News
Dubai-based Short Stay Vacation Homes Raises $1.9M
Dubai-based Real Estate startup and private property manager Short Stay Vacation Homes (Short Stay) has successfully raised $1.96M in its latest funding round led by Africa-based SK Group.
Founded in 2017, Short Stay Vacation Homes manages privately-owned apartments across Dubai, which guests from all across the region and the world can rent on a short-term basis. Licensed by the Dubai Department of Tourism & Commerce Marketing, Short Stays aims to redefine the hospitality industry by offering guests a home away from home, with highly accessible seamless servicing. Familiarizing Dubai with the concept of Holiday Homes, the UAE-based startup offers elevated services in contemporary spaces, to provide a unique stay experience for business or leisure travelers.
As most recently recorded in our Q3 2021 UAE Venture Investment Report, investor interest in the UAE shifted towards industries with faster turnaround and Tech ventures with scale promise, where funds seem to be heavily channeled towards FinTech, Transport & Logistics (T&L), and E-commerce. To that effect, UAE-based Real-Estate startups observed an almost 95% YoY dip in capital raised by Q3 2021, closing 1 more deal, however, than the same time last year. This latest investment ranks the highest this year, surpassing HotDesk’s $1M SEED round earlier this year- both, paving the way for innovations in the shared economy, and the access-over ownership approach to Real Estate.
Short Stay currently manages more than 75 properties in popular residential and tourist areas such as Downtown Dubai, Jumeirah Beach Residences, Jumeirah Lakes Towers, and Dubai Marina, which gives a favorable position to benefit from the reopening of the country and the return of globally anticipated events such as Expo 2020. The six-month-long event has recorded 2.5 million visits so far, helping the tourism sector to recover steadily, where Short Stay seems to have catered optimal offerings as Founder Jugal Khushalani highlighted “In addition to increased occupancy, the average length of stays has also steadily increased since December 2020. Guests are taking longer trips away as short-term rentals offer larger spaces, flexible payment terms, enabling people to combine work with leisure.”
The funding round, led by Africa’s SK Group, will help Short Stay acquire more units as part of its plans to scale up its network of properties to more than 500 units across Dubai by the fourth quarter of 2022 as the startup stated. Khushalani elaborated that within the real estate ecosystem, more landlords have been joining the wave of short-term occupancy leveraging the significant increase of touristic footfall. In light of this growth potential-filled investment Jugal Khushalani concludes with high hopes for their position in the industry “Over the last five years, the industry has witnessed a steep surge in demand for ‘home-away-from-home experiences that short-term rentals offer customers, along with high standards of cleanliness and safety… Dubai’s short-term rental market has seen double-digit growth and with Expo 2020, we only expect it to rise further.”
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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