Car-maker startup Jidu seeks $400m in Funding
Jidu Auto is a joint venture between Baidu and Chinese automaker Zhejiang Geely Holding Group. The startup unveiled a concept version of its self-driving EV in June, and is eyeing mass production for the vehicle in 2023. Some Chinese tech companies seeking to make electric cars are not having an easy ride in a sector teeming with rivals.
Kuwait-based gifting platform Teeela raises $3.75 million in new funding round
Teeela, an innovative and rapidly-scaling gifting platform and app has raised $3.75 million in a pre-Series A. The round was led by Saudi Arabian investment firm Wealth Well and supported by strategic investment from Mad’a Investment Company, Al-Akeel family and other prominent investors. Teeela provides a large selection of thousands of toys, with customised and personalized gift-wrapping options including bespoke wrapping and last-minute ordering.
Abu Dhabi’s Adia invests in food industry fund McWin and China’s Taibang Biologic
McWin Restaurant Fund secured initial funding commitments of €500 million ($512m) to invest in restaurants. The fund will focus on larger investments with a ticket size of at least €100m. Adia, one of the world’s biggest sovereign wealth funds, has backed Taibang Biologic Group’s latest funding round. The biopharmaceuticals company raised $216.5m from a group of investors including state-owned China Life Private Equity Investment ad Cinda Kunpeng (Shenzhen) Investment Management Company.
Egypt’s Homzmart raises $23m in new funding round
Furniture and home goods e-commerce platform Homzmart has closed one of the past year’s biggest funding rounds for a Middle Eastern and North Africa start-up. The company, launched in 2020, will use the new funding to expand services, especially logistics. It raised $15 million in an earlier round that closed in the second quarter of last year, after an initial round in which it raised about $2.5 million.
HealthTech Insilico Medicine secures $95m to establish R&D base in the UAE
Hong Kong-based Insilico Medicine has obtained $95 million in funding from investors led by Prosperity7. The new capital will be used to support the company’s pipeline of projects, including the establishment of a fully automated drug discovery laboratory and biological data factory. Insilico’s office in the UAE is projected to develop “rapidly”. The global digital health market is expected to grow at a compound annual rate of about 28 per cent through 2030, according to Grand View Research. Insilico will be developing state-of-art AI software products.
Dubai-based Swvl announces $20m in private sale & purchase agreement
Swvl’s share price has lost more than 84 per cent of its value since its market debut at $10 in March. The Nasdaq-listed company said its shares were down 16 per cent at $1.54 per share. Swvl allows commuters to reserve seats on private buses operating on fixed routes and pay fares using its mobile app. The company has been on a buying spree since last year, acquiring Spain’s Shotl, Argentina’s Viapool, Germany’s door2door and Turkey’s Volt Lines.
UAE AgriTech startup Produze raises $2.6m in funding round
Produze is an agricultural technology start-up based in the UAE. Seed funding round was led by private equity company Accel, with participation from other investors. Company aims to use technology to address challenges of cross-border agri-produce supply chain. Global produce market projected to reach more than $211 billion by 2028. It is expanding at a compound annual growth rate (CAGR) of about 5.1%. The UAE is promoting the use of technology to boost the AgriTech sector, and has pledged to take action on global food crisis.
Dubai-based Metaverse ‘Everdome’ secures $10m funding pledge
GEM Digital pledges $10 million to Dubai-based metaverse company Everdome, Metaverse is where people, represented by avatars or three-dimensional representations, can interact in virtual worlds. The UAE has taken a number of major steps to integrate the metaverse and its related technology.
UAE hosted the biggest funding deal of MENA in first half of 2022, Magnitt report
The Emirates was also the leader in terms of deals, which grew 10 per cent in the six-month period. The UAE hosted the biggest deal — a $181m convertible note mega-round for Abu Dhabi-based Pure Harvest. Saudi Arabia and Egypt were second and third in both funding and deals closed. Funding for start-ups in the UAE more than tripled to $234m in the first half of this year. Financial technology, e-commerce and ed-tech led the way in terms of number of deals raised, according to a report by Magnitt.
UAE tech startup Dukkantek raises $10m aiming growth
Dukkantek was founded in January last year and provides a digital storefront management platform for retailers. The company uses cloud computing to offer predictive analytics and transparency on operations. In-store boxes fitted with a point-of-sale system can be accessed online from anywhere in the world. UAE’s e-commerce market alone is forecast to grow 60 per cent to more than $8bn by 2025 from 2021.
Abu Dhabi-based G42 launches $10 bn international tech fund
A $10 billion global technology growth fund, the G42 Expansion Fund was founded by the UAE-based AI and cloud computing technology company G42 in collaboration with Abu Dhabi Growth Fund (ADG). The fund, which will be managed by a subsidiary of G42, is focused on accelerating the pace of global innovation by investing in late-stage growth companies with disruptive technologies and strong business fundamentals.
Procurified raises $1.1m in seed funding
Dubai-based construction bid management platform Procurified has raised $1.1 million for its Seed Round. The Round was led by DIFC-based Aditum Investment Management, with participation from US-based Signal Peak Ventures, Al Hathboor Group, Empede Capital and strategic Angels.
MENA region has the potential to incubate 45 unicorns, including a decacorn, Saudi Technology Ventures
According to a recent report, the Middle East and North Africa (MENA) area has the potential to produce 45 digital start-ups worth close to $100 billion by 2030. Before the end of the decade, the MENA area, according to Saudi Technology Ventures (STV), could develop 45 businesses worth at least $1 billion apiece, including a $10 billion decacorn technology company.
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