and maybe acquire finance from the GIIGAfrica Fund. Dajin is one of the first artificial intelligence firms in the agricultural sector focused in the poultry market, founded by entrepreneur Mohamed Hisham, and the company provides technical solutions and applications and uses them in a pioneering and novel method in this industry.
That’s all for today’s funding update. Stay tuned for more updates on the MENA startup scene, and remember to subscribe to our newsletter or browse our archives for more news and analysis.
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Last Updated on June 8, 2023 by Safiya K
