News
UAE Startup ‘SocialDice’ Welcomes Global and Regional Investors
DUBAI – SocialDice, a regional startup that offers an innovative digital hiring solution for SMEs in MENA, announced that it recently closed a second round of investment from regional and global venture funds 500 Startups, Sadara Ventures and Raed Ventures. The Company’s other investors include Zahi Khouri and Oasis 500.
“500 Startups is excited to announce our investment in SocialDice, our first Palestinian startup. SocialDice has already shown traction in the UAE market, and we believe they have terrific potential for future growth and disruption in the talent management industry.” – Dave McClure, Founder of 500 Startups
The SocialDice team with 500Startups founder Dave McClureSocialDice aims to solve the numerous recruitment challenges routinely faced by countless companies. According to Founder/CEO Saed Shela, the recruitment industry globally has been revolutionized by the introduction of various technological innovations, but that has not yet happened in the Middle East, where the recruitment process remains exceedingly tedious. The many recruitment agencies and candidate tracking systems (ATSs) are too expensive for small to medium-sized companies.
“Building a great team is hard, but it is core to starting or growing a great company. SocialDice is helping businesses everyday recruit and hire top candidates at maximum efficiency. Our decision to invest in SocialDice was based on our belief that their solution is going to be indispensable to any company who’s serious about winning.” – Saed Nashef, Founding Partner at Sadara Ventures
The process of recruiting employees for job openings in a company, is time consuming, repetitive, and highly inefficient. “I experienced first-hand the pain of recruiting in my previous company, when I needed to urgently fill a technical position,” said Shela. “The job requisition was placed on several job portals and social media outlets such as Facebook and LinkedIn. Within several days, my email box was flooded with hundreds of CVs – I had to juggle between emails and job sites, and ended up conducting interviews only to find out that very few of the applicants really fit the job.”
SocialDice CTO Nael Ramadan and CEO Saed ShelaShela was determined to apply a technological solution to automate the hiring process, making job requisition placement, CV aggregation, and relevant candidate discovery seamless and efficient.
SocialDice combines artificial intelligence technologies and partnerships with existing job sites, along with other features in a digital SaaS solution that helps companies recruit employees in an easy, smart (and even fun) way.
How It Works
SocialDice’s platform enables employers to maximize their reach for suitable talent by posting job descriptions to multiple job sites, including LinkedIn, Bayt, and Monster, with just a few mouse clicks.
“The SocialDice team created a product that might be one of the most significant in the field of recruitment. While SocialDice does use highly complicated algorithms, the service works to maximize simplicity, accuracy and speed in the recruitment process.” – Omar A. Almajdouie, Founding Partner at Raed Ventures
Using SocialDice’s unique artificial intelligence (AI) technology, customers can quickly drill down to the most relevant candidates. The technology analyzes sentences rather than keywords and compares the candidate’s skills and experience against the job qualifications, extracting key candidate career insights such as loyalty, career gaps, and other KPIs.
SocialDice’s extensive automation enables employers to manage the entire hiring process from a single dashboard, to seamlessly conduct interviews, collaborate with their hiring teams and build meaningful relationships with candidates.
Companies no longer need to independently post on numerous job sites, go through thousands of CVs, or manually contact all applicants. SocialDice does it all for them, within seconds.
Lendo, a Saudi Arabia-based Shariah-compliant crowdlending marketplace, has signed a Memorandum of Understanding (MOU) today with J.P. Morgan to improve access to financing for small and medium-sized enterprises (SMEs) across the country.
The MOU was signed during 24 Fintech, a premier fintech event that brings together industry leaders, innovators, and investors in Riyadh.
J.P. Morgan and Lendo are working together on potential opportunities to support the SME sector in Saudi Arabia in growing and sustaining the remarkable demand in this market.
“This strategic collaboration with J.P. Morgan, a pioneer in the financial industry, marks a significant milestone for Lendo,” said Osama Alraee, CEO and co-founder of Lendo. “By combining our strengths, we’ll deliver cutting-edge financial solutions to SMEs, supporting their growth and contributing directly to the realization of Saudi Arabia’s Vision 2030.”
The SME financing landscape in MENA presents a substantial market opportunity as limited financial access continues to restrict the growth of the region’s businesses, with commercial banks hesitant to issue loans to SMEs at scale, resulting in a high percentage of declined financing requests annually.
The total SME financing gap in developing countries is estimated to be approximately $5.2 trillion, according to the International Finance Corporation (IFC).
Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, aligning with Saudi Vision 2030’s goal to significantly expand SME lending from 4% in 2018 to 20% by 2030.
According to the latest available report from the Saudi Central Bank (SAMA), the total value of debt crowdfunding in Saudi Arabia surged from SAR 1.4 million in 2019 to SAR 771 million in 2022, marking a remarkable growth.
Lendo raised SAR 132 million ($35.2 million) in total funding from leading investors, including the most recent Series B led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (PIF).
Since its inception in December 2019, Saudi fintech Lendo has processed over 5,000 financing transactions on its platform, providing over SAR 2 billion ($600 million) in financing to SMEs and generating SAR 280 million ($74 million) in returns for investors.
TA Telecom, a prominent player in the Middle East’s tech sector, has unveiled AnteThink, an AI-driven tool designed to enhance decision-making processes for individuals and businesses alike.
With a history of influencing the tech landscape through various initiatives, including advanced mobile solutions, high-volume payment platforms, and ventures in e-commerce, fintech, and analytics, TA Telecom has carved a niche for itself. Serving a vast user base of 40 million and processing an impressive 15 billion transactions across its platforms, TA Telecom has cemented its position as a tech industry leader, with some of its ventures achieving the status of Y Combinator companies.
Established in 2000, TA Telecom has emerged as a prominent player in the technology sector. With over 40 million users and processing 15 billion transactions annually, TA Telecom has made a notable impact. Recognized for its contributions by the Financial Times and featured on Deloitte’s list of fastest-growing tech companies in EMEA, TA Telecom is known for its adaptability and forward-thinking approach in the ever-evolving global tech landscape.
Sameh Ibrahim, CEO of TA Telecom, highlights the potential of AnteThink: “AnteThink reflects our commitment to leverage technology for practical impact. It aims to provide clarity and confidence in decision-making, whether in the professional or personal sphere. AnteThink is a tool that can empower startup founders, executives, and individuals to make more informed choices, alleviating the stress and uncertainty often associated with critical decision-making.”
Mostafa Ashour, CEO of Y Combinator-backed startup NowPay, shared his perspective on AnteThink: “AnteThink transformed our strategic planning, allowing us to explore various scenarios and prepare for different outcomes. It has strengthened our decision-making process, helping us navigate the complexities of the business landscape.”
AnteThink embodies TA Telecom’s commitment to innovation, focusing on supporting the startup ecosystem. The tool is tailored to help leaders and executives navigate the complexities of business management and strategic development by providing a clear picture of potential outcomes.
Key Features of AnteThink include:
1. Second Order Mode: Offering a comprehensive analysis of broader impacts, fostering a strategic mindset for long-term success.
2. Optionality Mode: Enabling detailed evaluation and comparison of different choices to ensure decisions align with strategic objectives and values.
3. Inversion Mode: Focusing on identifying and mitigating potential risks, thereby strengthening risk management strategies.
Credit: Antethink
AnteThink’s advanced AI technology aims to assist decision-makers with insightful analytics, offering guidance through the decision-making process.
Selina Bieber, the Senior Director of Global Markets at GoDaddy, has predicted a significant increase in Egypt’s e-commerce revenue. By 2028, it could reach $9.88 billion.
Godaddy is forming strategic partnerships and launching initiatives to help local entrepreneurs. These efforts align with Egypt’s digital transformation goals and its Vision 2030.
In an interview with the Arabic financial news “Amwal Al Ghad,” Bieber spoke about GoDaddy’s plans and how they match Egypt’s 2023 strategy. She highlighted the company’s aim to provide effective, easy-to-use digital tools and services. By 2024, GoDaddy wants to serve more customers in Egypt by making its digital tools more widespread.
The company is working closely with the Egyptian government, especially the Ministry of Planning. They are offering training programs to improve the digital skills of startups and existing businesses. GoDaddy’s services in Egypt include domain registration, web hosting, e-commerce solutions, and digital marketing tools.
Recent surveys support Bieber’s positive outlook for e-commerce in Egypt. They show a clear trend towards digital strategies among small businesses. Many are realizing the importance of having an online presence for their growth and success.
As GoDaddy continues its partnerships and supports government digital initiatives, its influence on Egypt’s digital landscape is growing. The company is committed to sustainability and reducing its carbon footprint. It aims not just for business growth but also to contribute to a sustainable and thriving digital economy in Egypt.
The 2028 projection indicates a vast potential for e-commerce, with GoDaddy playing a key role in this digital evolution.
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