Welcome to our daily funding update for MENA startups. This brief will cover the latest funding news and investments from the region’s vibrant startup ecosystem.
1st November 2023 Funding and Investment Update
1. Core Vision Investment Acquires a Stake in the Chairman Group to Support Business and Investment.
Core Vision Investment has unveiled the acquisition of a stake in The Chairman Group, which focuses on empowering executives by building their brands, noting that the partnership is a significant opportunity to enhance their capabilities and achieve joint success in the field of business and investment, and is expected to contribute to promoting innovation and developing promising industries, which will contribute to strengthening the local economy and achieving progress and sustainable growth. Core Vision has invested in over 70 projects operating in 13 sectors and says it has invested more than $7 million in investments, with an investment portfolio of over $40 million. During the ceremony, it launched its new identity aimed at serving the field of venture investments and building quality partnerships with competent stakeholders. The Sherman is a holding company with 5 companies based in Riyadh and Jeddah in Saudi Arabia. It focuses on providing solutions to empower companies and executives through building personal brands, as it established the first personal brand agency for executives to serve more than 35 specialties, in addition to building corporate branding, strategy building, partnerships and advisory services, providing technical solutions using artificial intelligence, and holding innovative executive events. According to the two companies, the association is expected to enhance their growth and development opportunities, expand and acquire existing companies in the field of identity industry, marketing and creative services to develop their capabilities and develop promising projects through the exchange of experiences and knowledge to achieve their common goals and develop economic development and innovation in the Kingdom of Saudi Arabia.
2. Deep Tech Startup Xpanceo Secures $40M in Funding Led by Opportunity Ventures to Launch the First Contact Lenses With Augmented RV Features.
Deep-tech startup XPANCEO raised $40 million during a funding round led by Opportunity Ventures to launch the first contact lenses with augmented reality vision features. The startup succeeded after several attempts by other companies to design smart lenses created by the XPANCEO team and released three separate prototypes that can have night vision, zoom in and out, real-time health monitoring, and the ability to see video content and graphics in Augmented reality. The company has stated that it will introduce the first comprehensive prototype by 2026. Founded by Ukrainian scientist Valentin Volkov, entrepreneur, and Roman Axelrod, XPANCEO has a multidisciplinary team of more than 50 scientists, engineers, and prominent executive leaders with the expertise of the best universities, research institutions, and deep tech companies. The world’s first ultra-thin lens, the new device looks as natural to the wearer as his vision, as the lens is made of advanced optical materials, including low-dimensional materials that show standard refractive and contrast indices that maintain excellent optical properties. The new device aims to unleash the full potential of augmented reality technology by making it easier to access and use. The company has explained that funds will be invested to launch the next prototype as the company will combine several features in one device.
3. UAE Proptech Keyper Closes $6.5M Seed Funding.
UAE-based digital real estate investment management platform Keyper for investors and property owners has announced the successful closing of an initial funding round that has raised $6.5 million. Access Bridge Fund and Vivium Holding led the round, along with some other participants, including venture capital firm MEVP, Jabbar Internet Group, some of the most prominent shareholders in the real estate ecosystem, and a group of strategic angel investors. Since its launch in January 2022, Keyper has been committed to facilitating property management and investment processes. The company is also working to replace traditional practices in the real estate sector, enhance transparency, and support property owners, investors, and tenants alike by harnessing advanced technologies, such as consumer portfolio valuation and a primarily applied approach to property management. Keyper has attracted more than 2,100 freehold units in Dubai, valued at more than AED 4.5 billion, and its platform has more than 800 property owners to date. This funding round will accelerate Keyper’s growth and expand its lease and property management capabilities, with the company’s vision to transform the region’s real estate transactions and management to make it smoother and more efficient.
4. Tim Draper Invests $1.6M in Saudi Arabia’s Takadao to Promote Blockchain-Based Fintech Services.
Silicon Valley renowned investor Tim Draper led a $1.6 million PreSeed funding round for Riyadh-headquartered Takadao, which is building blockchain-based financial services with critical producers in savings, loans (Takaturn), and cooperative life insurance. Takadao offers Shariah-compliant products targeting the Muslim population globally. This funding represents Tim Draper’s first investment in a Saudi-based startup. Draper has stated the reason for his decision to invest is that Takadamo is one of those companies that is still determining where it will go. Still, if it succeeds, it will have a real impact and make a big difference in the world after the insurance business, in general, has become flawed, as Takadamo seeks a very pure and transparent insurance business in everything related to blockchain, Bitcoin and decentralized management issues, according to his statements.
5. Emirati Startup Olive Gaea Raises $1M in Funding From Cornerstone Venture to Launch Its Climate-Tech Platform.
Dubai-based climate technology startup Olive Gaea has secured one million dollars in funding from Cornerstone Venture. Olive Gaea offers AI-driven solutions to enable corporate climate action and reduce carbon emissions. With expanding global regulatory frameworks and increasing customer expectations on corporate responsibility, Olive Gaea’s SaaS Zero product meets an urgent need for greenhouse gas emissions management and climate action disclosure in the MENA region. Olive Gaea’s mission is to accelerate decarbonization, especially as net zero carbon targets are essential on the national and international dimensions. This funding will enable the company to launch its flagship SaaS Zero by Olive Gaea platform, which is designed to address the unique challenges faced by companies in their pursuit of net zero and carbon management in the MENA region, expanding Olive Gaea’s presence in the GCC, Middle East, and India markets. The company will continue to provide unwavering support to valued customers in various industries, including construction, banking, and mining.
6. Nahdet Misr for Entrepreneurship EdVentures Is Funding Crafty Workshop With $400K During a Second Funding Round.
Crafty Workshop obtained $ 400,000 during a second round of funding from Nahdet Misr for entrepreneurship EdVentures. Crafty Workshop, which was founded in Egypt in 2019 by Hadeer Shalaby and Amjad Mustafa, works in the field of educational technology and has an educational electronic platform that aims to provide courses and workshops in the areas of creative industries such as design, photography, programming, game development, animation, handicrafts, and others. Crafty Workshop also offers technical education and vocational qualification programs to raise the competencies of young people and the workforce to provide them with the knowledge and skills necessary to build a successful career in this field, thus increasing their chances of getting jobs. With this new funding, Crafty Workshop will be able to expand its operations and develop more creative content, enhancing the opportunities for young people to acquire the knowledge and skills necessary to succeed in the creative industries and the value of this funding will be allocated to the development of diverse content in the creative endeavours of up to 500 topics during 2024, and the development of a product for schools in the field of innovative industry education.
7. UAE’s Share the Love Store for E-Commerce and Personal Gifts Secures New Funding That Has Not Disclosed Its Value.
UAE-based personal gift store Share the Love has secured undisclosed funding during a seed tour, which follows strong sales growth. Share the Love’s unique customisation technology allows customers to create custom greeting cards online in seconds, and users can choose from over 4,000 greeting card templates for all occasions. Then, they customise the card online by adding their images and text. Share the Love prints the high-quality greeting card and delivers it to the final recipient anywhere in the UAE on the same day or the next day. Share the Love believes in its ability to enhance the gift experience for consumers across the MENA region by customising their high-quality gifts; there is an apparent demand for this as evidenced by the global personal gift market, which is estimated to reach US$30.3 billion in 2022 and is expected to grow further to US$47.6 billion by 2030. The new funding aims to bolster the startup’s ambitious expansion plans, and this investment will be used to accelerate product development, recruit new talent, and boost technology, including launching a new website.
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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