Amin Siala

MAGNiTT’s MENA Q1 VC data is out now! Not looking great 👀 In line with my predictions in Jan, MENA's VC funding trajectory has followed a flattening trend, paralleling global VC investment patterns. MENA Q1 VC funding declined 60% YoY and 69% compared to Q4 2023 The FED has maintained interest rates in Q1. In fact Larry Summers even suggested the risk of higher rates in 2024. This backdrop highlights the challenge startups to secure funding rounds as investor appetite dampens. Until we see rates decline (still planned for H2) we don't anticipate an uptick in VC funding in 2024. This decline in MENA, however, echoes a broader global trend, as highlighted in CB Insights's latest report, which observed a 21% YoY decrease globally. More than ever, there has been a bigger disconnect between the public market rallies and the private market challenges. With the S&P up 6.73% YTD and the Nasdaq up 7.5%, we have yet to see public sentiment correlate with Venture Investment. Want to access the latest MENA insights? Get a subscription and speak to our research team:  https://lnkd.in/g_e4XXTM #VentureCapital #InvestmentTrends #MENAStartups #TechInvesting #AIBoom #MarketAnalysis #EconomicTrends

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Wow, this article on Pitchbook caught my eye. Generative AI is having a moment in the Middle East, and it's not surprising! There's been a massive surge in VC deals for generative AI startups, and it's clear that the region is emerging as a major player in this space. Think about it, government support is booming, and businesses and consumers alike are chomping at the bit to adopt this new tech. It's a perfect storm for innovation. Saudi Arabia's $40 billion AI fund is a great example - that kind of cash injection is sure to accelerate development. The UAE is also going big with their council for AI innovation. I'm really excited to see how this trend continues to unfold. The Middle East has the potential to become a global hub for generative AI, and it will be fascinating to see what kind of groundbreaking applications emerge from the region. #generativeAI #AI #MiddleEast

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UAE-based startups led the region in funding last month, securing $82.5 million across 15 deals. Egyptian startups followed with $15 million raised by four companies, marking the second-highest total. Saudi Arabia dropped to third, with seven startups raising $13.5 million. Notable activity was also observed in Iraq, with six startups raising an estimated $1.2 million, though this amount could be higher as Orisdi, BonLili, and Alsaree3 did not disclose their investment values. Sector wise, fintech reclaimed its position as the most funded sector in June, securing $38 million over 10 deals, closely followed by contech, thanks to Tenderd’s deal. Meanwhile, three proptech startups raised $19.6 million in June, reversing the lead it achieved in May. The majority of June’s investment went to the pre-Series A stage, as four startups received $45 million, followed by the Seed stage, where five startups raised $27.3 million. However, when considering investment volume, early stage startups are still capturing the attention of investors, where eight startups at their pre-seed stage garnered $3 million, and eight others received $140,000 in grants. Wamda Capital Wamda ومضة Nesma Abdel Azim

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Wow, Microsoft has been the biggest spender during an investment frenzy over the past 18 months in AI and another one to add to its collection as it backs G42 with a $1.5bn CVC cheque on top of its $10bn investment in OpenAI. The FT notes investment into generative AI roughly quadrupled between 2022 and 2023 and the bulk of the $27bn raised by AI startups last year came from big tech companies, according to private markets data provider PitchBook. https://lnkd.in/eEXyHCCA Andrew Ng, who just joined Amazon's board gives the overview on AI here from the GCVI Summit last month https://lnkd.in/eVgdTSnH and broader AI discussion with the big tech groups eg Nvidia, Google, etc here https://lnkd.in/ed2wE4eM

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Another great panel discussion from day 2 at #FII8 #riyadh. Joseph Rehmann, founder and group CEO of Victory Farms talked about fish farming and how his company has used #AI to set up a non-electrified cold chain. So from the fish farm, they use AI and predictive modelling to predict where thousands of fish resellers will need fish and then they use their AI modelling to deliver the fish on a daily basis to these resellers, at exactly the right time when they'll need the fish and in exactly the right volume, so the fish doesn't go to waste. This allows them to manage the costs of the fish and minimise the costs for the African fish resellers, who then go and sell the fish in their local communities. Federico Trucco was also a part of this discussion and he talked about using AI modelling to redesign seeds to be more geographically robust so that the characteristics that protect them against certain climates or diseases, specific to particular geographies, are accentuated. This makes them far more resilient and helps produce higher yields. He also talked about satellite analysis to better analyse what's going on in individual fields to then be able to spray the least amount of pesticides rather than doing generic spraying for all fields. The CEO of Minerva Foods, Fernando Galletti de Queiroz, mentioned how his company uses financial modelling to look at GDP, income and other financial indicators of developing countries and cities to predict the future increase or decrease of protein consumption. They can then, in advance of drops or hikes in demand, adjust their supply chain to minimise the costs and wastage. This also reduces the final product price for the consumer.

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"For Mubadala’s next act, Ajami is seeking to milk his tech connections to put more money directly into startups. At the same time, Mubadala is increasingly using its clout to encourage Western companies and investors to deepen their ties to the UAE’s tech ecosystem, part of the country’s broader push to diversify its economy away from oil. For Ajami, 49, the goal is for Mubadala—a term that means “exchange” in Arabic—to one day be mentioned in the same breath as Sand Hill Road’s most vaunted investment firms. “The way founders speak about Sequoia—why not, 20 years from now, won’t they speak that way about Mubadala?” asked Ajami. Ajami has a ways to go before he gets Mubadala there. Mubadala has stumbled badly in Europe as it has tried to employ a strategy similar to the one it used to break into the U.S. The companies it has backed in Europe have performed so poorly that Mubadala has put Jonno Elliott—who joined the firm in 2022 after leading VC investments at Virgin Management Ltd.—in charge of salvaging its portfolio of companies from the region, according to a person who spoke to Elliott. Among some European investors and founders, it has developed a reputation for aggressive tactics that could impact its ability to invest in top European companies in the future. And while plenty of tech investors speak highly of Mubadala, many of them are eager to curry favor with the deep-pocketed firm so it continues to invest in their funds, especially in the current dismal fundraising environment for VC firms. Privately, after singing the praises of Mubadala as a limited partner, many venture capitalists have also said its direct investments in startups don’t carry the weight of other investors’ bets. Sovereign wealth funds just don’t have the track record of picking winners that VC firms do, those critics say. Still, Mubadala has had some notable successes. Ajami and his lieutenants have helped it buy shares in buzzy companies like SpaceX, Waymo, Klarna, Brex, Chime, pharmaceuticals company Recursion and AI infrastructure company Crusoe Energy Systems, among others. Mubadala Capital, the VC and private equity arm of the sovereign wealth fund, oversees a $24 billion pool of capital with 180 employees spread across several offices, including in London, New York and San Francisco, which hosts a tech team they first established in 2017. Mubadala is also continuing to plow money into other VC funds. Its portfolio includes Altimeter Capital Management, Greenoaks Capital, Iconiq Capital, Dragoneer Investment Group, 8VC, Marcelo Claure’s Bicycle Capital, DCVC, Haun Ventures, Arch Venture Partners, Clocktower Group, Radical Ventures and a handful of emerging managers, like a new $30 million seed fund called Nebular, according to several people familiar with these funds." https://lnkd.in/gnyGdbg3

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🌿 It's that green time of the year again - and my favorite one! Once again having great sessions with brilliant founders in Founder Institute Founder Institute Middle East track. Their passion and dedication fuel my Mon mornings (and ofc coffee, a lot of coffee)🚀 #startup #founderinstiture #mentoring

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This week in #Riyadh! If anyone wants to meet up and discuss 1) influencers, content creators, KOLs ; 2) gaming; 3) VC investments and web3; 4) AI; 5) boxing and football feel free to reach out #Saudi #web3 #VC #gaming

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Today, we’re officially announcing the beta launch of enara. My upbringing taught me that economic empowerment is the foundation of any great impact, and my career in commerce taught me that trust drives every purchase. I applied this formula in my previous startup in the Middle East, impacting tens of thousands of lives. Now, I'm excited to take it to the next level with enara, starting in Europe and aiming to reach the world. In the past decade, media has evolved into social media, led by creatives we call 'creators.' They capture attention, build trust, and form powerful communities. They set trends and they shape culture. Yet despite their ‘influence’, many creators struggle to sustain their passion as a full-time source of income. Why? Limited and often unfair revenue sources. Commerce is evolving too. E-commerce is now giving way to social commerce, fuelled by the trust consumers place in their favourite creators. However, the high costs and complexities of e-commerce make it tough for local and small brands to reach their audiences. That’s why we are thrilled to announce the beta launch (invite-only) of enara. enara empowers creators with personalised online shops, connecting them with a verified network of brand partners to curate a product catalogue that resonates with their communities. We handle all operations, allowing creators to focus on producing storytelling content that converts into a fair revenue share from every sale. With Terri, Rana, Mehmet, Izzy, and Jake, we’ve combined our diverse knowledge and extensive experience to ensure a robust infrastructure that excels on all fronts. For brand partners, enara offers a seamless market entry. For creators, it’s a way to turn passion and creativity found in online content creation into a reliable, sustainable income. If you’re a creator seeking a new revenue model that genuinely works, or a brand seeking a fresh marketing approach, we’d love to hear from you. We’re also making the following hires over the next quarter: Ecommerce operations, Head of brand partnerships, Creator community manager, Copywriter and Social media manager. The journey starts now. Visit our website enara.co to learn more. #CreatorEconomy #CreatorCommerce #Ecommerce #TechStartup

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The Future of Virtual Worlds is in Your Hands Had a brilliant conversation with Decentraland’s Executive Director, Yemel Jardi, discussing why an open metaverse belongs to its users, not Big Tech. Three Key Takeaways: 1/ The Power of Self-Custody: Yemel explains why self-custody of digital assets is critical for creating an open metaverse, giving users complete control over their digital identity and property. 2/ Brands in the Open Metaverse: With partnerships from global brands like Dolce & Gabbana and Netflix, Decentraland demonstrates how the open metaverse can be a new frontier for brand engagement and creativity. 3/ Interoperability as the Future: Yemel emphasizes that interoperability across platforms is essential for digital ownership, allowing users to seamlessly bring their virtual assets across different worlds. YouTube: https://lnkd.in/gg-Rbzky Apple: https://lnkd.in/gh68wCmz Spotify: https://lnkd.in/gr_ka6dg Substack: https://lnkd.in/gaNs6y6d #metaverse #decentraland #identity #bigtech #brands

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We are moving from the world of plus AI to AI first. Companies that have adopted an #AI first mentality will be the winners of this next era. I sat down with Ossama El Samadoni from GBM and our clients Mohamed Abdel Hamid Abdel-Razek from Mashreq and Himanshu Shrivastava from Al-Futtaim to discuss the latest AI insights in the region and the ingredients to a successful AI adoption journey. Hosted by Sally Mousa سالي موسى from Forbes Middle East, the #podcast sheds light on the importance of partnerships between technology providers, regulators, and users in successfully deploying AI. It is our privilege to partner with clients like Mashreq Bank and Al Futtaim, adopting the latest IBM technologies and utilizing our consulting expertise to help transform businesses. #watsonx #genAI #hybridcloud https://lnkd.in/dkwnmVrW

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I’m thrilled that the Sui Foundation is partnering with ONE Championship. What the team at ONE has accomplished since its founding in 2011 is nothing short of extraordinary. From the start, they have leaned heavily into technological innovation to engage with a young, digitally savvy, and connected audience—and it’s paid off tremendously. There is a long list of reasons that made ONE a great fit for Sui, but here are a few highlights: ✅ Fastest growing sports property over the last 5 years (leagues with over 100M global fanbase). ✅ Highest growth rate of any category of sport over the last 5 years (sports with a global fanbase of 400 million+). ✅ Penetration in 8 of the top 12 markets on the Chainalysis global crypto adoption index. ✅ Persona matched audience (overindexes vs. general population by 84% as 16-44, tech-savvy + blockchain interested). Even more critical to this partnership though, is that the team at ONE is committed to building a best-in-class fan engagement platform of the future and understood that Sui would need to be deeply integrated into their tech stack to help them bring that vision to life. A few products I am particularly excited about: 🎮 Mobile free-to-play video game built with Animoca Brands. 🥋 Phygital merchandise collection. 🗳 Free-to-play Pick 'Em game. 📚 Manga-themed comic book series. This partnership speaks to the ONE team’s trust and confidence in the Sui protocol. Special thanks to Claire Ng, Nikhil Birla, Hua Fung Teh (郑华峰), Matt Connolly, Vanessa Chua, Ameya Sawant, Sharadchandra Chaturvedi, Rich Franklin, John Scheler, Thasleem Nisha, Ruthiran R., Natsumi Mori, Valentina Mosca, Jason Khoo, Lanya (Helen) Fu and Samuel Leung. Menino Pereira and Sean Thornley from PinDrop were also integral to this partnership. Their previous experience developing and implementing Web3 strategy at a premier rights-holder was unquestionably valuable. #FanEngagement #DigitalInnovation #Gaming #Blockchain #Web3 #SportsTech #SportsBusiness

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A great piece by Wamda ومضة on the breakdown of VC investments for H1 2024 in MENA. Some key takeaways: - B2B was the most funded category in June 2024 - SaaS was the second most funded category after Proptech, beating also Fintech investments (Proptech $200m, SaaS $164m, Fintech $156m) - B2B is the fastest growing category, with a 153% growth rate in comparison to 2023 ($187m vs $473m) This is exactly the reason Leo Capital has a fund thesis in MENA to focus on investing in early stage B2B companies across different sectors. MENA as a market is relatively large enough, but building out software or solutions for businesses that will reach scale, will most probably happen in other markets like the US. Our aim of helping some of these companies get to that scale with different GTM strategies, will remain the focus. #startups #VC #MENA Rajul Garg Shwetank Verma Ravi Srivastava Dinesh Singh Henry Goodwin Raeeza Tameez Jitesh Luthra Madhusmita Das Pavitar Raheja

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Despite The Funding Drop, Investor Numbers Soar 🚀 Despite a 34% YoY decline in funding, MAGNiTT’s latest report reveals that MENA's startup ecosystem saw a 32% increase in investor participation in H1 2024, driven by a 75% surge in international investors. Continuing the tradition of sharing some of the MAGNiTT stars on a weekly basis, today we have Bhavani Baskaran from the Finance team talk about some big numbers from the report: 🏆 Sanabil Investments led in capital deployed, with $57.3M invested in two KSA startups. 💼 500 Global was the most active, making 16 deals, while Flat6Labs dropped from 1st in H1 2023 to 10th in H1 2024. 📊 VC firms now represent 53% of the investor base, while investment companies increased their share to 19% of all investors, up from 10% in 2020. 📉 Accelerator deals fell to 9%, marking a shift towards direct investment approaches. Check out different rankings by geography, stages, and sectors in our latest, accessible via subscription: https://lnkd.in/dY5VRHxb This robust investment environment, with strong local participation from UAE and KSA, reflects a growing focus on early-stage ventures and local startups. What are some of the top investor stories you’ve been hearing so far? 👇 #MENAStartups #VentureCapital #InvestmentTrends #EmergingMarkets #StartupEcosystem #InvestorInsights #MENAInvestments #EarlyStageInvesting #UAEStartups #KSAStartups #GlobalInvestors #Tech #Innovation #VCTrends

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Are chatbots dead? 🤖 Check out our take on the latest conversation with Fintech Surge and Ornella Hernandez on the new form of relational commerce and what that means for the digital customer journey:

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Exploring Cutting-Edge Advancements in AI, Biotech, and Agritech Across the GCC In the ever-evolving landscape of technology and innovation, the GCC region continues to be a beacon of progress. The latest strides in generative AI, biotech, and agritech are reshaping industries and paving the way for a sustainable future. ◾ Generative and Applied AI The GCC is at the forefront of AI innovation, with notable advancements such as Microsoft's AI copilot templates for agriculture, showcased at the World Agri-Tech 2024 event. These AI-driven solutions promise to transform farming by providing hyper-localized, real-time insights to farmers, significantly enhancing productivity and sustainability. ◾ Biotech Generative AI in biotech is revolutionizing drug discovery and protein design. For instance, Generate Biomedicines is utilizing advanced AI models to design new protein structures, accelerating the development of novel therapies. This represents a significant leap forward in personalized medicine and healthcare innovation. ◾ Agritech The recent Q4 2023 Agtech Report highlights how generative AI applications are driving efficiency and resilience in agriculture. Innovations such as AI-powered drones and precision farming tools are addressing critical challenges like labor shortages and climate change, ensuring sustainable agricultural practices. ◾ Foodtech: Innovation in Plant-Based Solutions One notable example in the foodtech space is the development of plant-based ingredients that replace animal fats, contributing to a healthier and more sustainable future. For instance, Fatrix, a multifunctional plant-based fat ingredient, is gaining traction in the market by supplying major food producers in Europe and Mexico. This innovation underscores the potential for foodtech to address global food challenges through sustainable and nutritious solutions. ◾ Fostering Innovation and Sustainability As we look to the future, it's clear that leveraging cutting-edge technologies will be essential for fostering innovation and sustainability. The advancements in AI, biotech, agritech, and foodtech are driving positive change and creating substantial value for industries worldwide. ❇ How do you envision these technologies shaping the future of your industry? #Innovation #AI #Biotech #Agritech #Foodtech #Sustainability #FutureTech #GenerativeAI #TechInnovation #PlantBased #SustainableFood #HealthcareInnovation #SmartFarming #TechInGCC 

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Well done with your pitches to GGW Experts! Another successful GGW Pitch Bootcapm is over, more pitch events are posted here https://lnkd.in/gyJKdxBj Roman Vinogradov Renat Khairullin Victoria Kozyreva Go Global World

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In Arabic, there's a saying： "الكنز في الرحلة" It literally means "The treasure is in the journey". For many founders, raising capital is a big target, for some, it is the only target. I get it. In the end, it all relies on raising that round. I remembered this cliche Arabic saying when I read in the news that Tally (nearly $1B valued fintech) was shutting down 😅 After nine years in operation, Tally, a fintech focused on helping consumers manage credit card debt, has shut down. The company, which was backed by a16z and had raised $172 million in funding, was last valued at $855 million. In April, Tally announced a pivot from a consumer app to a B2B model with plans for a July launch. However, despite exploring all options, the company was unable to secure the necessary funding to continue operations This might sound like bad news for Tally's early hires and founders, but surely, they enjoyed every bit of the journey. And this is what really matters. Feels good to be back with a cheesy post after 1 month of not regularly posting 😁 #startups #venturecapital #earlystagestartups #startupfunding

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