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.
13th June 2023 Startups Activities News
1. Flat6Labs Riyadh Accelerator Graduates 10 Startups in the First Cohort of the Riyadh Seed Funding Program, Each Funded With $133K.
Flat6Labs Riyadh accelerator graduated the first cohort of the Riyadh Seed Program, which included ten startups, each receiving $133K. The ten graduating portfolio companies showcased their innovative products, solutions and high growth potential to investors, government employees, mentors and critical players in the ecosystem, and the final demo day of the program included introducing the possibility of incubated companies in various technology-based sectors such as e-commerce, proptech, fintech, edtech, media, entertainment, and SaaS for enterprises. The Riyadh Seed Program is funded with a total amount of $20 million, providing startups with entrepreneurship training, strategic mentorship and one-on-one sessions focusing on commercial, administrative, financial and legal hubs for four months, which build the skills and capabilities of startups to develop and expand their business and facilitate their regional expansion through the expertise of Flat6Labs offices.
2. Greek Campus and Cairo Workspace Provider MQR Sign a Merger Agreement to Establish Egypt’s Largest Community of Entrepreneurs.
GreeK Campus and Cairo-based workspace provider MQR have announced a definitive merger agreement to establish Egypt’s largest community of entrepreneurs. The two brands will continue to operate independently under central leadership. The merged entities have a combined commercial area of more than 50K square metres across Egypt and a total resident community of more than 3,500 members representing more than 450 companies. The new community is also set to offer robust and streamlined services through a unified online platform expected to launch in 2024, enabling associate members to search and book venues for events and enjoy exclusive benefits and privileges.
3. UAE FinTech Platform Foo Launches Customizable Travel Card Service to Enable Its Customers to Purchase Internally and Externally in a Seamless and Efficient Process.
The UAE fintech platform FOO announced the launch of a customisable travel card service to enable its customers to purchase internally and externally smoothly and efficiently. The new service includes a prepaid card issued by the platform upon request, which can be charged from anywhere and at any time, in addition to applying an e-wallet that provides sub-wallets dedicated to various foreign currencies. The company’s statement explained that the platform’s agreement with partner banks might allow customers to enjoy additional features such as cash withdrawals from ATMs and others. Customers can instantly transfer funds from their primary bank accounts to their prepaid travel cards, and the attached app will allow them to manage their digital wallets, monitor their expenses, and switch between currencies at inexpensive exchange fees.
4. Saudi E-Commerce Company Zid Unveils the Mazeed Platform, Which Enables Its Customers to Access Various Products Without the Need to Move Between Different Electronic Stores.
Saudi Zid E-Commerce Company revealed the official launch of the Mazeed platform, which displays products from various Zid merchants in one place so that the shopper can access multiple products without the need to move between stores and follow the outcomes of each of them separately, thus providing more than a shopping experience similar to shopping from platforms such as Amazon and Noon, where products from all merchants appear in the same place, which will help merchants sell their products in a better way without the need for the final shopper to reach their stores Directly, which expands the customer segment. Zid announced that the number of downloads of the Mazeed application since its initial launch exceeded half a million downloads, and it currently provides access to more than two million local products and 8,000 merchants.
5. Saudi Business Marketing Sweply Launches the Treepixel Platform, Which Makes It Easy for Business Owners and Online Stores to Share All Their Product Links on One Web Page for Free.
Saudi Arabia Sweply for Business Marketing has launched the Treepixel platform, which makes it easy for business owners and online stores to share all their product links on one web page for free, as Treepixel allows users to create their web page and share links to products and associated platforms such as websites, store accounts, their whereabouts on Google Maps, contact and social media platforms to display and organize them in one place. Treepixel aims to enable entrepreneurs and e-store owners to launch links In the form of a free website that facilitates the creation and launch of marketing campaigns on social networks. Sweply says it helps more than two thousand business owners promote their businesses regardless of their marketing experience.
6. Saudi Company Jisr Has a Memorandum of Understanding With Tawuniya Insurance Company to Provide Employee Insurance and Human Resources Management Services.
Saudi Jisr Company announced signing a memorandum of understanding with Tawuniya Insurance Company to provide employee insurance services through the Jisr Human Resources System, which serves companies and facilitates their work in human resources management. Jisr stated that this cooperation is the first of its kind in the Kingdom and comes as an extension of the projects in which it focuses on expanding the scope of its services by linking services related to human resources such as banks, government platforms and insurance services, to help medium and small companies on digital transformation, as Jisr seeks to provide services that raise productivity and improve the customer experience digitally in light of its service to more than 3,000 companies and more than 280,000 employees in the Kingdom of Saudi Arabia. It is worth noting that Tawuniya Insurance has launched the 2025 strategy that puts the customer experience at the centre of its attention. This partnership comes to activate the role of technology in every part of the customer’s journey to obtain the best health services according to the highest standards, which qualifies it to achieve its vision to be the largest insurance company in the Middle East and North Africa.
7. UAE-Based Astra Tech Group Launches B Store Platform, the First AI-Powered Store to Showcase the Actual Possibilities of Automated Shopping.
Astra Tech Group UAE, the leading consumer technology group in the (MENA) region, has announced the launch of B-Store, the first AI-powered store platform to showcase the actual possibilities of automated shopping. The new store introduces an innovative retail concept and redefines the UAE’s shopping experience by speeding up payment processing and streamlining payments. The company has equipped the store with the latest artificial intelligence and cloud integration technologies to provide a seamless and fully automated shopping experience that allows shoppers to pay for their purchases using facial recognition technology and the integration of facial recognition technology to make payments in the self-operating store is a unique offering, highlighting Astra Tech’s commitment to expanding its portfolio of services and enhancing technologies that provide convenience to its customers.
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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