Start-ups that could become the Middle East’s next big ventures
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PostedFebruary 23, 2020
Growth potential: Dubai-based FloraNow, launched by Charif Mzayek, allows regional retailers to shop directly for floral products from around the globe. (Supplied) Entrepreneurs in the Middle East and North Africa have been getting funds to scale up their businesses The MENA region received $471 million in investments during the first half of 2019 CAIRO: Following initial news of the $3.1 billion deal in March 2019, US ride-hailing firm Uber completed its acquisition of Dubai-based vehicle-for-hire company Careem at the beginning of January 2020. Middle East and North Africa (MENA) startups have been getting much-needed funds to scale up their businesses, and 2019 seems to have set the bar high. During the first half of last year, startups in the region received $471 million in investments, up 66 percent from the $283 million invested over the same period in 2018. Given the steadily growing number of MENA startups, it remains extremely difficult to spot the next local unicorn. Nevertheless, here is a list of new ventures with definite growth potential in 2020. Ekar This pay-as-you-go car-sharing service from Dubai predicts having a fleet of more than 10,000 cars and at least 1 million registered users by 2021. Founded in 2016 by Ravi Bhusari and Vilhelm Hedberg, ekar secured $17 million in funding in November 2019 to help with its regional expansion, starting with the Saudi market. The company will launch its service in Riyadh, capitalizing on more than 70,000 first-time female drivers, for whom rentals might be a reasonable alternative to car ownership. Trukker Founded by Gaurav Biswas in 2016, Abu Dhabi-based TruKKer starts 2020 with an expansion into the Egyptian market and a $23 million funding round intended to support the company as it branches into Jordan and the rest of the MENA region. In November 2019, the moving and packing company hired Sherif Mohsen, former CEO of Egyptian inland logistics startup Naqla, as its regional director for Levant and North Africa to capitalize on the country’s central location and position itself to conquer an industry valued at $66 billion. Maxab The Egyptian business-to-business (B2B) supply-chain consolidation marketplace, founded […]
