This report is also available in a downloadable PDF version via this link: GCC Startup Ecosystem News Roundup – 2020 November
UAE allows 100% ownership of businesses by foreign nationals: The landmark reform in the Foreign Direct Investment Law, several categories of business licences will no longer require Emiratis as sponsors with 51 per cent shareholding rights from December 1.
|Startup||Sector / Industry||Location||Amount & Round||Investors|
|Yahaal||Retail||Kuwait||$27M, Series A||Seed Partner and AlMutamaiz International Company|
|Salla||Professional Business services||KSA||$8.5M, Series A||led by STV, from Raed Ventures and Vision Ventures|
|Quiqup||Logistics||UAE||$5.5, Series B||led by Delivery Hero, from Cedar Mundi, JOBI Capital, and Transmed|
|Fenix||Transportation||UAE||$3.8M, Seed||led by Delivery Hero, from Cedar Mundi, JOBI Capital, and Transmed|
|ExpandCart||Retail||Egypt||$2.5M, Series A||led by Sawari Ventures, from Agility Ventures, Graphene Ventures, and angels|
|Cartlow||Retail||UAE||$2M, Pre-Series A||Arzan Ventures, Vision Ventures et al|
|Atlan||Space||Morocco||$1.1M, Series A||Maroc Numeric Fund|
|Brand Ripplr||Marketing||UAE||$1M, Series A||Dubai Angel Investors|
|Wuilt||Marketing||USA / Egypt||$535K, Seed||DAAL VC, Flat6Labs Cairo, and angels|
|Illa||Logistics||Egypt||$500K, Seed||Averroes VC, AUC Angels, Flat6Labs Cairo, et al|
|Eksab||Sports||Egypt||$500K, Seed||4DX Ventures (Ghana)|
|Onboard||AR/VR||Tunisia||$175K, Bridge||Kepple Africa Ventures et al|
|App4legal||Legal||UAE||undisclosed amount, Pre-Series A||Betatron Venture Group (Hongkong) & Dubai Angel Investors|
|Brantu||Retail||Egypt||undisclosed amount, Series A||led by Sawari Ventures|
|Tabib Baghdad||Health||Iraq||undisclosed amount, Seed||led by KAPITA and Nass Al Iraq|
- UAE-based healthtech Sehteq to acquire technology & services solution provider Dawa Express for $3M to accelerate Sehteq’s launch of a build-your-own-insurance offering to SMEs. The transaction is expected to close by Q1 2021.
- Immensa Technology Labs , a UAE-based additive manufacturing (3D printing) solution provider acquires Shakl3D and LayLabs , two leading 3D printing companies in KSA to expand into the country
- UAE-based micro-mobility startup Fenix secures seed funding from Maniv Mobility , marking the first investment in the country by an Israeli-based VC. The startup plans to begin their operations in Abu Dhabi.
- Jada, the Fund of Funds Company, part of Saudi Arabia’s Public Investment Fund (PIF), has signed an investment agreement with Alpha Capital, to invest in growth-stage small and medium enterprises (SMEs) in the Kingdom’s food and beverage (F&B) sector
- Mubadala Capital led a $700M funding round for US-based Reef Technology , which manages hubs in parking lots used for food delivery and other services. They also participated in $250M Series C funding of German-based micro mobility startup TIER Mobility.
- The Cairo Angels announces the launch of a syndicate fund targeting Pre-Series A startups with aim to close by Q1 2021.
ACCELERATORS / INCUBATORS
- DIFC FinTech Hive’s virtual Investor Day features 17 startups from a pool of over 600 applications, across FinTech, RegTech and Islamic FinTech
- Startupbootcamp Fintech Dubai selects 11 startups for their third cohort from UAE, UK, USA, Singapore, Hong Kong, Malaysia, and Jordan. Despite the current pandemic, the program saw a 20% increase in applications for their third cohort.
- 01 Dec | Deadline to apply: Changelabs Jordan Fintech Accelerator
- 06 Dec | Sharjah Entrepreneurship Festival (Online)
- 06-10 Dec | GITEX Technology Week (Dubai World Trade Centre)
- 07 Dec | Yalla Fintech 2020 – Arab Hackathon for Financial Inclusion (Online)
- 08 Dec | Dtec Forum: Realities of retail in 2020: Offline to Online (online)
- 09 Dec | Womentum Demo Day (Online)
- 09 Dec | Deadline to apply: Arab Startup Competition by MITEF
- 10 Dec | RiseUp Summit 2020: RESET (Online)
ARTICLES WORTH READING
- Real Estate: Get to know the 5 startups leading the industry
- The Emirates of Startups: Which startups have helped shape the UAE in 2020?
- Kitchen to the clouds: Discover the recently funded Cloud Kitchen startups
- Corporates in Mena: From competitors to investors
- The regional tussle for startups and entrepreneurs [part one]
- A glimpse into the Careem Mafia
On 100% business ownership in the UAE:
- Khaleej Times: UAE allows 100% ownership of businesses by foreign nationals
- Arabian Business: Foreign ownership move is a ‘momentous change for the UAE’, say experts