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A15, Careem Empower Tech Startups in Egypt
A15, the leading technology investor, announced a strategic partnership with Careem, the car-hailing app and one of the fastest growing startups in the Middle East, that aims to support Egypt’s tech startups. The partnership was announced during the annual RiseUp Summit that took place last Friday in Downtown Cairo.
The start-up scene in Egypt has been witnessing a lot of success and growth. According to the latest study conducted by Forbes Middle East, promising Egyptian startups have been able to raise funding from VCs and angel investors of around 23.2 Million USD, something that attests to the potential of the Egyptian startup ecosystem. Startups can be a catalyst for job creation especially in Egypt, a country with 27.3% unemployment rate among its youth (from 15 to 29 years) as per the latest report from the Central Agency for Public Mobilization and Statistics (CAPMAS). Both Egypt’s startup scene growth and its potential to create jobs for Egyptian youth have been the main motive and the cornerstone of this partnership between A15 and Careem. Due to the positive impact entrepreneurship has on Egypt’s society, economy and job creation; A15 and Careem believe that the time has come to collaborate by design and work together to support the entrepreneurship ecosystem in Egypt.
The partnership comes in the form of Careem being the “Official Carrier” of A15 portfolio companies and startups it invests in by empowering these new ventures through monthly free and discounted rides given to their employees. This partnership will help startups reduce operational running costs such as transportation and help increase their chances of success.
Startups can play an important role in job creation in Egypt; especially shared economy startups. “We are optimistic about this strategic partnership and see Careem as a perfect-fit for being the official carrier for A15 portfolio companies. “Careem offers the most consistent high quality service in the Car-hailing industry in Egypt” said A15’s CEO, Fadi Antaki. “This partnership was made, well, because it makes sense, as A15 and Careem share common values around creating real products and services that positively impact Egyptians’ lives,” added Antaki. Last year, A15 invested in shared economy startups which thrive to empower and create jobs for Egyptians – such as: mumm, an online homemade food marketplace that connects home cooks with consumers, Tutorama; an online marketplace that connects parents and students with tutors in their area and Shezlong; which is an online platform that connects mental health therapists with patients.
Egyptian startups and their entrepreneurs are not dreamers anymore, these local companies have more than a dream, they have a promise to solve local problems that they understand better than anyone else does. “I personally believe in the startup scene in Egypt and I think entrepreneurial youth will be able to solve the country’s biggest problems.” Said Careem’s Managing Director, Wael El Fakhrany. “Joining forces with A15 through this strategic partnership to support tech startups makes perfect sense as A15 is the most active investor in the tech space in Egypt and its team adds more value than merely funding startups, they offer education and strategic support to increase the success rates of startups,” added El Fakhrany. “ We see A15 as the right partner, after all we share very similar values and it became clear to us when we witnessed their investments in shared economy startups; Careem itself is a shared economy startup and a company that plans to empower 1 Million Egyptians in the next 3 years”.
The strategic partnership between A15 and Careem to support local tech startups; was launched during RiseUp summit.
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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