This report is also available in a downloadable PDF version via this link: GCC Startup Ecosystem News Roundup – 2020 November
HEADLINE
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.
INVESTMENTS
| 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 |
STARTUPS
- 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.
VC NEWS
- 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.
EVENTS UPCOMING
- 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
Magnitt
- 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
Wamda
- Corporates in Mena: From competitors to investors
- The regional tussle for startups and entrepreneurs [part one]
- A glimpse into the Careem Mafia
Arabian Business
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