Abu Dhabi [UAE], August 4 (ANI/WAM): SANDBOX, the Accelerator programme dedicated to the growth of tech startups, and part of Oraseya Capital, the venture capital investment arm of the Dubai Integrated Economic Zones Authority (DIEZ), today announced the conclusion of its fourth cohort.
Seven technology startups received investment from Oraseya Capital, with each startup receiving AED 570,000 (USD 150,000) following their success in the programme, which attracted over 1,500 applications.
Hassan Waheed, Vice President of Corporate Finance and Treasury at DIEZ and Partner at Oraseya Capital, said: “We are proud of the milestones that Oraseya Capital has achieved in startup investments within just a few months of its launch in the end of 2023. The high level of interest in its SANDBOX programme, as well as the many innovative and creative ideas and ambitious projects, reflect the long-term importance of this strategic initiative in promoting the growth of small and medium-sized enterprises in various sectors. We are committed to supporting the digital economy sector in the Emirate of Dubai and contributing to the goals of the Dubai Economic Agenda D33.”
“Oraseya Capital has invested in startups that have proven high growth opportunities, characterized by creative ideas and innovative visions. Seeking to change the reality and future of the advanced and modern technology sector, we look forward to realizing new levels, all in line with our efforts towards enhancing the competitiveness of Dubai in terms of attracting and financing technology startups, bolstering its stellar reputation as a destination for global investments,” he added.
Hassan Waheed said that in addition to these new investments, Oraseya Capital has strengthened its efforts by leading an investment round in Growdash, a Dubai-based SaaS platform that specializes in empowering the marketing and operations efforts of restaurants, as well as building, implementing, and managing their growth strategies through digital sales channels. Oraseya Capital has also participated in a series of investment rounds for several other startups, including RemotePass, an HR tech-platform streamlining management of remote teams, and iSchool, an EdTech upskilling youth with digital capabilities.
The seven startups that received funding from the fourth cohort of the SANDBOX Accelerator programme are: Qureos, a recruitment tech startup matching talent with jobs 10x faster; Herogo, the sustainable food tech subscription platform for fruit and vegetables; Lisan, a deeptech generative AI startup specialising in Arabic linguistics; Sthrive, a B2B SaaS platform for retailers designed to boost sales and employee performance; Zoya, a fintech startup that makes halal investing easy and accessible for Muslims worldwide; JobEscape, a productivity startup upskilling freelancers and employees alike, with AI tools; and Opteam, leveraging AI-driven optimisations to project management in the construction sector. For more information about the seven startups, click here.
Saad Malik, Co-founder and CEO of Zoya, said: “SANDBOX provided an invaluable foundation for Zoya. Their mentorship and supportive community empowered us to refine our startup and prepare for the next stage of our journey. We’re excited to apply these insights as we move forward.”
Alex Epure, CEO and Co-founder of Qureos, said: “The SANDBOX Accelerator programme is very well structured with lots of value. It’s backed by Oraseya Capital which can follow on future investment rounds which is not always the case with other programmes.”
SANDBOX is a 5-month Accelerator programme spanning 2 phases. The first phase is an “Evaluation phase” lasting 8-weeks, which culminates with startups pitching to the Investment Committee of Oraseya Capital. Successful startups then formally proceed into the 3-month SANDBOX Accelerator programme, each receiving an investment offer from Oraseya Capital. The SANDBOX programme encourages a mindset of experimentation and is focused heavily on revenue generating activities and well as further fundraising efforts. Startups benefit from mentorship hosted by experts in the world of business and technology, as well as exposure to fellow investors.
Startups participating in the programme benefit from more than 50 hours of workshops that include access to an integrated package of financial analytics, marketing strategies and legal compliance programs. Entrepreneurs in the SANDBOX programme also receive more than 30 hours of mentoring from industry experts and have the opportunity to network with regional investors.
The fifth edition of SANDBOX, which has already received more than 1,100 applications, will commence at the beginning of September 2024. (ANI/WAM)
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