News

Female Entrepreneurship Is Growing Rapidly In The UAE

The United Arab Emirates is seeing greater female representation in startups, boardrooms, and venture funding firms.

Published

1 year ago

July 18, 2023

Nour Nasir

female entrepreneurship is growing rapidly in the uae

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A rise in the number of women-led startups and venture funds is set to boost female entrepreneurship across the United Arab Emirates, which has already grown significantly in recent years. In October, global technology group e& launched a $250 million venture capital fund to support a new startup ecosystem and diversity and inclusion of women are crucial parameters to qualify for investment.

“Women have a voice that is loud and clear in boardrooms, in investment committees, and in funding rounds. I see a lot of opportunities created for women, especially in recent years,” explained Zahra El Zayat, chief commercial officer at evision, during an online panel hosted by the Atlantic Council’s WIn Fellowship earlier this week.

Meanwhile, Yousef Al Otaiba, the UAE’s ambassador to the US, explained to the panel, “I know funding, in general, is hard, even for young men now, it is not just a challenge for women [but] we have to create the right ecosystem and allow more encouragement, more risk-taking and more incentivizing for women [to motivate them to] enter this space”.

Also Read: Dubai’s Sheikh Hamdan Launches New Digital Cloud Project

Nearly half of female business owners in the UAE find it tough to raise capital, with up to 80% tapping into personal savings to achieve their goals, according to Visa’s Women SMB Digitalisation Index.

However, the index also found that women-owned companies in the UAE scored highly regarding digital marketing, online presence, and customer engagement.

The UAE’s government has passed several laws over the past 15 years to enhance female contribution to society and sustainable development goals, reflecting a genuine commitment to equality across economic, social, and work environments.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.