Accion Venture Lab & Fund, $33M, launches to invest in MENAP based startups focused on financial inclusion http://bit.ly/2A0bImT
Abu Dhabi Global Markets (ADGM) grants the first full digital banking license to Anglo-Gulf Trade Bank, which will allow it to provide corporate banking services to Abu Dhabi based companies starting with ones based in ADGM http://bit.ly/2ZTVkmf
Saudi Arabian Monetary Agency (SAMA) is considering to expand the scope of digital currencies to banks & other countries http://bit.ly/30dybHr
Saudi’s Ministry of Labor launches a new platform to facilitate freelance work licenses in the kingdom (AR) http://bit.ly/2kaPzhc
Egypt’s ICT Minister says they plan to launch 7 technological parks in 7 universities across Egypt, with EGP 1B (~$60M) budget from the government, and aims to increase ICT contribution to GDP to 4% by end of year http://bit.ly/2kFEFjE
Masdar, Abu Dhabi Future Energy Company, (owned by Mubadala) and the UK government have invested £70M ($86.5M) in a new green technology fund to be managed by London-based Zouk Capital http://bit.ly/2lIVsmk
The World Economic Forum publishes the 2019 Travel & Tourism Competitiveness Report. The UAE leads MENA enablement, infrastructure, ICT, labor and at a globally competitive level, however it’s not faring well on nature, openness and price. Full report here: http://bit.ly/2kqLhCF
A weekly round up of the top headlines from the digital sector in MENA, covering startups, corporate and the public sector.
Hope you had a good summer and geared up to get back to the grind soon! I skipped the round-up last week; people were off, the media was off, it was nice. So, I’m merging last week’s news with this week’s round-up so you’re all caught up!
Investments (Regional & Related)
Chefaa, Egyptian e-health startup, closed “six-figure seed funding round” from Flat6Labs and 500 Startups http://bit.ly/2YYbTsU
Nana Direct, Saudi grocery platform, raises $6.6M in Series A co-led by MEVP and Impact46, and joined by Watar Partners, Saudi Venture Capital (SVC) Company, Wamda Capital and Alzamil family – this announcement was made in late February via twitter which we covered but the tweet has since been removed http://bit.ly/2Zb10rT
Startups from MENA in Y Combinator Cohort: * Lezzoo – Iraq on-demand delivery service in Iraq * Breadfast – Cairo breakfast delivery platform * Trella – Cairo trucking marketplaces https://tcrn.ch/2zdLNI0 & https://tcrn.ch/2KJqVi5
TechAdvance, Lagos-based payments infrastructure firm, secured $1M in funding from Bahrain’s Lamar Holding. The company has also received an approval for a payment solution service provider (PSSP) license from the Central Bank of Bahrain http://bit.ly/2YT2Nla
QFPay, Hong Kong QR-based payment company, raises $20M from Sequoia Capital China, Matrix Partners, MDI Ventures, Rakuten Capital, and VentureSouq (Dubai) http://bit.ly/2YMxnh6
Incorta, Egyptian founders – SF based, raises $30M in Series C led by Sorenson Capital, GV (Google Ventures), Kleiner Perkins, M12 (Microsoft Ventures), and Telstra Ventures, and expands offices to Chicago, Dubai and Bangalore (already has office in Egypt) http://bit.ly/2HclN41
Knotel, US Based WeWork competitor, raises $400M in investment, valuing the company at $1B, led by Wafra, Sovereign Wealth Fund of Kuwait, Mori Trust, Itochu, Mercuria, Norwest Venture Partners, Newmark Knight Frank, Bloomberg Beta and Rocket Internet http://bit.ly/2P8zAPw
Flat6Labs Tunis, Attijari Sicar, B@Labs and International Finance Corporation (IFC), collaborate to launch a training-academy for high net-worth individuals in hopes of developing an angel network in Tunisia (not be confused with the Carthage Business Angel Network). A Maghreb Angel Investor Network was also launched. http://bit.ly/31XEi4j
RuPay, Indian credit card company (competitor of Mastercard/Visa) to launch in the UAE http://bit.ly/2ZnHUyF
iPayLinks, Chinese cross-border payment operator, acquires license in UAE and Saudi http://bit.ly/33CZr5n
Egyptian Ministry of Finance is looking to impose taxes on eCommerce and Social Media advertising activities http://bit.ly/2ZldSYx
CBInsights publishes: “The Most Well-Funded Tech Startups In The UAE In One Infographic” http://bit.ly/2zfpkdv
Thoughts on healthcare + technology
In a random conversation with a friend earlier in summer, he said “you know that most of the meds you’re taking are not even tested on female mice because their hormonal cycle creates variation in results“. I looked it up. It’s true. A large proportion of medication is tested on male mice and male volunteers for “consistency”.
The assumption is: women are just men with hormones, hormones are non-consequential… They clearly aren’t.
As big data, artificial intelligence and machine learning start to march their way into healthcare to support practitioners with diagnosis, monitoring and treatments, my fear is that we’ll discover that the data on female health is largely mis-represented, under reported and researched. It’s an opportunity, but a sad one to acknowledge nonetheless.
Why are we discussing this?
A docu-series, a book, and a youtube episode:
In the Sentient Machine by Amir Husain he discusses the long-tail of unknown ailments that can plague an individual’s lives. Health problems that are simply not common enough for science to dedicate the time, effort and resources to research and find cures for. It’s eye-opening and terrifying to accept that much of the process of getting healthcare is getting the right diagnosis, and we still remain largely speculative about alot of it. Not to discount the phenomenal efforts and dedication of the healthcare society, but the way to go is still long ahead.
Our own biology is still a vast mystery, research is guided by the most pressing and widely acknowledged ailments in geographies that have the financing and systems to fund that research. It takes time and dedication and some times a full career to explore a single facet of a single ailment.
As Artificial Intelligence alarms rise to threaten more jobs, what should we be doing to encourage careers research and healthcare? How can we improve funding for research that promotes better living, than defense budgets that frankly, while they may improve the quality of our lives, don’t necessarily fix the vehicles of our life, our bodies.
Huobi and CASHU, crypto-payment platforms, announce partnership and expansion to North Africa http://bit.ly/2GiRKHe
Careem launches new service in Dubai in joint-venture with the Road and Transportation Authority (RTA) called ‘Hala’ which further integrates RTA Taxis into Careem’s app http://bit.ly/32ALZOJ (the partnership was announced in Dec, 2018)
Property Finder and the Dubai Land Department (DLD) sign a partnership to launch an official sales and rental price index for Dubai available through Data Finder platform, and Mo’asher http://bit.ly/2SyLqQR
Iflix, Mayalsian VOD service, halts operations in the Middle East. They had just closed a $50M investment round. https://tcrn.ch/2yfGV4h
BIGO, Singapore holding company of IMO messenger and BIGO Live, to establish an office in Jordan (BIGO Live is a popular live streaming platform in SEA) http://bit.ly/2MdR2Ps
Lebanon issues New Commercial Law to improve ease-of-business, clauses are very positive for startups. Unofficial english translation is here: http://bit.ly/2Z2k5ZS and full draft (much longer) in official gazette here (AR) http://bit.ly/2SpE5D4
Worldbank releases new report “Promoting a New Economy for the Middle East and North Africa” http://bit.ly/30SgP3L
Investcorp, Bahrain-based “alternative investment manager”, announces a $142M for its Private Equity Fund for India http://bit.ly/2SEmUxR
AJ Capital and Investment LLC (AJCI), Al Jallaf Family Office, acquires a 51% stake in Kenyan micro-insurer, Insurance For All (IFA) Ltd http://bit.ly/2OhHu8Q
Saudi authorities issue a “Fintech Access Guide” that includes: regulations and frameworks for companies that wish to setup or expand into the kingdom http://bit.ly/2MhJriI
IBM’s Cost of Data Breach Report is out and MENA (UAE & Saudi as per their research) remain the second highest regions for average cost of breaches for entities at $5.97M! The average cost per breached record in MENA is $173. Full Report here: https://ibm.co/2YiJxx7 and a more interactive cost calculator can be found on their website here: https://ibm.co/2YahdZF
Visa’s eCommerce in the UAE Report on the state and projections of eCommerce in the UAE. Market is estimated at $8.3B in 2018 and growing 23% annually, UAE consumers spend per transaction is one of the highest globally at $100+ per transaction http://bit.ly/2YqClyS
Global Innovation Index (GII) 2019 is out, MENA countries don’t rank very high globally, but are on par in some categories. Excerpt is 20 pages, Full report is 400+, pick your weekend read! both can be found here http://bit.ly/2M9QVnX