News
Egyptian fashion startup, La Reina raises $1 million in a Series A funding round
![La Reina, online fashion rental platform raises $1 million in a Series A funding round](https://adigitalboom.com/wp-content/uploads/2018/05/fashion-la-reina-1.png)
La Reina, Egypt’s first online fashion rental platform, announced $1 million in a Series A funding round led by Egypt’s largest venture capital fund, Algebra Ventures, with participation from the global VC fund, 500 Startups.
Founded in 2016 by Ghada El-Tanawy and Amr Diab, La Reina, Egypt’s largest couture closet, allowing women to rent their evening and bridal gowns to each other. It has been making waves in the local market for two years, with hundreds of new evening dresses and bridal gowns being added to their curated, expanding collection every month.
![La Reina co-founders Ghada El-Tanawy and Amr Diab](https://adigitalboom.com/wp-content/uploads/2018/05/La-Reina-Photo-1.jpg)
La Reina co-founders Ghada El-Tanawy and Amr Diab. Photo credit Startup Scene
La Reina caters to women standing on either side of a demand and supply equation – with designer dresses as their meeting point. The company’s database is currently full of millenials who appreciate fashion, and who are economically-savvy. To date, the platform has garnered more than EGP 3.5 million for dress owners.
‘Our number one priority is take our collection from hundreds to thousands. We aim to grow our current closet in order to reach 5000 items by next January,’ says co-founder Ghada El-Tanawy, ‘This would not only mean a revenue worth of EGP 8 million for the dress owners, but also a humble boost for the local economy and a starting point for a transformative business model,’
The company also plans to use the acquired investment to expand its team, ‘We are certainly focusing on the team,’ says Amr Diab, La Reina’s co-founder, ‘At La Reina, we realize that people are the start and end point. We are determined to find the best talent in the local market. Our team has tripled in the past two months, and we’re still looking for more spectacular minds,’
‘Ghada and Amr are two smart, resourceful, and passionate founders with a clear vision of what they want to build,’ says Algebra Ventures’ Managing Partner, Ziad Mokhtar. ’La Reina is taking the first big step in transforming the way Egyptians consume fashion. Startups that go after sizable multi-billion dollar industries, like fashion, attract Algebra’s attention. La Reina is leveraging shifts in consumer behavior driven by technology, and that excites us.’
In addition to local investors, La Reina has caught the attention of US-based global venture capital fund, 500 Startups. ‘We have been watching the La Reina team since the beginning and were impressed with their innovative approach to solving a huge regional pain point. Not only have we seen similar ideas succeed in the US where the pain point is arguably lower than a place like Egypt (where every week seems to have a formal event with strong social pressures requiring women to dress-to-impress), we were delighted to see how La Reina adapted their strategy and business model around the local nuances and needs on both sides of the marketplace.’ says 500 Startups’ Partner, Sharif El-Badawi. The market has reacted well too. Women who lend their dresses to La Reina earn money in their pockets while those renting get a wide selection for a lot less than.
Algebra Ventures is a $50 million Cairo-based venture capital fund that invests in early-stage technology companies. Its investments include Eventtus, Elmenus, GoodsMart, and Filkhedma.
500 Startups is the most active global early-stage VC fund and startup accelerator focusing on discovering and backing the most talented founders worldwide. Notable portfolio companies include: Twilio (NYSE: TWLO), SendGrid (NASDAQ: SEND), Credit Karma, Canva, Grab, Carousell, Udemy, Intercom, Talkdesk, Makerbot (acquired by SSYS), Wildfire (acquired by GOOG), Viki (acquired by Rakuten), and Kudo (acquired by Grab).
News
Saudi Fintech Lendo Signs MOU with J.P. Morgan
![Saudi Startup Lendo Joins Forces with J.P. Morgan to Enhance SME Financing](https://adigitalboom.com/wp-content/uploads/2024/09/Lendo-x-JP-Morgan-MOU.png)
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.
News
TA Telecom Introduces AnteThink: A New AI Decision Support Tool
![**TA Telecom Introduces AnteThink: A New AI Decision Support Tool for Enhanced Decision-Making**](https://adigitalboom.com/wp-content/uploads/2024/01/antethink-ta-telecom.png)
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.
![TA Telecom Introduces AnteThink: A New AI Decision Support Tool for Enhanced Decision-Making](https://adigitalboom.com/wp-content/uploads/2024/01/antethink-screenshot-800x450.png)
Credit: Antethink
AnteThink’s advanced AI technology aims to assist decision-makers with insightful analytics, offering guidance through the decision-making process.
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.
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