Connect with us

News

COTU Ventures Launches $54M MENA Startup Investment Fund

The industry-agnostic fund focuses on supporting founders from the inception of their idea through to post-product launch.

Published

on

cotu ventures launches $54 million mena startup investment fund
COTU Ventures

COTU Ventures, which stands for Champions of the Underdog, has announced that it has raised $54 million to invest in what it calls “extraordinary founders” in the MENA region.

In a philosophy that explains the firm’s unique name, COTU will help startups at the earliest stages of their journeys, investing at the pre-seed and seed stages, where founders often have difficulty attracting attention from backers.

“I’ve been a part of the regional ecosystem since 2008, and it’s come a long way since then,” explained Amir Farha, founder and GP of COTU Ventures. “Saudi Arabia has opened up internationally, and governments have been driving policies and investment to activate the technology sectors of their local economies. We have a growing young population of tech-savvy, digitally connected consumers with substantial spending power. When you combine this with remarkably low customer acquisition costs and some of the highest revenues per user, there has never been a better and more profitable time to invest in the region than today”.

The fund from COTU is industry-agnostic and instead focuses on identifying and supporting the most talented founders from inception to post-launch. So far, the firm has invested in over 20 early-stage startups, including mortgage platform Huspy, UAE-based ResTech company Supy, and Sirdab, a leading Saudi storage and warehouse management platform.

Also Read: The Cloud Secures $12M For GCC And European Expansion

“Our partnership with COTU Ventures has been a cornerstone of Sirdab’s journey,” enthused Naif Alzahri, the startup’s founder. “Amir and the entire COTU team have contributed a wide array of expertise that has significantly enhanced our strategic, technical, and operational frameworks. Their unique approach to collaboration is rare to find [and the] foundation of trust and mutual understanding not only highlights the extraordinary nature of our relationship with COTU but also makes us eternally grateful for their support”.

COTU’s distinctive approach is rooted in the conviction that an individual’s early years serve as a barometer for their potential success as an entrepreneur. The firm believes there is a profound impact from decisions made during a startup’s infancy, and to that end equips founders with valuable resources, perspectives, and connections to better navigate their entrepreneurial journeys.

Advertisement

📢 Get Exclusive Monthly Articles, Updates & Tech Tips Right In Your Inbox!

JOIN 17K+ SUBSCRIBERS

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Initial Trials Of Dubai’s Driverless Evocargo Trucks Completed

Testing was announced on July 17, and the completion is a major milestone towards upgrading the region’s logistics infrastructure.

Published

on

initial trials of dubai's driverless evocargo trucks completed
Dubai Media Office

A Dubai-based company has completed the initial trials for the UAE’s first driverless trucks. The groundbreaking achievement by Evocargo, partnering with Dubai South, took place at Dubai South Logistics District, and marked a significant step towards incorporating autonomous technologies into the region’s wider logistics infrastructure.

Announced on Wednesday, July 17th, the trials featured the Evocargo N1 unmanned electric truck navigating a predetermined route within a controlled setting. The test involved interactions with common road obstacles such as cars, trucks, and pedestrians, aiming to evaluate the vehicle’s hardware and software reliability, accident prevention systems, and overall readiness for public road use.

Officials were keen to highlight that this accomplishment aligns with the UAE’s ambitious strategy to position itself as a global leader in innovation and technology adoption. The country aims to have 25% of all transportation in Dubai autonomous by 2030, underscoring its commitment to revolutionizing the logistics sector using advanced technologies.

Mohsen Ahmad, CEO of the Logistics District at Dubai South, emphasized the importance of the collaboration with Evocargo in enhancing the region’s logistics capabilities. He noted that autonomous vehicles are set to increase efficiency, reduce carbon emissions, and establish a sustainable logistics infrastructure that will benefit both Dubai and the wider UAE.

Also Read: Riyadh Developers Reveal New 45,000-Seat Murabba Stadium

Ahmed Al-Ansi, CEO of Evocargo Autonomous Logistic Services, also expressed optimism that the trials will draw new customers and investments across the Gulf Cooperation Council (GCC) countries. The partnership aims to lead in innovative tech solutions, further establishing the UAE as a pioneer in autonomous transportation.

The successful completion of the trials marks a crucial step towards realizing the UAE’s vision for a technologically advanced and sustainable future in which autonomous vehicles are expected to play a pivotal role in global logistics.

Continue Reading

#Trending