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.
28th August 2023 Startups Activities News
1. Google in Partnership With the Learning Platform Udacity and NGO Spark Launches a New Program to Enhance the Digital Skills of Palestinian Entrepreneurs and Youth.
Google recently announced its new digital skills enhancement program for Palestinian entrepreneurs and youth, which will be managed by both the online learning platform Udacity, which focuses on talent development, and the NGO SPARK, which works to provide young people with the tools to succeed. The program, which will run until 2026, came to enhance the skills of 3,500 Palestinians in the West Bank, Gaza, and East Jerusalem and is based on three pillars: capacity building, mentoring, and job creation. It is worth noting that in March 2022, Google launched a $10 million initiative to target Palestinian app developers, graduates, and tech entrepreneurs, and the program, in its first edition in 2023, enrolled about 650 students, almost half of whom were women.
2. Endeavour Egypt and GIZ Egypt Launches XceleRise to Back Sustainable Startups Access Capital and Expand Into the Market.
On behalf of the German government, Endeavour Egypt and GIZ Egypt have launched the XceleRise program to back sustainability-promoting startups access capital and expand in the market; this 15-month program is specifically designed to provide aspiring entrepreneurs with industry knowledge and market insights and connect them with a strong network of relationships to successfully scale their operations internationally and increase the capital of their startups. The XceleRise program provides a unique opportunity for entrepreneurs to leverage Endeavour’s global network of mentors, investors, and leading industry experts, giving participants the tools and strategies to overcome the complexities of international expansion and maximize their growth potential. This program is based on three main pillars: fundraising strategies, guidelines for market expansion, and networking to create relationships and engage stakeholders. The program focuses on essential sectors, in particular green buildings, waste management, renewable energy, sustainable transport, agriculture, and water management, to support companies that are driving the emergence of competitive ventures and job creation in environmental technology and related sectors such as fintech, education technology, health technology, logistics and smart cities that promote fair supply chains and sustainable transformation of global supply chains. The first course of the XceleRise program begins in October 2023, and those interested in the program can submit their applications via the following link: https://endeavoreg.org/xcelerise-program-form/
3. Leading Fintech Company valU Announces a Strategic Change in Its Plans Including a Rebranding and Competitive Position.
ValU has announced a strategic change that includes a change in its brand and competitive position, which reflecting valU’s transformation from being a consumer finance company and one of the largest providers of (BNPL) solutions, to a comprehensive financial services technology organisation that offers a range of integrated and diversified financial solutions and products. In light of this change, valU has also integrated Paynas’ products and services under its brand, and B2B services are now offered to businesses under the valU Business name. It is worth mentioning that the following programs will operate under the umbrella of valU’s new state-of-the-art brand, where all Buy Now and Pay Later (BNPL) services will be offered under the new brand name U, which offers easy financing plans and programs up to 60 months through the following names: Shaa’labaz, Maa’k, Family, Alter, Business, Akeed, Flip and Invest. This strategic rebranding step is part of the company’s renewed commitment to strengthening team capabilities, increasing reach, and maximizing positive feedback in the financial services technology sector. The new valU brand embodies the values of responsibility, innovation, speed, and flexibility, and a dedication to customer service to the highest standards. The strategic rebrand reflects the company’s transformation, reinforcing its position as a leading provider of all-new financial technology in the Egyptian and regional markets.
4. Glamera Starts Glamera Pay Services After Obtaining a Soft POS Permit From Saudi Payments.
Glamera, a leading technology company in the beauty and care sector, announced that it had obtained a permit to provide point-of-sale services (SoftPOS) from Saudi Payments, which will lead to the launch of Glamera Pay services, strengthen its position and contribute to providing seamless and convenient payment solutions to its customers in the Saudi market, as well as opening new horizons for growth and providing a unique customer experience in this field. Glamera Pay will drive the company’s expansion efforts in the Saudi market by providing secure and seamless payment solutions, enhancing customer confidence and convenience, meeting the needs of a broader customer base in the Kingdom, and opening the way for multiple strategic partnerships. Since launching Glamera in 2020 as a technology provider, the company has evolved into a strategic partner for its more than 2,000 clients in 7 countries and closed its seed funding round in September 2022 led by Techstars and with the participation of RAI, 100 Ventures, Lucrative Ventures, Oqal, and some angel investors.
5. Medical Tech CliniDo Wins EGP 250k and Qualifies for the Egyptian Forsa TV Program Finals Which Support Startups.
CliniDo, a startup for medical technology, won during the Forsa program’s semi-finals and climbed to the finals of the program’s second season, which supports startups. During the semi-finals of the program, CliniDo challenged 3 companies and won a prize of 250 thousand Egyptian pounds. It was also selected among the top 30 startups in Egypt after its project submitted to the program received the highest percentage of votes from the jury. It is worth noting that CliniDo is an Egyptian company founded in 2020 in Assiut by Wael Soliman, Mina Shawky, and Haitham Essam at the beginning of the COVID-19 pandemic. However, the startup succeeded in obtaining significant funding that enabled it to reach more than 9,000 healthcare providers in Egypt since its inception, which helped it serve more than 350,000 patients in just 3 years of its establishment.
6. The Region’s Leading Mobility App Careem Enables School Transportation Service in the UAE Saving Up to 40% on Student Transportation Costs.
Careem, the region’s leading mobility app, has announced the availability of school transport in the UAE, allowing up to 40% savings on school transportation costs. Careem has completed more than 3,600 trips since the service’s launch earlier this year, with more than 70% of customers who tested the service repurchasing the relevant packages. Careem School Transport allows parents of children living in Dubai to avoid traffic congestion during the morning without the cost of hiring a private driver, so children get to school faster than the time it takes for school buses. Careem School Transport Packages include 40 trips, valid for three months. They can be updated anytime to give customers more flexibility to coordinate trips according to their schedule, public holidays, and weekends. These packages are not subject to peak pricing conditions and remain fixed regardless of demand, saving up to 40% on trips compared to standard bookings.
7. Axiom Space Raises a $350 Million Series C Round Led by Saudi Arabia’s Aljazira Capital to Develop a Commercial Space Station.
Axiom Space has closed a $350 million Series C investment round led by Saudi Arabia’s Aljazira Capital and the participation of Boryung Healthcare and a group of investors. This funding raised the value of the company’s investments so far to $ 505 million, becoming the second most invested space solutions company in 2023 after SpaceX, and the company said in its statement that it had concluded contracts worth more than $ 2.2 billion with some parties, including NASA. Founded in 2016, Axiom Space is developing technologies to enable humans to travel to space and train astronauts on private premises. The company signed a $1.26 billion partnership with NASA, allowing it to employ technologies to develop space jackets for use on the moon. The company is focusing its current efforts on developing a commercial space station after winning an exclusive mandate from NASA to link its first module to the ISS to build the Axiom station, which will be ready to separate from the ISS by 2031 to operate autonomously.
8. Digital Travel Solutions Platform FlyAkeed Closes a $15.2 Million Series A Round Led by Sanabil Investments to Expand Its Services in the Region.
FlyAkeed, a digital travel solutions company, has announced the closing of a $15.2 million Series A investment round led by Sanabil Investments, owned by the Saudi Public Investment Fund (PIF), with the participation of Elm, Artal Capital and Al Rajhi Partners. FlyAkeed was founded in 2017 by Bassam Al-Mohammadi to provide a platform that helps individuals quickly book airline tickets while providing additional benefits to build a good customer base. The company developed a solution for companies and individuals that provides a drive for corporate reservations of all sizes. FlyAkeed currently provides travel management solutions for companies and their employees and works to link the travel policies of companies so that the traveler books through the application and then obtains approval automatically or through the travel manager with ease, which enables travel managers to manage and monitor all employee reservations through the platform directly, in addition to managing and automating all policies and rules offered to departments, employees, and guests. This round will expand FlyAkeed’s services in the region in addition to Saudi Arabia and the GCC. The startup will explore more fintech solutions to improve the passenger experience and support businesses in enhancing business travel cost management.
9. Emirati Robotics Company Maxbyte Raises a $5 Million Series A Round Led by e& Capital in Preparation for Its Geographic Expansion.
Emirati robotics company Maxbyte has closed a $5 million Series A investment round led by e&Capital. Founded in 2016, the startup provides its services in robotics and automation solutions within the directions of the Fourth Industrial Revolution with its contents of digital transformation, industry automation, technology development, and data exchange. Maxbyte’s operations cover the defense, automotive, utilities, and food and beverage industries. Maxbyte will use the new funding to strengthen its sales team, improve its go-to-market strategy, and scale projects across geographies and new sectors.
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.
Follow us on Instagram, LinkedIn, and Twitter for startup & business news and inspiring stories of MENA businesses, entrepreneurs, startups, innovators, investors, and change-makers.
To report any issue or error in the story, please email us editor [at] rasmal [dot] com.
