News
Israeli Tech Startup ‘Snappy’ Raises US$8.2 Million
Snappy, the company revolutionizing corporate gifting, announced that it had secured $9.7 million in funding to date after raising $8.2 million yesterday in Series A funding led by 83North with participation from Hearst Ventures.
Snappy was founded in 2015 by Israeli entrepreneurs Dvir Cohen and Hani Goldstein, with headquarters in New York City. The company allows employees to choose their favorite gift from a curated collection of personalized options, including local experiences like cooking and yoga classes, global getaways, and trending products like Amazon’s Echo Dot and drones.
Snappy’s concept is that companies are looking for creative ways to reward employees, but gift cards, paperweights, and other generic corporate gifts don’t make employees feel valued.
With record-low unemployment rates and high-growth companies putting company culture front and center, the competition to retain talented employees has created the need to invest in a program that recognizes their efforts like never before.
Gifts are sent via email or text in a fun, innovative way and are sourced from leading brands and retailers, with prices ranging from $15 to more than $1,000.
“We help managers reward and motivate their team members without settling for an impersonal and boring gift card,” Snappy CEO and Co-Founder Hani Goldstein said.
“By combining the traditional thoughtfulness of gifting with the choice and simplicity of a gift card, Snappy creates a simple, personalized solution, ensuring each team member feels appreciated and valued for their hard work while creating excitement and improving company culture,” he added.
Snappy will use the capital to meet current clients’ incredible international and domestic demand, accelerate the product roadmap and expand its global footprint.
83North, a global venture capital firm, General Partner David Buttress said, “The value that Snappy creates within organizations excites us,”
“We followed Snappy from its early days and were amazed by the consistent and positive feedback from employees once they got the gift from their employers. That kind of change in attitude toward your employer is only possible thanks to the use of this technology, which the Snappy team built over the last few years.” Buttress added.
Ken Bronfin Hearst Ventures, senior managing director and head of international investments, said, “It’s never been more important to retain exceptional talent, and, as employee demand for recognition grows, the market for the solution that Snappy provides is unprecedented,” he added “not only has Snappy identified an underserved market, but the accelerated growth of the company proves that when done correctly, employee appreciation and gifting is vital for companies.”.
The Labor Department reported the number of American workers who voluntarily left jobs increased to 3.3 million in May 2018. Compared to monetary incentives, gifts help employees feel more appreciated.
According to the Journal of Economic Psychology, it takes twice as much money to increase employee happiness at the same rate as a tangible gift.
Global studies revealed that 79 percent of people quit their jobs, citing ‘lack of appreciation as the primary reason; one of the best ways to foster loyalty among employees is to recognize their hard work and dedication.
Snappy’s approach to corporate gifting provides a seamless process for managers, who see the immediate impact through a thank you note feature built right into the platform.
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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