Iran Startup News: December 21-28, 2024

The latest developments in Iran’s startup ecosystem include significant milestones, announcements, and insights shaping the industry. The launch of Tapsi Food in Tehran has made the platform accessible to the capital’s 14 million residents, further expanding its reach from Mashhad and Shiraz. Tapsi Food emphasizes quick delivery, seamless settlements, and customer-centric service, aiming to optimize daily needs with cutting-edge technology.

Another key milestone this week was Cafe Bazaar’s admission into the over-the-counter (OTC) market, making it the second startup after Tapsi to enter Iran’s capital markets. This step, enabled by a comprehensive four-year preparation process, highlights the growing prominence of startups in formal financial systems.

At the Yalda Summit, Masoud Shahmoradi, CEO of “Khanoumi,” shed light on the explosive growth of e-commerce in the beauty sector, aiming to position his platform as the leading player in the women’s market. Shahmoradi emphasized how global trends in self-care resonate in Iran, with projections for beauty e-commerce to constitute a quarter of the global market by 2027. Khanoumi is also preparing for a potential Pre-IPO phase as it eyes capital infusion and further market growth.

In a critical collaboration, Iran Telecommunication Company and Technet signed a fiber-optic internet partnership at the Telecom Exhibition, with the Communications Minister, Sattar Hashemi, praising this as a leap toward universal high-speed internet access. This partnership underscores the role of private-sector innovation in addressing national connectivity challenges.

The ecosystem also witnessed challenges, as Snapfood reported a data center outage caused by power issues at Afranet, disrupting services temporarily. The incident highlights the reliance on robust infrastructure as platforms scale to meet growing demand.

In venture capital developments, Runway, a new general partner specializing in advisory for venture capital investments, officially launched. The firm boasts impressive metrics, including reducing funding needs for startups by 67% and closing deals in record time.

Lastly, BluBank, Iran’s leading neobank, reached a significant milestone of 10 million users, with its fast and transparent onboarding process setting benchmarks for digital banking. BluBank’s issuance of over 12 million BluCards and deployment of 25 trillion tomans in loans further emphasize its critical role in the financial ecosystem.

These developments illustrate a thriving yet evolving startup landscape in Iran, with milestones that reflect resilience and innovation across sectors. As we close the year, the ecosystem’s trajectory is set on a high-growth path fueled by technology and strategic investments.