CAIRO: The entrepreneurial landscape has witnessed a surge in strategic initiatives over the past week, transcending regional boundaries and expanding opportunities on a global scale. Here’s an overview of the latest developments shaping the dynamic world of startups:
Google boosts Palestine’s tech with Udacity and Spark
In a strategic move to fostering innovation, tech giant Google has unveiled the Palestine Launchpad program in partnership with online education platform Udacity and global development organization Spark.
With a duration spanning from 2023 to 2026, the program has set its sights on graduating 3,500 Palestinians from regions including the West Bank, Gaza, and East Jerusalem.
The program’s goal is to bridge the existing gaps in tech talent and employment opportunities. It will deliver essential training and mentorship to Palestinian graduates and tech entrepreneurs, thus cultivating a tech ecosystem.
The program rests on three foundational pillars: capacity building, mentorship, and employment matching. This approach is geared toward equipping participants with the required skills to excel in the fast-evolving tech industry.
This effort is an extension of Google’s $10 million commitment announced in March 2022, designed to boost growth in the Palestinian tech sector.
By providing comprehensive resources and professional guidance, the combined forces of Google, Udacity, and Spark aim to accelerate the potential of Palestinian tech talent, thereby contributing to the broader economic development in the region.
Saudi Arabia ignites startup potential with $200m fund
In a move to propel entrepreneurship, Crown Prince Mohammed bin Salman of Saudi Arabia on Sunday announced the launch of a SR750 million ($200 million) fund for early-stage investments in both local and international high-tech companies, the Saudi Press Agency reported.
As part of the King Abdullah University of Science and Technology strategy, this initiative aims to transform research into economically productive innovations by focusing on the national priorities for research, development, and innovation.
Th fund focuses on strategic sectors that encompass health and wellness, sustainable environments, essential needs, energy, industrial leadership, and the economies of the future.
Egypt’s Endeavor launches XceleRise program
Cairo-based Endeavor Egypt has unveiled XceleRise, a 15-month scale-up program developed to facilitate market expansion and capital access for startups focusing on sustainability.
Created in collaboration with GIZ Egypt, the program aims to provide entrepreneurs with the essential industry knowledge, market insights, and network connections to scale their ventures internationally and secure funding.
Founded in 2008, Endeavor Egypt operates as the local chapter of the global entrepreneurship network “Endeavor” which is committed to propelling sustainable economic growth by backing local entrepreneurs.
The launch of XceleRise marks a significant milestone in Endeavor Egypt’s mission to build an ecosystem that encourages sustainable startups, offering them the tools they need to expand beyond local markets.
Saudi startup FlyAkeed secures $15.2m in series A funding
Saudi travel tech startup FlyAkeed has secured $15.2 million in a series A funding round led by Sanabil Investments, a subsidiary of the Public Investment Fund.
The financing also saw contributions from Elm Co., Artal Capital, and Al Rajhi Partners, according to venture news platform Jawlah.
Founded in 2017, FlyAkeed’s platform integrates corporate travel policies, offering automated approval systems and enabling centralized management of employee bookings.
FlyAkeed CEO Bassam Al-Mohammadi stated that the series A funding round is a pivotal moment in the company’s growth trajectory.
“This significant financial milestone enables us to continue refining our current offerings while innovating new solutions that contribute to effective and satisfying travel experiences for both individual travelers and corporate travel managers,” said Al-Mohammadi.
The funding injection comes as part of FlyAkeed’s strategic expansion thrust aimed at strengthening its presence in Saudi Arabia and the Gulf Cooperation Council countries.
The capital infusion will also be directed toward the development of fintech solutions aimed at elevating user experiences for travelers while aiding corporations with cost-management tools for business trips.
US-based Axiom Space has raised $350 million in a funding round led by Saudi Arabia’s Aljazira Capital and Korean healthcare firm Boryung. (Supplied)
Axiom Space raises $350m led by Saudi and Korean investors
US-based Axiom Space has raised $350 million in a funding round led by Saudi Arabia’s Aljazira Capital and Korean healthcare firm Boryung as the startup works with NASA to develop a private space station.
Axiom revealed that the funding round has bolstered its total raised amount to $505 million, positioning it as the second-highest funded space startup of 2023, only behind Elon Musk’s SpaceX.
This comes as hopes rise for improved funding prospects in the space startup sector. This positive sentiment follows a period of stagnation, where investments in the space industry remained stagnant during the second quarter after more than halving in the first three months of the year.
Axiom, which also has a $1.26 billion contract with the US space agency NASA to develop spacesuits for use on the moon and other space programs, expects the first module of its private space station to launch by 2026.
The company has also trained astronauts taken by SpaceX rockets to the International Space Station as the once government-dominated space industry in the US becomes increasingly privatized.
It said it had achieved more than $2.2 billion in customer contracts.
UAE robotics firm Maxbyte secures $5m in a series A round
UAE-based robotics firm Maxbyte has secured a $5 million series A investment from e& capital.
Founded in 2016 by Ramshankar CS, Maxbyte specializes in Industry 4.0 solutions, firmly establishing itself across diverse sectors such as automotive, defense, utilities, and food and beverage.
The fresh capital infusion will be channeled into expanding the sales team, fine-tuning the go-to-market strategy, establishing new partnerships, and scaling its projects across different industries and geographies.
In a recent development cementing their collaboration, e& enterprise and Maxbyte have inked a memorandum of understanding. This agreement designates e& enterprise as the exclusive distributor and system integrator for Maxbyte products within the UAE.
