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Roadcast is Changing the Ride Sharing Experience in Egypt

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Roadcast is Changing the Ride Sharing Experience in Egypt

Whereas the average commute in the United States is between 10 and 17 minutes, in Egypt it routinely takes 32 minutes or more to get from point A to point B. In fact, as any Egyptian will tell you traffic congestion is a major problem in all of Egypt’s big cities.

Egyptians will also tell you that the ride sharing apps Uber and Careem have become a preferred method of transportation. It only seems natural then that a new startup has found a way to make being stuck in traffic in an Uber a novel marketing opportunity fueled by innovative mixed content.

Entertainment on the Go

Roadcast is a startup content creation, technology, and advertising firm that’s planning to put tablets with preloaded content in ride sharing app vehicles. There are a lot of winners here: Egyptians using Uber and Careem can stay informed and entertained during their commute without draining their phone batteries. Advertisers can reach a captive audienc. The drivers themselves win too as they will be paid by Roadcast for maintenance of the devices and certainly this extra income will help offset increasing fuel costs.

Bespoke SICO Tablets

And what are the devices exactly? Roadcast provides 10-inch interactive touch screens (tablets) that allow Uber passengers to navigate between a selection of immersive video games, web series, articles, cooking shows, and much more. There are even colouring books and other content made especially for kids, giving the younger passengers something to keep them occupied as they ride along during mom or dad’s commute. After initial trials with Chinese made tablets, the company is now switching over to far better performing tablets made in Egypt by the Egyptian company SICO. The main software for the devices has also been produced by Bright Creations, another Egyptian firm.

One of the most auspicious aspects of Roadcast’s approach to content is that they are creating an informative and entertaining product that is a mix of both passively consumed content (articles and videos) and interactive content (colouring activities and video games).

The creators and founders of Roadcast

Mohamed Rateb (CEO) Sherief Hassan and Omar Badran- have worked hard to develop their exisitng content based on market research and exhaustive surveying of both Uber users and drivers. One of the most interesting findings of their initial research was that there was a definite need for Children’s content.

Early Adopters

Currently in their pilot phase at the start of 2018, there are 85 Uber and Careem cars equipped with Roadscast’s tablets. Whereas there are plans to expand to other ride sharing apps or signs an exclusivity deal with either one or both of the big names in Egypt (Uber and Careem) remains to be seen. Egypt does have lots of unique carpooling apps and it will be interesting to see if Roadcast makes inroads into this market share.

At any rate, when it comes to advertising, Rateb, Hassan, and Badrann have landed some big names as early adopters. PepsiCo is already running ads in Roadcast content. In addition to the beverage giant, the British-Dutch multinational Unilever has also gotten onboard as an early advertiser. Unilever makes many extremely popular consumer goods in the food and personal hygiene sectors.

The Future for Roadcast

Good ratings are the lifeblood of an Uber or Careem driver. It’s reasonable to believe that drivers with the Roadcast devices in their cars will get good ratings. As for content creation moving forward, the heads of Roadcast are continuing to collect data. They’ve also made it clear that they’re looking into the development of shorter “snackable” content in addition to longer articles and videos.

https://www.facebook.com/RoadcastMedia/videos/390223864772388/

Startups

Rising from Debt: Al Nashmiah Farms’ Battle to Empower Indebted Women

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Rising from Debt: Al Nashmiah Farms' Battle to Empower Indebted Women

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.

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GoDaddy’s Global Markets VP Predicts Egypt’s E-commerce to Hit $9.88 Billion by 2028

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GoDaddy's Global Markets VP Predicts Egypt's E-commerce to Hit $9.88 Billion by 2028

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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Saudi Fintech ‘Lendo’ Raises $28M in Series B Funding

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Lendo Secures $28M in Series B Funding Led by Sanabil Investments, Eyes IPO

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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