Startups
Access Bridge Ventures: Exclusive Interview
![Access Bridge Ventures](https://adigitalboom.com/wp-content/uploads/2021/04/Untitled-1.jpg)
Access Bridge Ventures is a leading early stage venture capital fund supporting budding entrepreneurs across MENA region & Pakistan.
With their current role in funding the growth of Cassbana, Egypt’s 1st Financial Identities platform, Digital Boom interviews Issa Aghabi, Access Bridge Ventures (“ABV”) Founder and Managing Partner about their current roles and what the future holds for early stage investment in MENA.
We have noticed ABV is primarily interested in Early Stage startups, when asked about their reasoning behind that.
Issa says “We see a rising supply of early-stage startups with great potential but are facing challenges in obtaining the investments between seed and Series A. A portion of these startups end up dying due to the lack of funding. It could take a founder a longer period of time, then needed, to raise funds.”
He adds that while this situation is evolving quickly and positively yet we can still see more room for support and investment.
ABV is not a new-comer by any means, the partners has been investing in some exciting startups in the past 15 years. They collectively have over 8 exits in venture backed startups ahead of launching the fund. “This is what excites us the most.” Adds Agahbi.
Seed to Series A
Access Bridge Ventures is positioning itself as the go to Seed to Series A investor; explains Issa. Typically, we strive to be “The First Institutional Investor” or major Co-investor while adopting a hand on approach to help add value and provide our investments with that an “unfair advantage” of some sort.
We look to provide added value through leveraging our exceptional networks across the region, our collective investment and operational experiences, strong governance and overall discipline, he elaborates.
He adds “We are happy to lead, co-lead and collaborate. Our goal is to invest in great entrepreneurs at the beginning of the journey and help them become industry leaders.”
What the Future holds
When asked about what industries are expected to boom and flourish in 2021 and the coming years, Issa notes that while the venture tends to focus on sectors they “understand and have subject matter expertise in”, the venture is also focusing on sectors that are relevant to the region and “jive with our pattern recognition thesis”.
Issa sees the potential in Health-tech, Edu-tech, E-Commerce enablers & Marketplaces not to mention Enterprise Tech, SAAS and of course, Fintech.
These industries support the underserved communities as well as budding businesses across the region which could largely support emerging markets’ goals.
Making it or Breaking it
So what are ABV’s must haves when it comes to choosing startups to work with?
Issa says that while it differs based on the stage the venture is investing at but the top 5 characteristics every investor should be looking at are:
- TEAM TEAM TEAM (Make it or Break it )
- Scalability and Market Size
- Traction / Sector Leader and Innovators
- Our Value add
- Clear exit path
Issa adds” This was the case with Cassbana, they have a very strong founding team with clear experiences in founding successful startups, we found them to be honest, capable, smart and truly understand their business and industry.”
In Cassbana, ABV team saw “amazing traction on operations and technology despite starting with limited capital in a short period of time.”
He adds “This along the fact that we gathered a nice consortium of Investors for this round that are keen on adding value and driving success.”
Making the Case for Fintech
Issa says “we believe what is happening is merely the beginning for Cassbana, they are building a world-class technology that they keep on perfecting day by day in order to reach their own disruptive vision. “
He adds that Cassbana is a prime example for successful Fintech company models “we believe this is exportable to other similar markets. This is a theme we have been seeing a lot in Egypt. Amazing people solving hyper local issues that are very relevant to other emerging markets.”
“We also feel that the current offering is just scratching the surface. As we scale and grow that could be deepened and widened drastically.”
What is next
With ABV freshly launched in 2021, Issa expects this to be “a pivotal year for us”.
The venture has already invested in three companies with several others in advance pipeline.
Issa says the venture aims to invest in another 5-7 startups during 2021 with several follow-ons.
He concludes saying “We are excited about the region and aim to invest across MENA including key markets such as Egypt, UAE and Saudi Arabia where we are seeing amazing traction and good people.”
Startups
Rising from Debt: Al Nashmiah Farms’ Battle to Empower Indebted Women
![Rising from Debt: Al Nashmiah Farms' Battle to Empower Indebted Women](https://adigitalboom.com/wp-content/uploads/2024/02/Alnashmiah-farms.jpg)
Al Nashmiah Farms, committed to aiding women burdened by debt and facing the threat of incarceration, offers a novel solution for them to earn their way to freedom. Under the leadership of Razan Harb, motivated by her family’s financial struggles, the farm has become a pivotal force in rescuing those ensnared in the debt trap, providing them with employment and a sense of purpose.
Harb, observing the plight of many women who took loans in hopes of improving their families’ fortunes, only to be overwhelmed by unfortunate circumstances, economic downturns, and oppressive taxes, has established a farm that serves as both a source of employment and a supplier of high-quality produce to major markets.
The farm’s operations include the provision of household essentials, emphasizing the importance of quality through methods such as nitrogen sterilization and the use of healthy packaging. Additionally, Harb has initiated work-from-home opportunities, enabling women to engage in the packing of vegetables and fruits for market and direct sales, thereby offering a sustainable model for economic independence and recovery from debt.
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.
Apps
Saudi Fintech ‘Lendo’ Raises $28M in Series B Funding
![Lendo Secures $28M in Series B Funding Led by Sanabil Investments, Eyes IPO](https://adigitalboom.com/wp-content/uploads/2023/12/Untitled-3-1.webp)
Lendo, a Saudi Arabia-based shariah-compliant debt crowdfunding marketplace, has raised SAR 105 million ($28 million) in Series B funding led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (“PIF”). The round saw participation from Shorooq Partners, AB Ventures and other investors.
Lendo is a Shariah-compliant, debt crowdfunding marketplace that helps pre-finance outstanding invoices for businesses in Saudi Arabia. The platform is a community of creditworthy borrowers and sophisticated investors looking for alternative investments. The platform is licensed by the Saudi Central Bank (SAMA). Lendo will use the funds to support its fast-growing customer base in Saudi Arabia which has grown 3X year-on-year, introduce more innovative financing products, and accelerate market expansion plans.
“With this funding round, we are going to expand into new markets, support new and current customers, and launch new Shariah-compliant products, all the while continuing to innovate the marketplace for digital lending. We are going to make financial services more accessible, affordable, and inclusive for everyone. I am excited to see what the future holds for our company,” said Osama Alraee, CEO, and co-founder of Lendo, who also disclosed its plans for an IPO within the next few years.
Alraee has also expressed his gratitude to SAMA (Saudi Central Bank), Fintech Saudi, MCIT, Misk, and Monshaat for their unwavering support, emphasizing the pivotal role they have played in advancing financial inclusivity and fostering innovation in partnership with Lendo to reshape the financial landscape. Their dedicated efforts in advancing financial inclusivity and fostering innovation have been invaluable to us. We greatly appreciate their partnership in our mission to transform the financial landscape
Commenting on the announcement, Sanabil Investments said: “Lendo is a leading fintech company that is transforming the financial services industry in their specialist area of Shariah-compliant digital lending for SMEs. The Lendo team, especially the founders, Osama and Mohamed, have achieved a significant amount in a relatively short period, and we are eager to join their journey of increasing access to flexible financial solutions in Saudi Arabia and the region at large.”
“The growing demand for alternative, agile, and accessible lending solutions presents a significant opportunity. At Lendo, we are well-positioned to lead the charge in promoting financial inclusion not only in Saudi Arabia but also beyond. By fueling SME growth, we aim to contribute to the realization of Saudi Arabia’s Vision 2030 economic goals and to create a ripple effect of opportunity throughout the MENA region,” said Mohamed Jawabri, COO, and co-Founder of Lendo.
Lendo previously raised a SAR 27 million Series A funding round ($7.2 million) in 2021 led by Derayah Ventures with participation from Seedra Ventures and other investors, bringing the fintech’s total funding to SAR 132 million ($35.2 million).
Since the inception of Dec 2019, Saudi fintech Lendo has processed more than 2,500 financing transactions on its platform, providing over SAR 1 billion ($300 million) in financing to SMEs and generating SAR 140 million ($37 million) returns for investors.
The Small and Medium Enterprise financing landscape in the Middle East and North Africa (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. According to the International Finance Corporation (IFC), the SME financing gap is estimated at SAR 19.5 trillion ($5.2 trillion) every year in developing countries.
Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, which aligns with the Saudi Vision 2030 to significantly expand SME lending from 4% in 2018 to 20% by 2030.
The total value of debt crowdfunding in Saudi Arabia surged from 1.4 million SAR in 2019 to SAR 771 million in 2022, marking a remarkable 430% growth, according to SAMA’s annual fintech report 2022.
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