Agritech start-up Graze-it begins operation in UAE
Agritech company Graze-it, based in the UAE, has now officially started operating in the UAE and the Kingdom of Saudi Arabia (KSA) with the goal of revolutionising livestock feed for a more sustainable future. With the help of cutting-edge controlled environment agriculture (CEA), which allows for a water consumption that is 95% lower than conventional agriculture, the company is resolving a significant food security challenge in the Middle East by growing sustainable animal feed on-site at the consumer’s location.
UAE tech start-up Dukkantek raises $10 million
Technology start-up in the UAE In order to grow into new markets and advance its core technology, Dukkantek raised $10 million in a fresh investment round. Beco Capital, an early-stage venture capital firm based in Dubai, served as the round’s lead investor. Other investors included Rocketship, Colle Capital, Comma Capital, AMK Investment Office, Chaos Ventures, Wamda Capital. According to the statement, the funding “will further access worldwide expansion, enhance the platform’s technology stack, and hire the top people in the region.” Previously, in October, the store management platform raised $5.2 million in a seed round, bringing its total capital to $15.2 million.
UAE remains start-up hub as it raises $700 million in H1-22
The UAE remains Mena’s richest and most developed market, accounting for 50% of all investments accumulated in the region. According to the latest data, the UAE raised nearly US$700 million through her 85 deals in the first half of this year, cementing its dominance as a top destination for start-ups in the MENA. Saudi Arabia takes second place with 79 deals raising $584 million, Egypt takes third place with her 78 deals raising $307 million. Bahrain went up three spots to position four in terms of capital, garnering $116 million, while Tunisia raised one spot to position five thanks to a $36 million investment in its entrepreneurs.
Clara and Hub71 for automated legal services of start-ups
A relationship between Clara, a legal tech start-up that provides automated legal services for entrepreneurs, and Hub71, Abu Dhabi’s distinctive international digital community, was recently revealed. The collaboration will assist the intricate legal procedures involved in starting, growing, and exiting a start-up by giving Hub71-based start-ups access to Clara’s cutting-edge digital platform. Clara is an operating system that digitizes and automates legal expertise for start-ups. Led by a team of experienced entrepreneurs from the legal and technology industries, Clara is ready to handle many of the tasks that lawyers do today, including company formation, contract drafting, cap table creation, data room building, transfers, and more.
G42 opens $10 billion investment fund
The company that develops AI and cloud computing technologies revealed the information, adding that it would launch the investment fund in collaboration with the Abu-Dhabi Growth Fund, which is supported by the government. The statement didn’t specify which company of G42 will be in charge of managing the investment fund”. Since their founding, 22 start-ups in the UAE have received investments totalling almost $1.8 billion, accounting for more than 60% of the list’s total funding.
12 new start-ups introduced by Ma’an in Abu Dhabi
The Ma’an Social Incubator (MSI) sixth cohort, the first of 2022, was completed by the Authority of Social Contribution (Ma’an), with 12 participating start-ups that had grown their business concepts inside the incubator. A strategic cooperation between Ma’an and start AD, a start-up accelerator situated at NYU Abu Dhabi, allowed for the organisation of the 6th Cohort. The 6th Cohort assisted these social entrepreneurs in developing novel solutions applicable to the financial literacy and education technology (EdTech) sectors under the theme of “Entrepreneurship for Social Good. Salama Al Ameemi, Director-General of Ma’an, and Dr. Mugheer Khamis Al Khaili, Chairman of the Department of Community Development in Abu Dhabi, both attended the ceremony.
UAE investor bet on Indian NFT Artfi start-up raising $3.2M
A non-fungible token (NFT)-focused firm has raised $3.26 million from a number of investors, including Raza Beig, director of Landmark Group, UAE, and Sheikha Hend Al Qassemi, a member of the Emirate of Sharjah’s ruling family. A $100 million value was used to raise the present funds. With the goal of democratising the fine art market, Artfi fractions expensive works of art into limited-edition NFTs. The polygon network will be used to mint the NFTs. In addition to preparing for whitelisting for its initial fine art NFT offering in August, the fine art fintech start-up is also planning to create a museum in the metaverse where the art collection will always be available.
Saudi fintech start-up Tamara raises $100 million
Saudi Arabia BNPL start-up, Tamara is planning to go public in the “future” and has secured $100 million in its second investment round to support that goal. Sanabil Investments, which has the support of the Public Investment Fund, the kingdom’s sovereign wealth fund, served as the lead investor in Tamara’s Series B investment round. The FinTech would utilise the profits to offer new products and grow into “adjacent” areas, with an emphasis in the MENA region. In the future, Tamara plans to list in Saudi Arabia, with a potential second listing in other countries. The business, which has already secured $216 million in debt and equity, anticipates turning a profit.
