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.
17th June 2023 Startups Activities News
1. Saudi Shipping Gateway & Logistics Solutions Oto Expands Into the Turkish Market and Charts a New Phase in Its Strategic Growth.
OTO, the Saudi-based shipping gateway and logistics solutions, has announced its expansion beyond the Arab region into the Turkish market. OTO provides a platform that connects retailer and corporate sales channels with more than 200 local and international shipping companies to help them ship their goods quickly and easily; the platform allows its customers to synchronise orders from branches and warehouses automatically, automate the selection of shipping companies according to preset rules, print bills of lading, manage inventory, and get real-time reports and analytics to analyse performance. This expansion comes from Turkey’s significant position as one of the most essential and dynamic global economies, as OTO stated that the Turkish trade market is $ 23 billion and ranks 18th in the list of the largest e-commerce markets in the world. The company will benefit from this large market in charting a new growth phase in the Turkish market to help its customers successfully implement multiple channel strategies in the Middle East, North Africa and Turkey (MENAT) region.
2. Tenmou Angel Investment Achieves 600% Exit Revenues From 5 Bahraini Startups in Under Four Years.
Tenmou Angel Investment Company announced that it achieved exit returns from 5 Bahraini startups with profits of 600% on the principal investment amount in an average record period of fewer than four years. The total exit proceeds included Malaeb and Faceki, a secure application solutions provider, while the partial proceeds included Unipal, a student financial solutions app, Eat, which offers an online restaurant operating system; and The Collective Hub, which provides a co-working space for startups and freelancers. Established in 2011 with the participation of 16 Bahraini investors and some companies, including Alba and Bahrain Development Bank, Tenmou is a company that supports the funding and growth of startups.
3. Egyptian VC Firm Acasia Ventures Opens Its New Office in Lagos, Nigeria, to Expand Its Reach and Connect With Entrepreneurs on the African Continent.
Egyptian firm Acasia Ventures, the VC arm of Acasia Group, has opened its new office in Lagos, Nigeria, to expand its reach and connect with founders and stakeholders in new markets on the African continent. The company stated that the new office provides a platform to deepen its relationships in the general and West African markets through a personal presence in Nigeria. The company expects the new space to double its presence in the region, mainly since the office is located in the Impact Hub building of a global network of influential innovation incubators established and operated locally next to some accelerators, co-working spaces, and non-profit organizations. Acasia Ventures plans to leverage its presence in this environment and pave the way for its sister company Acasia Impact to work with companies in Nigeria to build customized programs for the entrepreneurship and innovation sector. The opening of the new office comes a few months after Acasia Group took an essential step in its regional expansion by establishing an office in the Dubai International Financial Centre (DIFC) and successfully achieving 13 startup investment deals, two of which are located in Nigeria.
4. Resal Digital Card Solutions Signs a Strategic Partnership With Arab National Bank to Enhance the Customer Experience and Provide Various Options for Rewards Program Members.
Resal, a specialist in digital card solutions, rewards and loyalty programs, announced that it had signed a strategic partnership with Arab National Bank, whereby the Arab National Bank Rewards program allows customers to earn points automatically when making purchases using bank cards, transfers, financing requests, paying bills and obtaining various banking services, as well as allowing the transfer of earned points to others or redeem them for cash through digital cards. Resal Carefer the agreement is a new addition to its strategic partnerships with banks, as it contributes to diversifying points redemption solutions within the Resal website and application across more than 600 brands, enhancing the customer experience and providing value-added solutions that offer various options to members of the rewards program by attracting more partners and diversifying options for redeeming reward points earned from daily banking operations.
5. Carefer Car Maintenance Solutions Announces the Launch of the First Cloud Workshop in Saudi Arabia to Provide Its Customers With High-Quality Services and Competitive Prices.
Carefer Car Maintenance Solutions announced the launch of the first cloud workshop in Saudi Arabia under the name (Carefer Cloud Workshop), through which it aims to provide high-quality services and competitive prices to its customers from individuals, companies and government agencies. Carefer stated that this step comes as part of its strategic plan to launch several cloud workshops aimed at improving the quality of services provided in the vehicle maintenance and repair sector and supplying spare parts by enabling service providers to launch virtual brands, expand their geographical scope at the lowest costs, in addition to allowing them to raise the efficiency of their services with a qualitative business model that serves the development of the sector and meets the various needs of customers. Carefer began operations in 2016 and currently operates with more than 1,700 service providers, as announced and serves individuals and businesses in 28 cities in the Kingdom to more than 300,000 users.
6. PayTabs for E- Payment Solutions Reveals That It Has Signed a Strategic Agreement With Modirum to Add a Secure Payment Solution in the Kingdom.
PayTabs for e-payment solutions revealed that it had signed a strategic agreement with Modirum that will culminate in the addition of a Modirum 3D Secure solution for secure payment for PayTabs services in the Kingdom, to be the first Saudi company to provide Modirum protection solutions that allow its merchant and bank partners to combat fraud using payment cards in compelling ways, especially since Mastercard, Visa, American Express, UnionPay and other payment card issuers approve Modirum 3D Secure solutions. According to the company’s press release, this agreement represents an important step towards achieving the Kingdom’s Vision 2030 to digitise the economy and payment system.
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 17, 2023 by Safiya K
