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TheSocialMedwork raises $1.7 million in funding
Young social impact startup TheSocialMedwork, which works to solve access to medicines across the world, has signed new funding and the first of new high profile ‘ambassadors.’
Social Impact Ventures has agreed to fund the fast-growing healthcare startup further. TheSocialMedwork was already angel-funded by acclaimed Silicon Valley healthcare investor-activist Esther Dyson for approximately $2.9 million. Social Impact Ventures agreed upon an additional $1.7 million in funding.
Social Impact Ventures, the largest Dutch social impact venture capital fund, empowers entrepreneurs to solve pressing social or environmental challenges. At its helm is Willemijn Verloop, former founder and chief executive of War Child.
“It takes game-changers who see things differently to create social movements. Our mandate is to seek out those who can put their idealism to work. Sjaak and the team at TheSocialMedwork showed us that they have the drive, passion, and ability to open up the best medicine for everyone and make a real change on a global scale.” says Verloop. “This investment in TheSocialMedwork is a meeting of hearts and minds.”
Willemijn Verloop will join TheSocialMedwork’s new Supervisory Board. Verloop will be joined on the board by Neelie Kroes, former EU Commissioner, highly regarded politician, and a key figure in the Dutch start-up ecosystem. Kroes made a name campaigning for fairness in international business practices. In 2008 dished out record fines of 1.8 billion euros (at the time) for cartel pricing as EU Commissioner for Competition. “Healthcare has lost sight of the people it serves. TheSocialMedwork is solving an understated problem, one which was consistently recognized by the EU Council: the unacceptable gap in the availability of medicines.”
TheSocialMedwork, founded in 2015 by Sjaak Vink, makes the latest approved medicines accessible to patients and doctors in countries where medicines are not (yet) available (with a focus on life-threatening and debilitating illnesses). Vink has the vision to build a unified global health platform where medicines are accessible and affordable for everyone.
Helping patients access unavailable medicines is just the first step in building a new universal health platform that applies new thinking, new opportunities, and new technology to solve the world’s healthcare issues.
“We are excited Neelie and Willemijn join us in our mission at the same time that we achieve deliveries of these kinds of medicines to patients and doctors in over 70 countries. We were unaware there is such a high need in so many countries and are honored to play a small role in helping every patient and doctor. With the new funds from Social Impact Ventures, we intend to professionalize our systems further, recruit new staff, and enable our service to help more patients and doctors. For me, we are responsible for not only helping people right now but also help to create a sustainable future alternative that serves everyone.” said Founder and CEO Sjaak Vink.
TheSocialMedwork helps people access medicines currently available in the Middle East but approved by foreign health regulatory authorities, such as the U.S. FDA and EMA. Using existing legal structures for ‘named patient’ imports, the medical startup, which is fully licensed and regulated by the Ministry of Health in The Netherlands, delivers to patients across the GCC. Over 20% of TheSocialMedwork’s business is from helping people in the Middle East, and the demand for medicines via the platform is growing rapidly.
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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