Startups
7 questions to ‘Mai Medhat’ Egyptian entrepreneur who met Obama
![mai medhat, obama, 7 Questions To The Egyptian Entrepreneur Who Met Obama](https://adigitalboom.com/wp-content/uploads/2016/07/mai-medhat-with-obama.png)
As many of you might have heard by now about the young Arab woman who made it to the global entrepreneurship summit and was selected to join a panel with mark Zuckerberg and moderated by Barak Obama. For those who don’t know, Mai Medhat is the co-founder and CEO of Eventtus, an online platform and mobile app for events that everyone searched and looked for in the Egyptian app store after the news propagated.
Mai news broke the internet as it was an inspiration to most of the Arabs, and for this reason, we wanted to gather more information and chat with her. Enjoy the read…
1- Who is the person that you see most inspiring to you?
Sheryl Sandberg, the COO of Facebook. Sheryl, to me, is not only inspiring but also aspiring.
2- Who is your source of motivation?
Eventtus team; with all the stress that we go through every day, seeing the team excited and fighting to solve the daily challenges motivates me the most. For any startup, the team can make you or break you. No startup in the world will work by itself. It is always about the team behind it.
3- What is the best mentor advice you have received?
Always be open to advice, but always choose what suits you. No one knows your startup and your product as much as you do. Open for feedback, but always stick to your vision.
4- What’s your favorite thing you do outside work?
Going to the movies and meeting my friends! Quite ordinary! (Breaks laughing). I am too busy most of the time at work and with Eventtus. So when I get some time, I prefer meeting my friends who I don’t usually get the time and chance to meet, plus entertain myself with movies to watch.
5- Away from any governmental or startup infrastructure limitations, do you think there are any cultural challenges?
Yes, it is not easy for typical traditional parents and families to understand the concept and consequences of entrepreneurship. Although my parents have always been super supportive throughout my journey, they still had some questions in the company’s very early days. Looking into the society where traditionally you are being evaluated by the job you have and the company you work for, it is tough to get them to understand that you are actually building a company and shaping others’ future!
This doesn’t end at the individual level, but there is also a major sad challenge in the culture of big corporates. They hardly trust working with startups, and it takes a lot of time and effort to build this trust even if they know you are a good startup.
6- Running one of the most successful startups in the region defiantly got you to the challenge of hiring good people. How did you manage to attract talents?
As I mentioned before, your team can make you or break you, and that’s why building an internal culture for the team is one of the most important elements in the success of Eventtus.
For us, we always share our vision. We always involve them and show them their added value and how impactful they are to the company as we grow.
7- Retaining talents is not easy for big corporates, so I’m sure it is more difficult for startups. How do you feel about losing your good talents, especially if you have invested time and effort with them?
It used to make me sad at the beginning till I started to look at it positively. Losing talents sometimes can add confidence to oneself that our choice was correct and we really picked and choose good calibers (remember we are a startup and hiring was a new experience to us). Also, all the talents we have lost, we appreciated their time at Eventtus, and the experience is added to them, which makes them very valuable ambassadors for us.
Startups
Rising from Debt: Al Nashmiah Farms’ Battle to Empower Indebted Women
![Rising from Debt: Al Nashmiah Farms' Battle to Empower Indebted Women](https://adigitalboom.com/wp-content/uploads/2024/02/Alnashmiah-farms.jpg)
Al Nashmiah Farms, committed to aiding women burdened by debt and facing the threat of incarceration, offers a novel solution for them to earn their way to freedom. Under the leadership of Razan Harb, motivated by her family’s financial struggles, the farm has become a pivotal force in rescuing those ensnared in the debt trap, providing them with employment and a sense of purpose.
Harb, observing the plight of many women who took loans in hopes of improving their families’ fortunes, only to be overwhelmed by unfortunate circumstances, economic downturns, and oppressive taxes, has established a farm that serves as both a source of employment and a supplier of high-quality produce to major markets.
The farm’s operations include the provision of household essentials, emphasizing the importance of quality through methods such as nitrogen sterilization and the use of healthy packaging. Additionally, Harb has initiated work-from-home opportunities, enabling women to engage in the packing of vegetables and fruits for market and direct sales, thereby offering a sustainable model for economic independence and recovery from debt.
News
GoDaddy’s Global Markets VP Predicts Egypt’s E-commerce to Hit $9.88 Billion by 2028
![GoDaddy's Global Markets VP Predicts Egypt's E-commerce to Hit $9.88 Billion by 2028](https://adigitalboom.com/wp-content/uploads/2023/12/Selina-Bieber-the-Senior-Director-of-Global-Markets-at-GoDaddy.webp)
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.
Apps
Saudi Fintech ‘Lendo’ Raises $28M in Series B Funding
![Lendo Secures $28M in Series B Funding Led by Sanabil Investments, Eyes IPO](https://adigitalboom.com/wp-content/uploads/2023/12/Untitled-3-1.webp)
Lendo, a Saudi Arabia-based shariah-compliant debt crowdfunding marketplace, has raised SAR 105 million ($28 million) in Series B funding led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (“PIF”). The round saw participation from Shorooq Partners, AB Ventures and other investors.
Lendo is a Shariah-compliant, debt crowdfunding marketplace that helps pre-finance outstanding invoices for businesses in Saudi Arabia. The platform is a community of creditworthy borrowers and sophisticated investors looking for alternative investments. The platform is licensed by the Saudi Central Bank (SAMA). Lendo will use the funds to support its fast-growing customer base in Saudi Arabia which has grown 3X year-on-year, introduce more innovative financing products, and accelerate market expansion plans.
“With this funding round, we are going to expand into new markets, support new and current customers, and launch new Shariah-compliant products, all the while continuing to innovate the marketplace for digital lending. We are going to make financial services more accessible, affordable, and inclusive for everyone. I am excited to see what the future holds for our company,” said Osama Alraee, CEO, and co-founder of Lendo, who also disclosed its plans for an IPO within the next few years.
Alraee has also expressed his gratitude to SAMA (Saudi Central Bank), Fintech Saudi, MCIT, Misk, and Monshaat for their unwavering support, emphasizing the pivotal role they have played in advancing financial inclusivity and fostering innovation in partnership with Lendo to reshape the financial landscape. Their dedicated efforts in advancing financial inclusivity and fostering innovation have been invaluable to us. We greatly appreciate their partnership in our mission to transform the financial landscape
Commenting on the announcement, Sanabil Investments said: “Lendo is a leading fintech company that is transforming the financial services industry in their specialist area of Shariah-compliant digital lending for SMEs. The Lendo team, especially the founders, Osama and Mohamed, have achieved a significant amount in a relatively short period, and we are eager to join their journey of increasing access to flexible financial solutions in Saudi Arabia and the region at large.”
“The growing demand for alternative, agile, and accessible lending solutions presents a significant opportunity. At Lendo, we are well-positioned to lead the charge in promoting financial inclusion not only in Saudi Arabia but also beyond. By fueling SME growth, we aim to contribute to the realization of Saudi Arabia’s Vision 2030 economic goals and to create a ripple effect of opportunity throughout the MENA region,” said Mohamed Jawabri, COO, and co-Founder of Lendo.
Lendo previously raised a SAR 27 million Series A funding round ($7.2 million) in 2021 led by Derayah Ventures with participation from Seedra Ventures and other investors, bringing the fintech’s total funding to SAR 132 million ($35.2 million).
Since the inception of Dec 2019, Saudi fintech Lendo has processed more than 2,500 financing transactions on its platform, providing over SAR 1 billion ($300 million) in financing to SMEs and generating SAR 140 million ($37 million) returns for investors.
The Small and Medium Enterprise financing landscape in the Middle East and North Africa (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. According to the International Finance Corporation (IFC), the SME financing gap is estimated at SAR 19.5 trillion ($5.2 trillion) every year in developing countries.
Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, which aligns with the Saudi Vision 2030 to significantly expand SME lending from 4% in 2018 to 20% by 2030.
The total value of debt crowdfunding in Saudi Arabia surged from 1.4 million SAR in 2019 to SAR 771 million in 2022, marking a remarkable 430% growth, according to SAMA’s annual fintech report 2022.
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