1. Omniful (🇦🇪 UAE/ 🇸🇦 KSA), a cloud-based supply chain and e-commerce enablement platform focused on hyperlocal and omnichannel commerce, has raised $5.85 million for its seed round.

2. Mtor (🇪🇬 Egypt), an online car parts marketplace that provides a unified platform for local car workshops and on-demand automotive spare parts has raised a $2.8 million pre-Seed round.

3. Qannas (🇸🇦 KSA), a fintech startup that offers an app that integrates open banking solutions allowing investors to manage and request broker services in one unified platform has raised an undisclosed pre-Seed round.

4. Mamo (🇦🇪 UAE), a fintech start-up that provides businesses with a digital payments and spend management platform, has received a direct investment from the Dubai District Future Fund.

5. banknbox (🇪🇬 Egypt), a banking & digital services company has received a strategic investment from Egyptian VC Disruptech.

 🛵 Introducing Blink, the Saudi-based plug-and-play ordering system that helps restaurants reduce their dependence on delivery aggregators by launching and growing their direct online ordering channels.

And, they just secured $2.1 million in their latest seed-funding round!

Co-founded by Syed Sair Ali and Syed Hyder Abbas in 2020, the start-up has helped over 1200 restaurants across the MENAP region process more than 8 million direct orders to date.

💰 Investor lowdown: This round saw the entry of new investors like 500 Global and Global Founders Capital, alongside existing investors, including Orbit Startups/SOSV.

🛵 The aggregator dilemma

Restaurants today are struggling with dependence on food delivery aggregators more than ever.

According to Blink CEO Syed Sair Ali, “Post-Covid, with the sharp increase in the habit of delivery, more than 90% of orders are coming through aggregators where restaurants lose on average 20% margin.”

“Not to mention their inability to access valuable customer data, prohibiting them from any future marketing relationship.”

😉 Made you Blink

The guys at Blink not only want to turn the tables, but also handle the heavy-lifting.

How exactly? You get a cloud-based online restaurant ordering system with a branded mobile app, a website, and built-in fleet management technology, along with end-to-end CRM and business intelligence tools that help you to manage orders, menus, items, payments, promotions, and more.

Key consideration? Launching is fast and seamless.

Their edge? Blink’s powerful growth and marketing engine, enabling brands to acquire and retain customers through machine-learning-driven personalised campaigns. 

📈 How’s it going? 

Well, over the last 12 months, the company has processed 4.5 million orders for its partner restaurants and surpassed $0.5 million in ARR.

🔮 Flashforward

The fresh funding round will enable the company to accelerate its growth in Saudi Arabia, under the leadership of their CEO, who is based in Riyadh.

Introducing Hub71+ ClimateTech, a new programme focused on empowering startups globally dedicated to achieving a net-zero carbon future. 

The programme is part of Hub 71, a tech ecosystem based in Abu Dhabi committed to driving technological innovation and change. 

They’ve recently launched Hub71+, a specialist ecosystem designed to propel specific tech sectors forward.

• It’ll be spearheaded by Ahmad Ali Alwan, Deputy CEO of Hub71. 

💰 Financial lowdown: Startups benefit from AED 250,000 in cash and equal value in-kind incentives, with a potential AED 250,000 bonus.

🛠️ The climate challenge:

Globally, carbon emissions reached a staggering 36.3 billion tonnes in 2021. 

The UAE is targeting a 23.5% reduction in greenhouse gas emissions by 2030. 

Hub71+ ClimateTech is stepping up to meet this colossal challenge, hoping to foster innovations that drive towards the UAE's Net Zero by 2050 goal.

🌟 Innovative solutions

Start-ups participating in Hub71+ ClimateTech will engage in a comprehensive 12-month program. This includes a specialised three-month course tailored to their specific sector, where they will receive expert mentorship, customised guidance, and essential support.

Beyond funding, startups gain access to a network of over 25 corporate partners, tailored mentorship, and a regulatory-friendly environment.

The goal? Equip startups to bring cutting-edge decarbonisation technologies to the fore.

🤝 Partner lowdown:

• ADNOC (a founding partner) is leading the way with a commitment of AED 2.5 million, alongside opportunities for pilot projects too. 

• Tabreed and TAQA, as anchor partners, are committing AED 500,000 to pilot projects specifically designed for Hub71+ ClimateTech startups. 

• e& capital and The Catalyst are also joining as anchor partners, providing critical investment and acceleration to propel these businesses forward.

• Siemens Energy will bring their own blend of additional support and industry expertise. 

🔮 Flashforward

Hub71+ is aiming to attract over 100 ClimateTech startups keen on expanding to the UAE.

This initiative aligns with the Abu Dhabi Climate Change Strategy, targeting a 22% reduction in carbon emissions by 2027.

1. 🇸🇦 Saudi Arabia has announced a 30-year tax exemption package for foreign companies establishing their regional HQs in the kingdom.

2. 🇦🇪 UAE unveils the world's largest Concentrated Solar Power (CSP) project at the Mohammed bin Rashid Al Maktoum Solar Park, featuring the world’s tallest solar tower and largest thermal storage capacity.

3. 🇲🇦 Morocco is set to receive about $54 million from the EU to support renewable energy development and carbon removal programs.

4. 🇸🇦 Saudi Arabia’s National Cybersecurity Authority has released an updated package of cybersecurity tools for use by government agencies and private enterprises to thwart hackers.

• Move over. Google launches Gemini, the AI model it hopes will take down GPT-4

• Joining the party. Elon Musk’s start-up xAI seeks to raise $1bn

• Hot. IBM and NASA are building an AI foundation model for weather and climate

• You’re wrapped. Spotify axes 17% of workforce in third round of layoffs this year

• Secure. Meta finally starts rolling out default end-to-end encryption for Messenger

• Beeper. Meet the 16-year-old whose code is jailbreaking iMessage

👋 Message from the team

Thanks for reading! Have a terrific weekend and we’ll see you all again on Tuesday.

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