News
Egypt-based el-dokan, a company that specialises in enterprise e-commerce solutions, has raised a $550,000 pre-Seed round led by a group of local and regional investors including EFG EV and Flat6Labs, 500 Global and Hala Ventures.
Founded in 2020 by Ahmed Maher, Mohammed Shirt and Sherif Alaa, el-dokan offers e-commerce technology to corporate clients to set up their web storefronts. It primarily caters to long-tail businesses, software houses as well as startups.
The company said it helped its clients achieve $45 million in GMV sales.
Press release
el-dokan, the first-of-its-kind company to offer enterprise e-commerce technology in MENA, has announced that it successfully secured a $550,000 pre-Seed round, led by a cluster of local and regional investors including EFG EV and Flat6Labs, 500 Global and Hala Ventures.
E-commerce is now an integral part of every retailer’s business strategy, and technology builders and platforms are scrambling to provide retailers with the best technology to help them scale up and optimize their operations.
Unlike companies like Shopify and other local shop builders in the region whose focus is to address the needs of smaller retailers, in its latest turn, el-dokan provides e-commerce APIs for large- and medium-sized retailers as well as startups, enabling them to build highly customized and personalized e-commerce stores.
Launched in late 2020 in Egypt, el-dokan primarily targets large retailers and chain stores seeking to expand their e-commerce market share, increase sales and operation automation.
Utilizing "headless e-commerce technology, el-dokan offers the optimal technology infrastructure that allows tech teams to develop highly customizable e-commerce with maximum flexibility to help businesses respond faster to changing business needs and keep up with the rapid changes in e-commerce.
Besides retailers, it also targets software companies and developers that work directly with enterprises looking to build their e-commerce stores in fast and cost-efficient manner, with 300+ available API endpoints.
Commenting on the announcement, Ahmed Maher, co-founder and chief executive officer (CEO) of el-dokan, said that the key reason behind the company's ability to earn the trust of investors and close its pre-Seed round is the fact that el-dokan is among the very select few companies that focus on building advanced software using cutting-edge technologies such as headless, composable e-commerce architecture.
"The majority of retailers have repeatedly shown the willingness to either replace the traditional e-commerce methods with more advanced and flexible technology. The technology pioneered by el-dokan 'changes the equation' by helping retailers drive sales growth while simultaneously bringing down maintenance costs, making it possible for our retailers to quickly and easily develop APIs connections with our partners to ensure the highest levels of operational efficiency. Our technology can easily integrate with any third-party providers like payments, shipping, point of sale (POS) and (ERP) systems," commented Mohamed Yousry, chief technology officer (CTO) and co-founder of el-dokan.
“After seeing the great impact el-dokan has had on enterprise businesses in MENA, and the profound growth we’ve experienced over a short period of time, we’re excited about the fact that our clients managed to achieve $45 million GMV after migrating from other global well-known software solutions that don’t meet the present-day challenges to ours. We are now serving a global roster of clients such as Procter & Gamble (P&G), Misr Pharmacies, Mobily, Zahran stores and Apple Premium seller Switch Plus, along with grocery delivery app Appetito, among others.
And this is a testament to the ability of regionally-based tech startups to develop leading-edge technologies trusted by large, international brands and compete with global counterparts," Yousry explained.
For his part, Walid Hassouna, CEO of valU, Egypt's leading buy now pay later (BNPL) platform expressed his excitement over the company's successful completion of its initial funding round which counts EFG EV among its earliest backers.
"We are looking forward to exciting times ahead with el-dokan and its all-star team who are able to carve out a niche for themselves in the rapidly-evolving e-commerce market," said Hassouna.
Source: Wamda
- UAE-based technology and Investment Group AstraTech, has acquired fintech platform PayBy for an undisclosed sum.
- Founded in 2019 by Sean Wang, PayBy offers point-of-sale (POS) solutions for more than 1000 retail businesses based in the UAE. It currently has two million active users on its app.
- PayBy claims to have processed $160 million worth of transactions during May 2022.
Press release
PayBy — one of UAE’s largest and most innovative fintech companies, has been acquired by Astra Tech(‘Astra’), a UAE-born technology development and investment group. This acquisition follows the company’s recent acquisition of Rizek, a platform for on-demand personal and home services.
Currently raising USD 500 million in investment, the PayBy acquisition signals a major strategic move for Astra towards its ambition of creating an ‘ultra platform’ – a revolutionary, interconnected digital ecosystem that’s expected to address the growing problem of super app fatigue.
Spearheaded by Astra Founder and CEO, serial entrepreneur Abdallah Abu Sheikh, PayBy’s acquisition brings sophisticated proprietary payment technologies and financial services to Astra’s ultra platform to enable a seamless and cashless payment solution for consumers, merchants and businesses.
PayBy has grown considerably in the last 2 years with more than 2 million users and thousands of active merchants. As of May 2022, over AED 600 million worth of transactions were carried out.
Commenting on the acquisition Abu Sheikh said, “PayBy has been instrumental in pioneering financial inclusion in the UAE and is considered a key player in the cashless ecosystem.
As we integrate PayBy’s technologies, solutions and teams into Astra's ultra platform, our speed and ability to supercharge our services with industry-leading payments and money transfer solutions has accelerated immensely.”
Astra plans to acquire, repurpose, and bring together already established and sector-leading leading platforms to create an ultra platform to revolutionize how people live their lives by helping them save significant time when completing essential everyday tasks, including payments, transfers and transactions.
Additionally, Astra’s platform aims to deliver better value to the suppliers and partners of personal and home services by removing the burden of unfavorable commission structures.
Abdallah Abu Sheikh added, “With this acquisition, we’re getting closer than ever to realizing our vision and are excited to have the PayBy team join us. The integration of PayBy’s products with Astra’s ultra platform will allow us to synthesize and grow the ecosystem at a breakneck speed.
It will also help in delivering a compelling user experience and a sustainable commission structure for our merchants and businesses, something that a lot of super apps of today struggle with.”
source: Wamda
- Egypt-based foodtech startup BONBELL, has raised $350,000 from a Candian angel investor.
- Founded in 2022 by Doaa Abdel-Hameed, BONBELL offers a cloud-based online food ordering and delivery system, enabling restaurant managers to handle dine-in orders, table reservations, and curbside delivery.
- BONBELL will use the investment to expand its network of restaurant partners to 750 by the end of 2022.
- It also is set on a course of closing a $10 million.
Press release
Egypt’s startup BONBELL, The first mobile App in the Food-tech industry specializing in food ordering, digital solutions for table and meal reservations, has closed an initial funding round for $350,000 through a Canadian Angel investor, to help further develop the App services and achieve a level of growth in regard to user count and daily orders.
BONBELL launched its own App in early 2022, to offer a wide range of food ordering services in Egypt, as the App offers many food ordering solutions, from food delivery to restaurant’s reservations and Dine-in ordering through a QR Code on the tables, as well as take away services.
The App offers various payment solutions through cash or credit cards.
BONBELL has partnered with many restaurants and cafes, as well as clubs like Heliopolis Club and Smash Club. It also offers its services in Malls and Cinemas, to offer a smoother food ordering experience, reserving tables and food delivery, for mall and cinema-goers.
BONBELL has also strategically partnered with many leading major companies and institutions, most notably the German University in Cairo (GUC), and Raya Telecom, in order to offer its services in their respective headquarters for employees and visitors alike.
BONBELL targets raising its partnered restaurants to 750 by the end of 2022, the company is also negotiating with two venture capital funds from Europe and the Gulf, to close a $10 million fund in its seed round by the end of the year.
Doaa Abdel-Hameed, the chief business officer of the company said: “We aim to help restaurants in offering an easier food ordering experience to their customers, either through food delivery or reserving a table in the restaurant, as well as take away orders and also the special orders made by customers in their restaurants.”
“We pursue a better experience for the Egyptian user in food ordering, we see a lot of potential and opportunities to do that through developing the App constantly based on the user reviews, and adding more restaurants in all of the Egyptian governorates.” She added.
BONBELL has earned the trust of more than 12,000 customers, who used the app for food ordering in all the ways offered through the App, in just 6 months.
Doaa Abdel-Hameed emphasized that the success of BONBELL App, in offering the best experience to its users can only be done through strategic partnerships with many more restaurants, in addition to the constant development of the technology used in the App, as well as relying on offering inventive solutions to the Egyptian user such as (Robotic Stations) service.
This service will offer customers the experience of food ordering and serving through a Robot, without any human intervention.
This service is expected to launch in Egypt by the end of 2023.
Source: Wamda
نجحت شركة "إيفيردوم (Everdome)"، التي تعمل في مجال العالم الافتراضي (الميتافيرس) ومقرها الرئيسي في الإمارات، بالحصول على التزام بتمويلها من شركة "جي إي أم ديتجال ليمتيد"، وهي شركة استثمار في الأصول الرقمية يقع مقرها الرئيسي في جزر البهاما، بقيمة 10 مليون دولار.
نجاحات إيفيردوم تدفع بالاتفاق
يأتي الإعلان عن اتفاقية التمويل في الوقت الذي تحقق فيه "إيفيردوم" نجاحات واسعة، إذ استطاعت الشركة منذ يونيو/حزيران الفات من بيع ما يقرب من 11،700 قطعة أرض، أو ما يعادل 97% من إجمالي مساحة "الميتافيرس" الخاص بالشركة، بمزاد علني استغرق نحو ثمانية أسابيع، حيث بلغت قيمة الأراضي المباعة نحو 18.6 مليون دولار أمريكي أو ما يعادل مليار و531 $DOME، وهي العملة الرقيمة الخاصة بالشركة، أي أن متوسط سعر قطعة الأرض في عالم "إيفيردوم" الافتراضي بلغ نحو 1590 دولار أمريكي.
إيفيردوم المتحكمة التمويل
ستتولى شركة "إيفيردوم (Everdome)" التحكم بتوقيت وعدد عمليات الاقتراض بموجب اتفاقية القرض الرئيسة، ولا يوجد حد أدنى من الالتزام بالقرض. واستناداً إلى تقديرها الخاص، تتمتع "إيفيردوم (Everdome)"، بالقدرة على بيع ما يصل إلى 200 في المائة من متوسط الحجم اليومي القابل للبيع من الرموز عبر مجموعة متنوعة من البورصات إلى شركة "جي إي إم ديجيتال".
استدامة أعمال إيفيردوم المستقبلية
وعن المكاسب المتوقعة من التمويل، علق روب جرين، الرئيس التنفيذي ومؤسس شركة "إيفيردوم (Everdome)"، بالقول "سيتم استخدام الاستثمار الذي التزمت به "جي إي إم" لتعزيز عروض "إيفيردوم (Everdome)" وضمان استدامة الأعمال في المستقبل..نحن سعداء للغاية لإبرام هذه الشراكة مع "جي إي إم" الحصول على هذا الاستثمار التاريخي معها، ما يؤكد أننا نتقدم على المسار الصحيح، في الوقت الذي نسعى فيه إلى تخطي الحدود الجديدة في عالم "الميتافيرس (Metaverse)" الافتراضي. تعد هذه المرحلة بمثابة الوقت المثالي لكي نعمل على تسريع الجهود من أجل تطوير منتجاتنا. وهذا بالضبط ما سيساعدنا التزام "جي إي إم" بالاستثمار على القيام به. لقد بلغت "إيفيردوم (Everdome)" محطة مثيرة للغاية في مسيرتها، وبالتعاون مع "جي إي إم"، سنقوم بالخطوة التالية من أجل نقل منظومة "الميتافيرس Metaverse)" الافتراضية خاصتنا إلى المستوى التالي".
ومن المتوقع هذا الاتفاقية، "إيفيردوم (Everdome)" على التركيز في تنمية فريق عملها وتوسيع تكنولوجيا "الميتافيرس"، إلى جانب المساهمة في تحسين قدرتها على تخصص الأموال لتعزيز الجهود التسويقية، وتمكين الشراكات والاستثمارات التي من شأنها أن تدعم النمو المستدام لشركة "إيفيردوم (Everdome)".
Dubai’s Emaar Development has reported record property sales of AED 15.216 billion ($4.143 billion) in the first half of 2022, up 10% year-on-year. The developer’s profits surged to AED 1.28 billion in Q2.
While profits were up from AED 1.003 billion year-on-year (YoY) in Q2, and grew from to AED 2.507 billion in H1 from AED 2.09 billion, financial reports posted to Dubai Financial Market (DFM) today showed revenue for the second quarter softened down from AED 3.907 billion YoY to AED 3.714 billion.
Revenue for the first half of the year was AED 7.282 billion, down from AED 7.754 billion YoY, the results showed.
Emaar said in a statement published to DFM today that its sales backlog increased to AED 32.753 billion and that it launched 15 projects in the first half of the year.
Emaar Development is the development arm of Emaar Properties, which will acquire Dubai Creek Harbour from Dubai Holding in a $2 billion deal, it was announced today.
source: Zaway
Expats with student visas and those on dependency visas are now allowed to stay abroad for over six months as it applies to those with work permit. “The initiative is to make life for expats in Kuwait easier, with consideration to foreign students as the world battles COVID-19,” sources told Kuwait Times. The only exception is for domestic workers.
If they stay abroad for more than six months, their residency permit will be cancelled unless their sponsors sign an agreement.
A government decision allowing expatriates with iqama to remain outside the country for more than six months is still in force. Until now, the decree has not been cancelled,” the sources said. However, the sources said only domestic workers are not permitted to remain outside Kuwait for more than six months unless their sponsor applies for an exception on their behalf.
Expatriates are also allowed to renew their residency permits while they are outside Kuwait. “The decree allowing the expatriates to renew their iqamas online while abroad is still in effect,” the sources added.
Residency of expatriates who stay outside Kuwait for more than six months won’t be canceled, except for domestic workers.
This decision to continue with the exemption will be valid until further announcement. Kuwait’s Interior Ministry had made this exemption for expatriates during the COVID pandemic as expatriate arrivals into Kuwait were suspended for fear of spread of coronavirus.
Kuwait has slowly returned back to normalcy with all government and private sector offices functioning to pre-pandemic levels. The government recently cancelled all online work without exceptions.
Regarding the opening of visit visas, the Ministry of Interior has decided to extend its decision to halt the issuance of family visit visas until the end of this current year. According to sources, the Ministry said that security of the state and the parliamentary elections are of vital importance to the Ministry.
The Ministry will deploy its personnel and will increase its presence in strategic areas during electoral gatherings, election-day and campaigns.
The new elections will be held at the beginning of October. Files related to security need adequate time to be studied, especially the ones related to issuing family visas.
source: Kuwait Times
Majid Al Futtaim Group launches program to support startups in collaboration with Astrolabs
25 Jul 2022 Written by Admin AdminTranslated by: Pirween B. Sido
In a new step to strengthen its role as a supporter of entrepreneurs and startups in the MENA ; Majid Al Futtaim, in partnership with Astraulabs, launched the Majid Al Futtaim Launchap program to support and accelerate the growth and development of start-ups and SMEs in strategic sectors. and its evolution.
Platform to support innovation:
According to Joe Abi-Akl , Chief Executive Officer of Institutional Development at Majid Al Futtaim Group ; The program will provide the latest innovative solutions and services through the care and development of startups and SMEs within the overall ecosystem of innovation, This program will have positive benefits for consumers, employees, business owners, investors and governments across the region , Roland Dahir, Chief Executive Officer of Estrolabs, adds that the program will be presented via its launch platform all support for startups to identify and select ambitious local brands and startups that can contribute to the growth and development of the sustainable digitization ecosystem, Large companies will be able to take advantage of their market position and knowledge of the sector's needs, as well as their vast resources, to attract SMEs that still find it difficult to penetrate markets and grow in their own sectors ,the program's launch platform will also offer opportunities to provide fast and modern solutions and services to customers.
At the same time, there are more tangible growth opportunities, such as accelerating opportunities for acquisition deals. Improve operational efficiency and provide best-in-class professional guidance to the region's start-ups, small and medium enterprises.
target areas:
The Programme directs its support to key areas of economic growth, including domestic emerging companies, attracting successful start-ups focused on culture, heritage, sustainability and innovation; As well as health and beauty companies, which offer innovative products and technical solutions designed to enhance the customer experience.
In addition to "Real Estate Technologies" companies that provide innovative and sustainable solutions that contribute to assisting construction companies, digitizing the real estate development sector, residential communities and hotel spaces, and improving experiences in shopping malls.
About Majid Al Futtaim Group:
Founded in 1992, Majid Al Futtaim Group is a shopping mall, shops and recreational communities in the Middle East, Africa and Asia. Today, the group is developing and managing malls, integrated cities and retail facilities in the United Arab Emirates.
UAE-based DeFi platform ZKX has raised $4.5 million in Seed funding from StarkWare, Alameda Research, Amber Group, Huobi and Crypto.com.
Founded in 2021 by Eduard Jubany Tur, Naman Sehgal, and Vitaly Yakovlev, ZKX is a decentralised finance platform that helps make faster transactions and keeps gas fees low, and is built on StarkNet.
The funding will go towards further development of its open-source protocol, DAO funding and growth of the ZXK ecosystem.
Dubai-based DeFi platform ZKX raised $4.5 million in seed funding today from StarkWare, Alameda Research, Amber Group, Huobi, Crypto.com and others.
The decentralised finance platform helps make faster transactions and keeps gas fees low, and is built on StarkNet. These funds were raised in spite of a cryptocrash in particular and funding winter in general
“The downturn is driven by the Federal Reserve tightening interest rates and driving de-risking across asset classes. Alameda, Crypto.com, and our other partners have been actively fostering and building the Web3 ecosystem for years. This should only strengthen the ecosystem in the long run by cleaning up the bad apples and focusing on the strongest players,” said Eduard Jubany Tur, Founder at ZKX.
The funding will go towards further development of its open-source protocol, DAO funding and growth of the ZXK ecosystem.
ZKX was founded in 2021 by Eduard Jubany Tur, Naman Sehgal, and Vitaly Yakovlev. The team has hired from Flipkart, PayTM, and Byju’s, with decades of shared experience in venture building and scaling technology startups in over eight countries.
It had earlier received investment from Sandeep Nailwal, co-Founder, Polygon, and Ashwin Ramachandran, General Partner, DragonFly Capital.
The platform aims to address some of the key challenges of the DeFi market, such as over-reliance on centralized entities, scalability, high gas fees for traders and painful user experience.
“We are determined to build an exchange that breaks down the barriers to using DeFi by building a protocol that enables trading derivatives of assets on StarkNet. Our goal is to expand our reach across emerging markets, enabling users to have fair representation within a DAO,” said Jubany.
Source: Business Insider
Dubai-based digital banking start-up YAP raises $41mln for expansion
17 Jul 2022 Written by Admin AdminDubai-based start-up YAP, which operates a digital banking app, has raised $41 million to fund its expansion in the Middle East, Africa and South Asia.
The new investment came from Saudi Arabia's Aljazira Capital alongside other investors including Abu Dawood Group, Astra Group and Audacia Capital, the company said in a statement on Monday.
The fintech firm launched last year a digital banking platform, which now has more than 130,000 users.
The app provides a complete view of a consumer's spending analytics and ways to transfer money, pay bills and make purchases. Users are not required to maintain a minimum balance in their account.
The start-up intends to complete its Series A funding by the end of the year and use the new capital to support its expansion and growth in Saudi Arabia, Egypt, Pakistan and Ghana.
It said it has partnered with Bank AlJazira to launch its consumer and business platforms in Saudi Arabia and received regulatory approval in Pakistan and Ghana to offer similar services. It also plans to launch in Egypt soon.
source: Zawya
Tunisia-based Smart Capital, the manager of the Anava fund of funds, has invested $5.2 million in the Badia Impact Squared Fund (BIF2), a newly-launched fund targeting regional early-stage, high-growth startups.
BIF2 is managed by Silicon Badia, a global early-stage venture capital firm. Anava has already secured an initial close of €40 million and eyes a final close at €100 million.
Smart Capital, the manager of the Anava fund of funds, has committed $5,2 million to the Badia Impact Squared Fund (BIF2), a venture capital fund managed by Silicon Badia, a pioneering venture capital firm that invests in early-stage and growth-stage technology firms operating globally.
Anava has a goal size of €100 million (with a first closure of €40 million fully subscribed by Caisse des Dépôts et Consignations (CDC)) and intends to participate in more than 13 private equity funds. Anava is one of the three pillars of the national programme Startup Tunisia, which also consists of Startup Act (incentives), Startup Ecosystem (support for support structures), and Startup Invest (financing programme including Anava), the management of which is delegated to Smart Capital.
Silicon Badia, which has offices in the United States and the Middle East, has invested in over 80 technology firms in over 15 industries and cities worldwide. Its second regional fund, BIF2, is a sector fund that invests in ICT startups in Egypt, Jordan, Tunisia, Morocco, and Lebanon at the Series A and Series B stages.
BIF2 completed its first closure in October 2020, bringing together the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Dutch Good Growth Fund (DGGF), and Finance in Motion, among other prestigious institutional LPs (FIM). Anava’s contribution is part of the second close of the Fund, in which 15 percent of its commitment will be given to Tunisia-based Startups. BIF2 made its initial investment in the Tunisian fintech business Expensya in November 2020, when it co-led the company’s $20 million Series B fundraising.
Smart Capital CEO Alaya Bettaieb said: “We are thrilled to be able to assist Silicon Badia with their second close. This investment arrives at a key time for Tunisian businesses seeking capital and skills to go beyond the country’s borders. In addition, this partnership will contribute to the diversification and expansion of Anava’s portfolio.”
Silicon Badia CEO Fawaz Zu’bi said, “We regard Anava’s investment in our second regional fund as a crucial strategic step in our efforts to grow our presence in North Africa, which is now solidified to include Tunisia. Our Fund has already made its first investment in Tunisia’s thriving innovation environment, where we are enthusiastic and eager to create bridges and invest.”
Source: Wamda
