Highlights From the Eco System

Global headlines:

  • Fitbit, the wearable smartwatch maker, will be acquired by Google’s parent company Alphabet for USD2.1 billion

Here are the regional headlines you should know about:

  1. UAE named largest Fintech hub in MENA region

A report by the Abu Dhabi Global Market (ADGM) and Magnitt has indicated that the UAE is the largest Fintech hub for startups in the MENA (Middle East and North Africa), securing 69 per cent of funding in 2019, to date. The UAE is home to 46% of fintech startups in the region, and accounted for 47% of all fintech deals in 2019.

A total of USD237 million worth of investments have been made, with 181 deals in MENA fintech startups since 2015. Fintech also outranked key sectors such as e-commerce and logistics in 2018 for securing the most number of deals.

Read the full article on Gulf Business

  1. ‘#ConsciousTech’ Summit to bring Jason Silva to Egypt

From November 9 to 11, Vested Summit’s second edition will take place in Sahl Hasheesh, Cairo, attracting a wide ¬¬¬¬line-up of global and regional speakers

Centered on innovation and technology, the Vested Summit is held to help solve real world problems for a more equitable global community. Among the line-up of speakers is Emmy-nominee and world-renowned host of National Geographic’s Brain Games, Jason Silva.

Read the full article on Zawya

  1. Flat6Labs Bahrain raises USD1 million in total follow-on funding

Flat6Labs Bahrain’s portfolio of startup companies has raised USD1,000,000 in total follow-on funding through their accelerator’s network, as well as local and regional investors and VCs. Since 2018, Flat6Labs Bahrain has invested in a total number of 21 startups, half of which have now gone on to receive follow-on investments from other VCs, Angel Investors, and high-net worth individuals.

Read the full article on Zawya

  1. USD100 million fund created to invest in MENA region tech startups

BECO Capital, a regional venture capital firm, has announced the successful close of its second fund at USD100 million. This fund figure exceeds BECO’s initial USD80 million target, due to the greatly improved technology investment landscape in the MENA region.

BECO Capital has made 22 investments across its two funds, supporting iconic regional startups such as Careem and Property Finder. These investments have collectively raised over USD1 billion in follow-on capital and created over 9,000 jobs in the region.

Read the full article on AMEinfo

  1. Qatar Science & Technology Park to invest USD50 million in startups over next five years

Qatar Science & Technology Park (QSTP) will offer USD50 million in the next five years to support startups. QSTP is committed to support the growth of business research and development, growing its technology innovation and entrepreneurship offerings.

Read the full article on MENA Bytes

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