Israel’s OurCrowd to set up Abu Dhabi investment center and AI hub
One of the largest venture capital firms in Israel, OurCrowd, is partnering with the Abu Dhabi Investment Office to extend its activities in Abu Dhabi with a new investment hub and an artificial intelligence hub. The firms announced in a joint statement, during Abu Dhabi Finance Week, that the venture capital center of OurCrowd Arabia, which was incorporated at Abu Dhabi Global Market in 2021, will manage deals for its current platform and serve emerging markets.
OurCrowd and Adio will also launch Integrated Data Intelligence, an AI hub, which will be based at ADGM’s Hub71 start-up center and is aimed at commercializing AI for businesses, the companies said.
Order secures $1m pre-Seed round
Order, a Saudi SaaS company offering technical assistance to F&B proprietors, reported that it had been successful in raising $1 million. During the pre-Seed Funding Round, various angel investors were in charge. The company’s initial efforts to grow its market share and improve the innovation and development of its services are represented by this round.
Faisal AlAnazi, Order Founder and CTIO, commented, “Investors’ belief in us is the main motive for us to have continuous development and innovation for the services we provide in the company, which will give us a competitive advantage in the market as our solutions are comprehensive and offer financial freedom to brand owners in this sector.”
Alcazar Energy Partners concludes a $337m funding round from 8 investors
Asset management with a focus on renewable energy, Alcazar Energy Partners, reported raising close to $337 million from investors, including the European Investment Bank, to support its expansion into new markets. The money was raised for the Alcazar Energy Partners II fund, which is domiciled in Luxembourg. The firm said that it has a final goal size of $500 million and a hard cap of $650 million.
Alcazar said eight investors participated in the funding, also including the European Bank for Reconstruction and Development and the International Finance Corporation, the private-sector lending arm of the World Bank.
Dubai’s Nakheel receives $4.6 bn to fund expansion
The developer of Dubai’s The Palm Jumeirah, Nakheel, has obtained Dh17 billion ($4.6 billion) in finance as it seeks to grow amid the emirate’s real estate boom. According to Nakheel, the agreement involves a refinancing of Dh11 billion and additional funding of Dh6 billion to support the development of new projects, such as the Dubai Islands and other sizable coastal developments.
The Dh11bn refinancing agreement was reached through a syndicate of three banks — Mashreq Bank, Dubai Islamic Bank, and Emirates NBD.
Khalifa Fund teams up with Abu Dhabi’s Finance House offering support for Emirati-owned businesses
A partnership between the Khalifa Fund for Enterprise Development and the Finance House company in Abu Dhabi will increase the finance options available to Emirati-owned small and medium-sized businesses. According to the Khalifa Fund, the initiative, known as the credit guarantee plan, will offer its members financial benefits, including the chance for SMEs to borrow directly from banks at more affordable rates.
Abu Dhabi-based Swftbox raises $2m in expansion aims
UAE-based business Swftbox raised $2 million in a seed fundraising round. Mena Technology Fund, a London-based investment firm, served as the round’s lead investor. Other investors in the investment round included Polymath Ventures, AirAngels, Ithraa Investment Company, and several strategic investors from the US, the UAE, Saudi Arabia, and Europe.
Algerian tech startup Yassir closes $150m funding round aiming expansion
Technology startup in Algeria Yassir, which in Arabic means “easy,” has raised $150 million in a capital round to help the business grow and further develop its core technology. Bond served as the lead investor in the new funding round, which also included DN Capital, Dorsal Capital, Quiet Capital, Stanford Alumni Ventures, Y Combinator, and several strategic investors.
Dubai’s Fintech Hive hosted disruptive startup funding event in the metaverse
The annual Investor Day of FinTech Hive, the start-up accelerator supported by the Dubai International Financial Centre (DIFC), took place in the metaverse, allowing its start-up founders to pitch their ideas to investors for the first time in the rapidly developing digital market. On November 10, the flagship event included more than 40 founders of financial technology start-ups, who networked with the program’s knowledge and financial partners, FinTech Hive announced.
Dubai-based Rekt Studios raises $1.5m to fund gaming Metaverse plans
In order to create its first game Metaverse, Dubai-based technology startup Rekt Studios has acquired $1.5 million in a new investment round from blockchain and Web3 venture capital firm Cypher Capital. The project, dubbed Unseen, would enable developers to create games, experiences, Metaverse structures, and digital assets.
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