MEA Tech & Startup Digest: Issue #69
Mehmet Gonullu
Igniting Tech & Venture Ecosystems | Startup Advisor | GTM Partner | Investor | Podcast Host | Keynote Speaker
Welcome to the 69th edition of " The CTO Show's MEA Tech & Startup Digest" Weekly Newsletter! If you're new here, I extend a warm welcome to you, joining our dynamic community of 1887 subscribers across LinkedIn and Beehiiv. Your presence, whether as a first-timer or a loyal follower, is the heartbeat of this platform dedicated to unfolding narratives in tech, startups, and entrepreneurship.
What is inside?
- Weekly Startup Insights From Middle East, Türkiye & Africa
- Global Tech Industry and Startup Trends & News This Week
- Episodes Recap
Let's not wait any longer and dive into this week's rich insights!
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🌍 Regional Investment Highlights & Startup Insights:
Fintech Innovations and Investments
• Saudi fintech Hala secures funding from TPG: Hala, a Saudi fintech serving over 100,000 merchants, has secured new funding from global private equity firm TPG. The investment will help Hala become a bank for small- and medium-sized businesses in Saudi Arabia. Read More
• Mamun and Numa partnership: Oman-based Mamun partners with Jordanian fintech Numa to offer financial services to freelancers and creators across the Arab world, aiming to address the financial needs of over 40 million underbanked individuals. Read More
• Thndr expands into UAE: Egyptian investment platform Thndr has received regulatory approval from the Abu Dhabi Global Market to expand its operations into the UAE, marking a significant step in its regional growth strategy. Read More
Global Partnerships and Strategic Investments
• Saudi Arabia’s PIF launches Neo Space Group: The Public Investment Fund (PIF) has launched Neo Space Group to bolster the Kingdom’s satellite and space sector, aligning with Vision 2030 goals to diversify the economy. Read More
• Kingdom Holding invests in Musk’s xAI: Kingdom Holding participates in a $6 billion Series B funding round for Musk’s xAI, reflecting Saudi Arabia’s growing interest in AI and tech sectors as part of its Vision 2030 strategy. Read More
• TVM Capital Healthcare’s Afiyah Fund: TVM Capital Healthcare launches the $250 million Afiyah Fund to focus on healthcare investments in Saudi Arabia, addressing the increasing demand for quality healthcare services in the region. Read More
Technological Innovation and Support Platforms
• Lonca Entrepreneurship Center offers grants: Turkey’s Lonca Entrepreneurship Center, in partnership with Kuveyt Turk, offers grants up to 300,000 Turkish Lira to support startups, fostering innovation and entrepreneurship in the country. Read More
• Growdash closes seed round: UAE-based martech startup Growdash closes a $1.8 million seed funding round led by Oryx Fund and Oraseya Capital, aiming to expand operations and enhance technological offerings in the MENA region. Read More
• Obuntu Capital’s Launchpad Program: Obuntu Capital is inviting Africa-focused fund managers to apply for its Launchpad Program, providing support and resources to enhance their growth and impact. Read More
Sector-Specific Developments and Resilience
• Saudi Agritech Iyris secures Series A funding: Iyris, a Saudi agritech startup, secures $16 million in a Series A funding round led by Wa’ed Ventures, focusing on sustainable agriculture and advanced technologies. Read More
• Papara acquires SadaPay: Turkish fintech company Papara acquires Pakistan-based SadaPay, marking its expansion into the South Asian market and enhancing its digital financial solutions. Read More
• Rethink Education invests in Aanaab: US-based edtech VC firm Rethink Education invests in Aanaab, a Saudi Arabian edtech platform, to support professional development for K-12 teachers across the MENA region. Read More
Proptech and Real Estate
• Holo raises pre-Series A funding: UAE-based proptech company Holo has raised an undisclosed pre-Series A funding round, aiming to strengthen its market position and expand its services across the GCC. Read More
• GII’s joint venture in Saudi warehousing: Gulf Islamic Investments (GII) enters a joint venture to leverage Saudi Arabia’s warehousing market, aligning with Vision 2030 to expand the nation’s logistics capabilities. Read More
Foodtech and Commerce
• GrubTech raises Series B funding: UAE-based foodtech startup GrubTech raises $15 million in its Series B funding round led by Jahez Group, with participation from Addition and Hambro Perks Oryx Fund, to expand its operations in Saudi Arabia, Europe, and the UK. Read More
Startup Ecosystem and Investment Trends
• Morocco’s startup ecosystem promotion: Morocco enhances its startup ecosystem with support from the US Prosper Africa initiative, facilitating networking between Moroccan startups and international investors. Read More
Recommended by LinkedIn
• Saudi Arabia leads MENA venture debt: Saudi Arabia’s startup ecosystem secured over 53% of venture debt financing in 2023, marking a significant increase from 2022 and demonstrating resilience and growth in the fintech sector. Read More
• Turkish startups investment in Q1 2024: Turkish startups received $240 million in investments across 39 deals in Q1 2024, with fintech leading the sectors, followed by health tech and software services. Read More
• Women-led tech startups on the rise in Africa: The rise of women-led tech startups in Africa, supported by initiatives like African Women in Technology and Women in Tech Africa, is fostering female entrepreneurship in the tech industry. Read More
• Prosperity7’s investment in Chinese AI firm Zhipu: Saudi Aramco’s venture capital arm, Prosperity7, invests $400 million in Chinese AI firm Zhipu, enhancing its AI capabilities and technological advancements. Read More
🔍 Actionable Insights From Mehmet
Capitalize on Strategic Investments in Tech and AI: The investments by Kingdom Holding in Musk’s xAI and Prosperity7 in Zhipu demonstrate a strong regional interest in AI and advanced technologies. Startups should leverage this trend by integrating AI into their solutions and seeking strategic partnerships or funding opportunities that align with these high-interest areas.
Adapt to Emerging Trends in Health Tech: The investment by Rethink Education in Aanaab, a Saudi edtech platform, points to a trend in health tech and edtech convergence. Startups in these sectors should explore integrating health tech solutions into their educational platforms to meet the evolving needs of the market.
Global Tech Industry and Startup Trends & News This Week
AI and smell: Researchers are making progress in developing AI that can recognize smells, a significant development in AI capabilities [Economic Times].
Startup funding booms in India: Venture capital funding in Indian startups rose significantly in May compared to last year [Economic Times].
Raspberry Pi eyes IPO: The popular single-board computer maker Raspberry Pi is considering an initial public offering (IPO) in London to fuel growth [TechRound].
Episodes Recap:
In this insightful episode of "The CTO Show with Mehmet," we dive deep into the world of startup growth and scaling with Bechir Omran , the VP of Growth at Wonderflow. Bechir brings a wealth of experience from his diverse career in media, content production, rights management, e-commerce, mobile apps, travel tech, and SaaS. He shares his journey, pivotal career moments, and the strategies he has developed to transform startups into successful scale-ups.
In this episode of “The CTO Show with Mehmet,” we are joined by Bjorn Kolbeck , co-founder and CEO of Quobyte. With a rich background that includes a PhD in distributed systems, experience at Google, and a passion for high-performance computing (HPC), Björn shares his journey and insights into the world of scalable data storage solutions. Join us as we delve into the intersection of AI, HPC, and enterprise data management.
In this episode of “The CTO Show with Mehmet,” we dive into the fascinating journey of Edward Brawer , the visionary founder and CEO of PodcastAI. Edward shares his unique path from studying biology to becoming a tech entrepreneur, his experiences with building websites and apps for over 25 years, and how he ventured into the world of AI-driven podcasting. Discover how Edward’s innovative platform, PodcastAI, is revolutionizing the podcast production process, and learn about his remarkable experience pitching to Sequoia Capital.
Connect & Grow with Us
Thank You 🙏: Your engagement drives our shared journey forward. Here's to another week of innovation and growth!
Best, Mehmet
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