The 38 Unicorns Founded in Shanghai [Updated 2023]. 10:47 am Share Listen Font size Dark Mode Save Print Advertisement Advertisement JEDDAH: Fintech Saudi was launched in 2018 by the Saudi central bank and the Capital Market Authority, to turn the kingdom into an innovative fintech hub, Arab News reported. Share MENA Unicorn Hunters: Here Are The Investors Backing The Most $1B+ Startups on Facebook, Share MENA Unicorn Hunters: Here Are The Investors Backing The Most $1B+ Startups on Twitter, Share MENA Unicorn Hunters: Here Are The Investors Backing The Most $1B+ Startups on LinkedIn, Share MENA Unicorn Hunters: Here Are The Investors Backing The Most $1B+ Startups via Email, second most valuable private company in the world. Sarys innovative approach aids in the digitization of the whole supply chain. Thats why in the US, according to a 2018 study, 55 percent of Americas unicorns, were set up by immigrants. Unlike most previous investments by these VCs, they did not disclose the size of this investment. It also enables merchants to get the best bargains, anticipate inventories, use various other digital services and provide suppliers and manufacturers with access and visibility to retailers. All the top ministries think about attracting Fortune 500 companies or create state-owned businesses with a start-up capital of at least $100 million. The Riyadh Valley Company is one of Saudi Arabia's big plans to encourage entrepreneurship and a culture of innovation. Inventiva is a fully Licensed & Registered Print Media With RNI (Registrar Of Newspaper For India) Under MIB (Ministry of Information & Broadcasting) With Registration Number DELBIL/2018/76160. Digitalization helps the Kingdom's rising fintech startups and regulators. PayTabs is a global B2B online payments solution provider that has won numerous awards. A survey of Fintech Saudis found that over 80 percent of respondents wanted easier digital payment systems. In Saudi Arabia alone, it almost quadrupled to $548 million last year from $148m in 2021, it said. Overview Number of Organizations 304 Location Saudi Arabia, Asia CB Rank (Hub) 44,449 Number of Founders 415 Average Founded Date Jul 25, 2017 Percentage Non-Profit 0% Number of For-Profit Companies 296 Number of Non-profit Companies 1 Top Investor Types Accelerator , Angel Group , Co-Working Space , Incubator She went on to say that central banks are still working on developing digital currencies as central bank digital currencies and that testing is now underway. The staff of an accelerator or incubator can help by providing support, space, mentorship, connections and more. Aside from offering a variety of reports and tools to help store owners, they also integrate Instagram, offer automatic invoices, a customer database, support blocking of customers, and allow store owners to pin favorite products on the homepage of their websites. Unifonic, the leading communications platform and Communications Platform as a Service (CPaaS) provider in the Middle East, has been selected to be a part of the Saudi Unicorns Program that aims to support regional start-ups to achieve billion-dollar market value in the Kingdom of Saudi Arabia. Interestingly, UK, Germany, and Israel are among top seven nations but they lag behind everyone else. ACWA Power is a power generation and renewable energy developer, investor, co-owner, and operator. Saed Al-Ali, VP of Marketing, noted that the upcoming launch marks a transitional phase and aims to simplify and ease peoples lives. Saudi Arabia 2020 stc pay First crypto-fintech company in Kingdom, the largest digital wallet in the Middle East, and the first Saudi crypto-unicorn startup. This free sheet contains all the information about the top 100 unicorns, including their valuation, HQ's location, founded year, name of founders, funding amount and number of employees. . Mubadala, a fund based in Abu Dhabi, participated in DiDi Chuxings $4B Series H round (alongside SoftBank Group) in December 2017. Saudi startup ecosystems benefit from tremendous funding and forward thinking initiatives that promote startup enterprises. Communication and Information Technology Commission (CITC) survey shows that 57 percent of the population used online shopping services in 2021, while the average monthly retail expenditure was SAR256. DIPP Registration & Certificate No. With Nana, you can shop online and get groceries delivered directly to your home. I think Jeddah will soon join them on Wamda list because Jeddahs economy in the coming few years wont create enough jobs so either innovate and invent or go to Riyadh and elsewhere to find jobs. More than 80 percent of those asked in the Fintech Saudi survey said they would like to see more easy digital payment systems. They will also include acquisitions and product development in the financing. Sary is increasing the efficiency of one of the largest sectors in the economy by digitizing supply and demand along the supermarket value chain, benefiting both business actors and end consumers. Tamara has a buy now, pay later platform that allows clients to pay over time. MENAs unicorn investors range from sovereign wealth funds such as the Qatar Investment Authority (QIA) to corporate venture firms like Saudi Aramco Energy Ventures. Saudi Arabia supports entrepreneurship and promotes financial technology as part of its Vision 2030 investment plan. If you're building a 3D Technology startup, you must check these 3 companies in your industry that have been valued at +$1B (unicorn status). The 5 Fastest Growing Startups from Reston. We publish weekly interviews and short and long-form articles to help you become a better founder. As of today, and we arent talking about unicorns yet, Riyadh and Jeddah are lagging behind cities in UAE and Egypt in terms of the amount of funding that goes into startups. Find out in this article the 38 companies valued at +$1B. You can find the best 7 in this article. Here are the key players in remote vet services. He stated that they have already reached the goals they initially planned for by 2024, as he did not provide further details. 3 Failed Startups from Belgium & the Reasons Behind. We are grateful for their appreciation of the strength of the brand and the business we are growing. US-based Knotel, which offers premium office space, is one of the newest additions to the global unicorn club, reaching a $1B valuation in August 2019. According to Almulaik, G20 central banks are actively working on how digital currencies fit into their economies. June 1, 2023, 11:48 AM PDT. Number of investments: 03. Here is a list of 11 Service Industry companies that have achieved unicorn status. Get access to the only platform that combines expert-led research with in-depth data on the tech industry. Wael Mahdi is senior business editor at Arab News and co-author of OPEC in a shale oil world: Where to next?, Disclaimer: Views expressed by writers in this section are their own and do not necessarily reflect Arab News' point of view. Despite the global challenges, COVID-19 attendees proved extremely nimble and resilient. Finally, in October, MENA attracted $150 million with UAE leading again at $112 million, Saudi Arabia at $17.5 million, and Egypt at $8.8 million. Falconviz uses UAVs and accompanying technology to provide end-to-end asset digitization and process digitalization services. #STVInsights: An opportunity to create 45+ unicorns in MENA by 2030, worth $100B+, and fueled by the weight & realized by the depth of Saudis market However, offline sourcing is disjointed, with rigid delivery times and frequently volatile costs. : $+ , Unique perspectives from professionals around the world, By Nabila Rahhal, Editor at LinkedIn News, Mena region expected to create 45 'billion-dollar' start-ups by 2030, FROM STARTUP TO IPO: UNLOCKING A $100B+ OPPORTUNITY IN MENA STV. Almulaik said Saudi is an open market that welcomes international firms establishing businesses in the Kingdom, and investment in the countrys fintech industry. On Deck is where top talent comes to accelerate their ideas and build companies, surrounded by a world-class community. The startup uses a freemium subscription model, allowing users to make up to 100 products and set up their virtual stores for free. If you're building a Web Development startup, you must check these 29 fast-growing companies. Saudi Arabia has closed malls, restaurants, coffee shops, and other public spaces as part of efforts to combat the virus. In September Egypt received $162 million of the $338 million monthly MENA . He enables others to change negative sentiments into positive ones using his positive outlook. She added digital currencies are still under development by the central banks as central bankdigital currency,and testing is taking place. Tamara, a platform that enables customers to buy now and pay later, has raised $110 million in funding and plans to expand its operations in the GCC. A content site for startups founders. Today, I'm writing about once-hot startups turning into so-called unicorpses in the tech world. Restaurants will benefit from the cloud kitchens, he said. Digital identity is a recognized pillar of empowerment for financial technology in the fintech strategy, said the director. Hundreds of startups are found in San Mateo and here is a list with the 17 best ones. Gathern began as a chalet booking website, allowing customers to rent chalets across Saudi Arabia, founded in 2016 by Latifa Altamimi and Faisal Alanazi. Please retry. Saudi Arabia helps entrepreneurship and promotes monetary expertise as a part of its Imaginative and . The country has a large population of young people with an appetite for new ideas, and there is a growing number of startup companies that are making a difference in their respective industries. If things go south in these companies, then they need to find a business to start. Join +25,000 other startup founders! The public sector doesnt give them a priority over UAE nationals, so they can only work in private companies. According to Sultan AlAsmi, Zids CEO and co-founder, the company is committed to redefining the retail industry through digital solutions. Unicorns: To show the Kingdom into an modern fintech hub, the Saudi Central Financial institution and Saudi Capital Market Authority launched Fintech Saudi in 2018. The Fintech Times is the worlds first and only newspaper dedicated to fintech. Notably, the initiative as Al Falasi stated, will make UAE move from competing regionally to globally. It has a digital strategy that supports regulators and the growing fintech startups that have emerged in the Kingdom over the past two years. Maybe the UAE is the closest as it accepts immigrants now and give them long-term visas, and it has a plan for unicorns. Red Sea Farms will use this money to build and retrofit commercial farming operations in Saudi Arabias central and western regions, which runs a greenhouse facility at the KAUST Research Technology Park. With its current market share of 13 percent, the company aims to capture 40 percent of the Saudi market by 2025, or USD900 million (SAR3,375,900,000). Sami Alhelwah, founder and CEO of Nana, further explained that the launch of their new brand identity marks a beginning in their transformation and the accomplishment of developing, modernizing, and upgrading an established local Saudi brand to grow into a promising global entity while remaining local. E-Commerce, Financial Services, FinTech, Mobile Payments, Payments. 17 Failed Productivity Startups & their Case Studies. Also, it should be profitable (unless it lists on Numu, which has fewer requirements). People would think that Silicon Valley or New York are the capital of these unicorns but the reality is that Beijing is leading the world with 93 unicorns in 2020, followed by San Francisco with 68. There are hundreds of fast-growing startups in Brussels and we have compiled the 83 best ones in this blog article. You list your apartment, villa, farm, room, camp, caravan, chalet, or yacht as a host on our platform, and you can earn significant additional revenue, she added. Some of the world's biggest companies used to be unicorns, including technology majors Facebook and Google, and home rental company Airbnb. While digitalinvesting and saving were listed as their top priority by between 60% and 20% of respondents. Using CB Insights data, we visualized MENAs unicorn hunters and their investments in todays global unicorns, all tracked on CB Insights real-time unicorn list. Since 2014, the world's most straightforward and reliable payments have been available. In total, 14 MENA investors hold a stake in 17 unicorn companies as of 2019 YTD (9/4/2019). In terms of fintech directly, it would in effect be the first in the Arab-speaking Middle East after Egypt recently made headlines with Farwy hitting unicorn status as well. Ninety-three percent of those asked in a poll said they prefer banking online, according to a Saudi Fintech survey. The country currently welcomes millions of tourists each year for Hajj and Umrah. The startup, which employs 15 people, plans to expand into new geographical markets and attract new segments in the retail industry soon. It will also work with Saudi Central Bank and Capital Markets Authority to update the countrys fintech strategy, which will include talks with the Ministry of education, the Ministry of Human Resources and other data and cyber security agencies. The seed round raised an undisclosed amount of money in 2018 for Gathern. We've compiled a list with the 16 most successful ones. Al Jouf was always humble upon hearing of the achievement and graciously replied, Im greatly honored to receive this remarkable recognition from LATTICE80.. The Saudi tourism sector is experiencing significant growth, both domestically and internationally. The Company currently partners with stc pay, providing money transfer services that allow stc pays users to send money from its app to 200+ countries and territories in 130+ currencies through Western Unions extensive global network of accounts, wallets, cards and retail. Every week, Ill send you Failorys latest interviews and articles and 3 curated resources for founders. Reston is home to hundreds of startups and you can find the 5 best ones in this article. In addition, it is the only lender to startups in Kuwait without collateral, thanks to its loan financing arm. Money is reflected in the bank account as riyals and can also be withdrawn in cash. Ok so Dubai and Cairo are leading on startups. Other Saudi Arabia-based investors include The Kingdom Holding Company, which backed Deezer alongsideRotana Audio Visual in 2018, and Zad Investment Company, which backed Netherlands-based blockchain unicornBitFury in a $20M Series A in 2014. Startups are hard and becoming a successful one is even harder, so here is a list of 17 failed productivity startups that you can learn from. Payment solutions that are transparent and customer-oriented are needed in the area and worldwide. Gathern is a booking platform headquartered in Saudi Arabia. First crypto-fintech company in Kingdom, the largest digital wallet in the Middle East, and the first Saudi crypto-unicorn startup. Here is a list of 7 Advanced Materials companies that have achieved unicorn status. (Shutterstock). I dont think UAE, Saudi, or Egypt have the ecosystem yet to be the birthplace of unicorns. This free Notion document contains the best 100+ resources you need for building a successful startup, divided in 4 categories:Fundraising, People, Product, andGrowth. Building a unicorn startup is even harder. Western Union bought a 15% stake in Stcpay for $200m in November, making it a unicorn a privately-held startup valued at more than $1bn. MENA, Southeast Asia, India, Africa, and Europe are among those where it plans to expand in the next two years with the funding. Building a unicorn startup is even harder. Hundreds of startups are found in Albania and here is a list with the 16 best ones. Here's a list of 16 failed FoodTech startups, analyses on why they shut down, and interviews with their founders. The team at Fintech Saudi plans a range of activities this year, including another Fintech Tour, following last Novembers virtual event, which hosted 24 workshops, lectures, and panel discussions, making it the largest collection of fintech events in the Middle East. In addition, some families are using Salla to sell food online using Sallas services, including individuals and businesses of all types.. Top 7 Accelerators and Incubators in Luxembourg. Abdulaziz F. Al Jouf, Founder & CEO of PayTabs, said PayTabs provides secure and flexible financial solutions for small and medium businesses and large corporations. Top 56 Payments Unicorn Companies in 2023. SURE Global Technology is thought to be one of the best IT companies in Saudi Arabia. Digital payments unit Stc pay became aunicorn a privately-held startup valued at over $1bn after Western Union snapped up a 15% stake in the business for $200m in November. Top 16 Beauty Accelerators and Incubators. Cloud kitchens and quick commerce are also being launched by the company, he said. Saltwater takes the place of freshwater that is normally used to cool greenhouses and irrigate crops using a patented system of solar and growth monitoring technologies, the company said. The Curious Case Of Byjus Internal Loan Module. Saudi Arabia on $46 million, and Egypt on $18 million. Not only that, but merchants lack the order volumes required to unlock quantity discounts, inventory forecasting skills, and the room needed to store products in the same manner that larger supermarkets do. 2023 SAUDI RESEARCH & PUBLISHING COMPANY, All Rights Reserved And subject to Terms of Use Agreement. Only 2 unicorn companies have been backed by multiple MENA investors: French music platform Deezer (backed by Rotana Audio Visual and Kingdom Holding Company) and UK-based healthcare AI companyBabylon Health(Public Investment Fund of Saudi Arabia, NNS Holding). Also within Waed is a venture capital arm that manages investments totaling more than $200 million in more than 30 kingdom-based companies. Join +25,000 other startup founders! The founder and CEO of unifonic, Ahmed Hamdan, praised the platforms importance in the age of customer convenience and faster communication. As a result, its user base and transaction volumes have grown by 180 and 170 percent, respectively, month over month, demonstrating healthy growth rates. Almulaik says the role of Saudi Fintech is to support that landscape. As people increasingly rely on online apps under curfews and lockdowns in many cities, young Saudis have started small businesses backed by new technologies and digital infrastructure. Top 5 Venture Capital Unicorn Companies in 2023. Published Bimonthly, the Fintech Times explores the explosive world of financial technology, blending first hand insight, opinion and expertise with observational journalism to provide a balanced and comprehensive perspective of this rapidly evolving industry. unifonic is a customer interaction tool for emerging markets businesses that makes cloud communications more accessible. Startups House helps businesses at all stages of their life cycle, from the beginning to when they are expanding. News 09 August, 2022 Arabic Mena is set to witness the birth of more than 45 unicorns in the next eight years, with an estimated total equity value to reach more than $100 billion, according to an STV report. Fordeal is a cross-border purchasing marketplace for lifestyle products. stc pay has rapidly developed into a leading digital wallet service in Saudi Arabia, a young and quickly developing market which offers huge potential for digital services. Millennials people between 25 and 40 are more tech-savvy and make over 80 percent of their payments online, according to the report, helped by the governments strong technology infrastructure. Although digital currencies have not been formally adopted in Saudi Arabia, Almulaik noted that the country is seeing an increase in the use of e-wallets. According to Mazen AlDarrab, the founder of Zid, e-commerce continues to grow daily, not just in Saudi Arabia but also across the region. Our aim at Salla is to make the process of merchants across the country easier by providing the latest technology. Find out in this article the 7 companies valued at +$1B. Payments (gateway) and logistics partners of the startup handle the payments and deliveries, so store owners know they are ready to start selling when they go online. 35 of the Most Successful Database Startups. The investment portfolio of Waed Group includes Golden Scent, a Saudi beauty e-commerce site, and Ynmo, the Middle Easts first Arabic-language educational software for children with disabilities. A total of 4,000 direct and indirect jobs are also expected to be created in the next two years. 140 Failed Software & Hardware Startups & the Reasons Behind. Digitalization supports the Kingdoms growing fintech startups and regulators. I dont think that Saudi officials are even thinking about global, as none of them have made this a clear global objectives. Almulaik said she expects to see more Saudi unicorns soon. Namshi, Floward, SACO, Nice One, Whites, and Nejree are among the 1000 merchants that have signed up for the platform. Top 4 Accelerators and Incubators in Cologne. Three other MENA-based investors have participated in deals to 2 unicorns: Mubadala, Abu Dhabi Investment Authority, and the Public Investment Fund of Saudi Arabia. In a nutshell we cover almost everything that influence Business, Economy, Finance, Money, GDP, Growth & Development Of Country. Industry reports predict growth for online food delivery applications in Saudi Arabia to reach SAR11.9 billion in revenue by 2026; 15.9 million users are also expected to use online food delivery applications then. Information Technology, Messaging, PaaS, SaaS, SMS. We are proud that stc pay has not only reached unicorn status but also has been recognized as a fintech national champion in a very short time, and that motivates us to devote more efforts to provide more products to enhance the customers experience., Commenting on the transaction, stc pay CEO Ahmed Alenazi said, We are delighted that such a prestigious and visionary company as Western Union has identified stc pay as a company with such strong prospects. Most deliveries were of groceries, medicine, and medical products, followed by food and beverages. The move is aimed at making Venus Remedies' entire oncology product portfolio available in Saudi Arabia, which is the largest market in the Gulf Cooperation Council (GCE) region. According to our records, this is the largest funding round for a Saudi woman-led startup. As sales of essential goods rise due to the Coronavirus outbreak, Saudi Arabias Sary marketplace has secured financial backing for expansion. Industry 1 Middle East Unicorn Unicorn Startups in Saudi Arabia are thriving, thanks to the government's efforts to support entrepreneurship and innovation. Here's a list of 3 failed startups from Bulgaria, analyses on why they shut down, and interviews with their founders. Companies and people dont need to reside their in Estonia to be residents, open businesses, and pay taxes. Ghassab also discussed company development plans, hinting that some of them could launch in 2021, saying that the company is eyeing multiple markets in the GCC. Instead, it works with new firms in early development and incubates them, and also supports the wider growth of the industry itself. Your email address will not be published. Your submission has been received! Pet telehealth is going mainstream. Startups are hard. People can subscribe to have unlimited effects in their stores by paying a monthly subscription of 100 SAR (USD 27) or 400 SAR (USD 107). Top 25 Trading Platform Unicorn Companies in 2023. Many food delivery brands are owned by the German company, most of which have been acquired directly or indirectly due to acquisitions. Saudi Arabia's funding landscape has experienced an exceptional surge, reaching a record high of $987 million in 2022, a remarkable leap from the $59 million recorded in 2018. . She added digital identity at this stage, such as the Tawakkalna app, developed during the pandemic, and the Absher government services app, shows this area is progressing well in Saudi Arabia. The news comes just six months after Riyadh-based Tamara launched in September last year, securing the largest Series A round in the Middle East and North Africa (MENA). In Saudi Arabia, B2B logistics can be greatly improved, particularly for traditional FMCG retailers, who account for half of the 41 billion USD annual food GMV. Zid, another Saudi startup, does pretty well in the same category, but they charge the retailers for every order. So in addition to being excited to be along for the ride, we are most pleased to see this talented team lead the company closer to being the go-to platform for both sides of the retail market. So looking at this picture where are these cities? It would be the first publicly traded Saudi company. Taqadam has helped startups grow by giving them access to local experts and mentors, investors, and professional networks, as well as up to $140,000 in funding that doesn't dilute the company's ownership. The MENA region is facing an astounding growth in investments in the technology industry. Other MENA investors not based in the UAE also have stakes in the global unicorn club. G20 central banks are actively at work on how digital currencies will fit into their economies, and Saudi is part of that process, Almulaik said.
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