PC: IdeaBuddy
Dubai is pushing itself further as a technological leader in innovation and investment. A string of big funding announcements this week emblematic of the entrepreneurial boom gripping the city – from blockchain and finance to automotive software solutions – shows the other sectors as well. Here’s the latest funding news that illustrates how companies in Dubai are investing in growth for transformation of the economy in this region.
Funding Highlights –
1. Capstone Technology Raises Dhs 20 Million in First Funding Round for ‘GAYA’ Blockchain Project
Capstone Technology, a leading technology firm specialising in innovative blockchain and artificial intelligence solutions in the UAE, secured its first funding round with a total of about Dhs 20 million. This huge investment is for the ambitious “GAYA” Blockchain Project aimed at creating a full-fledged blockchain ecosystem that is to be fashioned to spur entrepreneurship in every sector, entertainment, gaming, artificial intelligence, and environmental social governance ESG standards. A great example of the collaborations and projects is the GAYA project, which aligns perfectly with the UAE’s national blockchain strategy, which has the goals of transitioning 50% of the currency into blockchain-based systems by 2031. Contributing to this strategic vision, by positioning itself as a front-runner in the space by playing a pivotal role in the journey of UAE’s digital transformation and the successful creation of a sustainable digital economy.
2. Algebra Receives Investment from V3V Ventures
Algebra, Dubai-based decentralised exchange technology company, disclosed that the venture capital firm, V3V Ventures, made an investment, the amount of which was not disclosed. This investment will be used to fund strategic initiatives – such as improving its technological strength, among other things, and expanding its presence in the market of DeFi. The more DeFi landscape competition unfolds, especially because of the expected Uniswap v4 launch, Algebra will be in the best position to take this investment and innovate its offerings and expand its users. This decision doesn’t just talk about confidence in the business model of Algebra but also makes Dubai an important node in the international DeFi ecosystem.
3. Rewardable Secures Seed Funding from IBC Group
Dubai-based Web3-enabled business Rewardable has successfully raised seed funding worth an undisclosed amount from IBC Group. This milestone has been achieved through the innovative approach of Rewardable in designing a task-to-earn platform that paved its way to transform the future of marketing using Web3. Rewardable is trying to build that global community of KYC-verified participants, being called “Task Ninjas,” through the removal of one very critical obstacle in the network: fake users and poor engagement. Completing various tasks or micro-jobs will give those Task Ninjas $REWARD tokens, thus enabling real-world user interactions and also endowing Web3 projects with actual value. Media and Group strategic support, in addition to IBC’s vast media assets, will help Rewardable scale up adoption into the global Web3 landscape. This seed funding is one of the major milestones on the Rewardable journey, as it would place it at the vanguard of evolution within Web3 marketing and user engagement.
4. Seez Raises $4.2M to Enter US Market
UAE-based software-as-a-service (SaaS) startup, Seez, raises $4.2m in a round of funding secured from a group of undisclosed investors as it readies an expansion to the US market, the UAE-based firm announced. Seez is a specialist in automotive solutions. Founded in 2015 by Tarek and Andrew Kabrit, the firm was designed with a focus on innovative software solutions that enhance customer experiences as well as boost car sales for dealerships and original equipment manufacturer (OEM) regional offices. This is a critical milestone on the growth curve for Seez, as the US automotive industry is quite ripe for specialised SaaS players, especially where artificial intelligence enhances operational efficiency and customer interface.
This will enable Seez to jump into this new market and tap into its know-how for a new way of re-imagining the retail experience for the automotive business.
5. Roger Ferguson and Japan’s SBI Invest in Gateway Partners Group
The tie-up with Roger Ferguson on investment into Gateway Partners Group is a healthy development in Dubai’s financial world. The firm, SBI Holdings, serves to manage around $187 billion assets. Additionally, the partnership symbolises an increasing global interest in the finance landscape of Dubai. SBI has pledged to invest in future Gateway private equity funds and envisions a strategy that will encourage other Japanese investors to join in on this rising market. Gateway Partners is one of the newly established private equity funds established in 2015, with two private equity funds currently under its management. It targets launching additional funds focused on the key South and Southeast Asia and Middle East and Africa markets within the next calendar year. Gateway has invested USD 1.5 billion across 25 portfolio companies since inception. Thus far, this has portrayed real engagement as well as strategic focus on high growth regions.
6. Samana Developers Invests $41 Million to Establish New Contracting Division
A new contracting division has been allocated $41 million by Dubai’s significant player in real estate, Samana Developers, it announced. Given the various challenges, as well as the increased demands nowadays that are now arising across a rapidly expanding real estate market, such a decision became imperative. The developer aims to increase efficiency by vertically integrating the operations, hence delivering on time, reducing pressure on contractors and supply chains. So far, the developer boasts 42 real estate projects at all stages of development, its latest ventures being the Ocean Pearl 1 and Ocean Pearl 2 located on Dubai Islands. The entity is investing a total amount of 12.5 billion UAE dirhams ($3.4 billion) in new residential projects, which are expected to make it stay ahead of the curve and absorb the surging demands for real estate in Dubai.
Conclusion
The fresh funding trends in Dubai truly showcase the firm commitment of the city towards encouraging innovation and diversified investments in various sectors. Pioneer blockchain projects, improvements in automobile technology and enhancement of many such sectors-these are some ways with which companies make financial support to expand their operations and widen their offerings. With Dubai evolving as a global business hub, investments through green field development from various sectors bring growth for individual enterprises and significantly contribute to the overall economic landscape for a sustainable tech-driven future.
