As we say Thank You to 2019 and Welcome 2020, here’s a look at December 2019, capping off a year of accelerated number of deals, interesting startup stories and ever developing regional tech startup ecosystem.
- Dtec wins “Ecosystem Enabler of the Year Award” at the Enterprise Agility Awards 2019 hosted by Entrepreneur Magazine
- Fetchr raised as much as $10 million in emergency funding from existing and new investors to help avoid collapse. Existing investors will see the value of their shares diluted to almost zero, according to a Bloomberg report.
- Public Investment Fund of Saudi Arabia (PIF) launches “Jada” a $1.07 billion “fund of funds” dedicated to investments in venture capital as well as private equity funds
INVESTMENTS| GCC-BASED STARTUPS
- Dokkan Afkar (retail ecommerce, KSA) – $5.06 million, Series B, led by BIAC incl. Riyad TAQNIA, SVC and others
- Carzaty (automotive e-commerce, Oman) – $4 million, undisclosed round, from IDO Investments
- Nejree (retail ecommerce, KSA) – $4 million, Pre-Seed, led by AlKhaila Investment Co, & Teejan Technologies Co.
- Floranow (B2B floral marketplace, UAE) – $3 million, Series A, co-led by Wamda & Global Ventures
- Sadeem (Greentech SaaS, KSA) – $2.6 million, undisclosed round, from KAUST and Saudi Aramco’s Wa’ed Ventures
- Sabbar (jobs marketplace, KSA) – $1.5 million, Seed, led by Venture Souq, backed by 500 Startups, Derayah VC et al
- DentaCarts (dental marketplace, Egypt) – $450K, seed round, from AUC Angels, 500 Startups and others
- JumpAdvisor (booking platform, UAE) – $400K, Seed, from undisclosed angel investors
- Adasat.com (eyewear marketplace, UAE) – $350,000, undisclosed round & investors
- Doctori (telemedicine, Bahrain) – $100K, Pre-Seed, from Flat6Labs and private investors
- Flexxpay (fintech, UAE) – undisclosed amount & round, from Wamda Capital
- HyperPay (fintech, KSA) – undisclosed amount & round, from Mad’a Investment Company, MEVP, et al
INVESTMENTS| ECOSYSTEM HIGHLIGHTS NOVEMBER 2019
- According to Magnitt’s November 2019 Dashboard, 35 deals took place in November 2019, an increase of 192% compared to the same month last year. With this increase, the year has already surpassed last year by number of deals.
- There was a 62% drop in total funding compared to November 2018, with $66M being invested in those 35 deals
- UAE accounts for biggest share of total funding; Egypt ranks first in terms of number of deals.
- 500 Startups has so far invested in a total of 37 Egyptian startups, making 30% of its MENA portfolio
- FinTech leads with highest number of deals (7 in November), bringing the total of 68 YTD
- Corporate VC BeyondCapital (Jordan) launches its Angel Investor Network to facilitate syndicated deals in early-stage ventures
- Dubai-based angel investor group, The Falcon Network, launches its 2nd round of funding for startups in the MENASAT market. They are looking to fund startups between $10,000-$500,000 for equity stakes up to a maximum of 25%
- Abu-Dhabi headquartered truck aggregator Trukker launches in Egypt. It now services more than 250 businesses, operates approximately 18,000 trucks, and carries out an estimated 1,000 daily transactions
- Talabat expands into dark stores (virtual or delivery-only stores), launches 15-minute grocery delivery service in Kuwait. The company also has plans to expand into dark kitchens (virtual restaurants) across some of its markets in the Middle East & North Africa within the next few months
- Careem Bus expands to Pakistan with its (pilot) launch in Karachi
- Online Arabic content platform Mawdoo3.com acquires Egyptian motherhood website SuperMama for an undisclosed amount
- Telr closes latest round of funding from 3 existing investors and appoints Khalil Alami (ex-International Cards Company) as new CEO
- Coworking space community Witwork, adds Rotana Hotels to its network of coworking spaces
- Tech startup ecosystem Hub71 partners with Endeavor to support Hub71 entrepreneurs with the latter’s global network of mentors and business experts
ACCELERATOR / INCUBATOR
- Brinc MENA IoT Accelerator Program hosts its 4th Demo Day, with 5 startups in its cohort.
- 500 Startups and Misk Innovation hosts its Demo Day for their 2nd cohort with a total of 18 startups
- Dubai SME approves first business incubator for schools at GEMS Modern Academy, Nad Al Sheba
- Dubai SME launches business incubator Bedayat, aimed towards innovations in the fields of food tech, energy, water, building materials, transportation & waste treatment
- startAD partners with ADNEC to further support launch & showcase of the accelerator’s incubated technology ventures
- Astrolabs graduates 17 startups from its “Forward KSA” accelerator program
- CLIX (Climate Innovations Exchange), Abu Dhabi – 13-16 Jan
- CODED Bootcamp, Jordan – 04 Feb to 07 May
- Middle East Youth Expo, Abu Dhabi – 03-05 Feb
- STEP Conference, Dubai – 11-12 Feb
- Volkswagent Mobility Challenge, Dubai – 12 Feb
- Deadline to apply: Dubai Future Accelerators Cohort 7 – 15 Jan
- Deadline to apply: CODED Bootcamp, Jordan – 19 Jan
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