Dubai-based home services startup MoveSouq.com has closed a $3m funding round at an undisclosed valuation, it announced on Tuesday. The nation displayed a unique ability to tackle challenges — be it global or regional — making it the most vibrant regional player both in terms of deals and funding. Saudi Arabia saw dramatic growth, up 55 percent with $152 million of funding, with the biggest increase in the number of deals across the region, up by 35 percent. Dubai startups get new funding sources. Copyright © 2021 Zawya. Top Story; Funding Story; Events; Internet; Social Impact; Incubators in UAE; Send Your Story! Team. Click/tap here to subscribe to Khaleej Times news alerts on Telegram. “Increased activity will translate into increased competition, especially as contemporary customers are well aware of their choices. Excluding the $200m raise by Dubai-based ride-hailing app Careem, total start-up funding in the MENA region was up 31 percent on 2017, according to the Magnitt 2018 MENA Venture Investment Report. Fenix scooters. Today, Tap offers bill management, online payments, a payments app and a robust API, supporting the unique payment processing environment that is the Middle East and … The three main innovation hubs — the UAE, Egypt and Saudi Arabia — accounted for 68 per cent of total deals disclosed in 2020 and once again, the UAE ranked first and accounted for the lion’s share of total funding and the highest number of deals in Mena, representing 56 per cent of all capital deployed across Mena (26 per cent), with 129 deals and $579 million in funding in 2020. 9. (File photo) Platform offers SMEs crowd funding and peer to peer finance. Tap Payments is hoping for a similar trajectory in MENA. A draft regulation for crowdfunding Crowdfunding in the UAE Stories. The rise of an app that helps UAE nannies save, invest and borrow _____ Philip Bahoshy, founder of the online start-up community Magnitt, said more start-ups in the region are now tackling innovation challenges in the solar and renewable energy space, with 30 listed on the Magnitt platform. The UAE’s starup community will emerge stronger in 2021 as it gets ready to embrace new paths of growth. The nation displayed a unique ability to tackle challenges — be it global or regional — making it the most vibrant regional player both in terms of deals and funding. The three main innovation hubs — the UAE, Egypt and Saudi Arabia — accounted for 68 per cent of total deals disclosed in 2020. Visit a place frequently? Lessons of 2020 indeed impart a new meaning to resilience as the startup community received a stronger government support in various forms of sops, with Mena startups raising over a record $1 billion of investment in 2020, indicating a 13 per cent increase year-over-year. Group of entrepreneurs and business people sitting at the table and discussing potential cooperation and joint projects. UAE start-up inks deals to expand online B2B marketplaces into the US, Australia “We are currently raising a funding round which has attracted great interest from multiple investors, both larger Angel investors and also from VCs,” Haisam Jamal, co-founder and CEO of Distichain, told Arabian Business in an exclusive interview. The financials of the funding deal were undisclosed. In Dubai specifically, the emirate’s commitment to award 20% of all Expo 2020-related contracts to SMEs has further incentivised the development and growth of small business. WHAT IS DAI? Ally Salama, CEO, EMPWR, said: “Traction and startup business in mental health means less stigma, and more marketing, education and awareness. SMEs contribute close to half of UAE’s annual GDP. macro_profile: , The startup community is certainly witnessing a spurt in mental health services and is gaining traction among businesses. Dubai Startup Hub, the entrepreneurship initiative of the Dubai Chamber of Commerce and Industry, has launched eight specialized sector guides for entrepreneurs to help them launch their startups and do business in the UAE. The UAE’s starup community will emerge stronger in 2021 as it gets ready to embrace new paths of growth. By tracking and analysing startup investments in 19 countries and counting, we have been able to provide real-time intel to governments, founders and investors to support them in making informed decisions and policies,” added Bahoshy. CurrentRequestUnmodified: /business/indian-textile-major-raymond-sizes-up-fashion-industry All rights reserved. macro_adspot: ©2021 Galadari Printing and Publishing LLC. This statement defines the funding stage of startups perfectly. This will mean implementing data driven machine learning operations, enhanced omni-channel engagement, and personalised services that leverage customer data effectively,” added Azmi. It should come as no surprise that Careem is the top funded startup in the UAE, even after … Total Funding: $203k. Crowdfunding is the practice of funding a project by raising money from a large number of people through licensed online platforms. Try to raise fund through Eureeca crowdfunding platform. Add to this the inherent advantages e-commerce offers businesses in terms of market penetration, and it’s clear that growth in the sector will only accelerate.”. This website uses cookies to improve your online experience. Despite the challenges stemming from Covid-19, e-commerce and fintech, retained top spots by the number of deals, with the two sectors together representing 24 per cent of all deals in 2020. The UAE attracted the most start-up funding in the MENA region, with $625 million of investment last year. The three main innovation hubs — the UAE, Egypt and Saudi Arabia — accounted for 68% of total deals disclosed in 2020. However in 2021 businesses will need to differentiate themselves in the e-commerce space as well, cautions Azmi. Email us at editorial.zawya@refinitiv.com, or send us your company press releases to pressrelease.zawya@refinitiv.com. The UAE's startup ecosystem is poised to become more buoyant as 2019 unfolds with more appetite for seed funding as well as for larger funds at the Series B level. 80% of the population of the UAE consists of foreigners who are in the country on 3-year visas. Image used for illustrative purpose. The company said, that the fresh capital will be deployed towards boosting App4Legal’s growth plans across Asia and Europe. The UAE has long been synonymous with change and innovation. “Covid-19 rapidly accelerated the adoption of technology across emerging markets, creating larger markets and more opportunities to scale. READ MORE, UAE fights Covid: Dubai suspends entertainment on board vessels, floating restaurants, Dubai fights Covid: Eateries get new social distancing rules, Coronavirus: UAE reports 3,552 Covid-19 cases, 3,945 recoveries, 10 deaths, Dubai fights Covid: New gym rules announced, Covid-19: Emirates suspends flights to Copenhagen, UAE expats harassed in viral video, 4 men arrested, Rise in Covid-19 cases: UAE police, doctors issue advisory for residents, Myth busted: Covid-19 vaccine won’t affect men’s fertility, Dubai parties, weddings: Maximum number of guests reduced, UAE-US flights: Mandatory Covid test for all travellers, aged 2 and above, Russia’s Sputnik V vaccine in UAE: All you need to know. VC funds typically providing funding in return for minor equity stakes in start-ups or young SMEs (often technology companies) that are not traded publicly. Crowd investing and Crowd Funding is raising money for or investing in startups and businesses. And can pick up their bags and leave the country overnight. Access the most comprehensive database of companies and officers in the Middle East and North Africa, covering all major sectors and industries, from Refinitiv. Examples of crowdfunding platforms in the UAE are Beehive, Humming Crowd Realty, Eureeca. Roberto Croci, managing director of Microsoft for Startups MEA, said: “The UAE has all the ingredients to become a vibrant hub for start-ups, underpinned by effective public-private partnerships and fast regulatory decision-making. Our tactics is mainly built on 3 key pillars – Expertise, we have lined up to secure and undertake unique … “This is the second … The news is made all the sweeter by the fact that the announcement has coincided with the peer-to-peer payment app being chosen for Y Combinator’s winter 2021 … Not only has a much larger subset of customers become used to the convenience of e-commerce, the services on offers have also been enhanced. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Businesses will need to adopt technology strategically and in a way that differentiates their offerings. Knowledge should be free, and that’s why we’ve decided to share this list of best startups in the region (Dubai, Abu Dhabi, UAE, Jordan, Qatar, Saudi Arabia, Oman, etc). The UAE’s starup community will emerge stronger in 2021 as it gets ready to … Last year, Pakistan recorded $77 million in 48 deals, and Turkey recorded $383 million in 140 deals. Regional start-ups enjoyed record funding in 2017. Private equity (PE) and venture capital (VC), as sources of funding, are slowly picking up in the UAE. UAE startups top in funding, deals led by ecommerce in 2020. “2020 was a rollercoaster year that highlighted the importance of leveraging data to make opportunities visible across borders,” said Philip Bahoshy, Magnitt’s CEO. More. The UAE has long been synonymous with change and innovation. A tech startup based in Cairo has just raised a six-figure amount of investment funding to expand its platform to offer digital services to closed communities in the Middle East and North Africa. Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. Virtuzone partners with Zbooni to provide SMEs with transaction solutions powered by WhatsApp . The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. In fact, any business has money at its core. Startups. Provided by SyndiGate Media Inc. (Syndigate.info). “Covid-19 rapidly accelerated the adoption of technology across emerging markets, creating larger markets and more opportunities to scale. This marks the first investment by an Israeli venture capital fund in a UAE-based tech startup since the normalization of relations between Israel and the UAE . The other option is SeedStartup, one of the first private business accelerators and seed funding companies founded in Dubai. TaxBuddy.com, a Mumbai-based fintech startup, on Monday raised $1 million in early-stage funding from UAE-based fund Zenith Global. 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Abdul Basset Al Janahi, Saeed Matar Al Marri, Craig Moore and other executives after signing a deal between Mohammed Bin Rashid Fund and Beehive Group Finance Platform. Apply. Also, nearly half of all companies registered in Dubai are early stage startups. Repeat. Much of this has been driven by SMEs and Startups, which are often at the forefront of fresh ideas – in many ways they can be considered the lifeblood of the UAE commercial spirit. Such external websites, entities, applications or media publishers way that differentiates their offerings subscribe to Khaleej Times alerts... In UAE ; Send your Story hubs — the UAE ’ s annual GDP Much. Member-Led Micro-VC made up of more than tripled, increasing by +280 per cent to $ 72 million in startups. Across Asia and Europe No Comments funding, deals led by Israeli VC business Dubai. Or media publishers company develops and invests in digital products and tech brands of a. 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