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A15 & DELL EMC Join Forces to Support Tech Startups in Egypt
The leading technology investor, A15 announced today a strategic partnership with Dell EMC, the global information infrastructure vendor, with a mission of supporting Egypt’s tech startups.
According to the Egypt National Report for 2015/16, published by the Global Entrepreneurship Monitor (GEM), access to finance has been consistently identified as the major challenge facing Egyptian entrepreneurs.
Egypt’s score in entrepreneurship finance is 3.5 – ranking 49th– compared to a global average of 4.2. This restricts the ability of startups to acquire essential resources – especially access to talent and high-end advisory & mentorship as well as premium technology.
The partnership between A15 and Dell EMC provides A15 portfolio companies with much needed technology, mentorship, talent recruitment support as well as access to the world class pivotal tracker software among other things through its freshly minted SUDO program.
The partnership aims to support technology and technology-enabled startups by providing tools and technical expertise from Dell EMC to A15 startups. This collaboration will add an enormous amount of value to A15 portfolio companies by exposing their young teams to the experience and wealth of knowledge of Dell EMC teams. Moreover, it will give them access to the much needed infrastructure and enable their teams to further develop their knowledge and skills.
In a country that still suffers from slow growth and high unemployment rates, Egyptian youth found their calling in creating products and starting new companies; inspired by similar startup scenes globally.
Magued Mahmoud, Dell EMC Vice President and General Manager of the Center of Excellence in Cairo said “We believe that entrepreneurship will help boost the country’s economy, and it’s our duty to help entrepreneurs by sharing our knowledge and our leading edge technologies with them, and giving them as much support as we can.”
“Joining forces with A15 fits our core values; like us, they are an organization that believes in entrepreneurs and the power of entrepreneurship and the importance of innovation to growth; together we can help offer startups and entrepreneurs more than just funding.” Added Ahmed Osama, Innovation Program Manager at Dell EMC.
“A15’s goal is to provide startups with more than just financial support. We aim to empower them with the knowledge and resources they need to thrive and grow both regionally and globally. A15 is currently building its venture development program that is meant to support startups across three key pillars: Hands-on advisory support across key business functions such as accounting and legal, a bootcamp that institutionalizes knowledge sharing and business development between large portfolio companies and startups within A15’s portfolio and a strong network of strategic partners.” said Fadi Antaki, A15’s CEO.
“And we see Dell EMC as a key strategic partner that can help us deliver on that goal, we are aligned on both mission and vision. These are critical components in what we believe is an important partnership that can add value not just to A15 portfolio companies, but to the entrepreneurship ecosystem at large” Added Antaki.
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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