News

Take A Balloon Journey To Space, Complete With Fine Dining!

If you’d like to experience spaceflight, but aren’t ready to jump aboard a rocket-powered or ultrasonic spaceship, why not take a more leisurely balloon option?

Published

1 year ago

April 25, 2023

Nour Nasir

take a balloon journey to space complete with fine dining

Zephalto

If you’re a millionaire looking to broaden your horizons, commercial spaceflight is undoubtedly one of the most popular ways to take travel experiences to new heights.

But what if you’re nervous about being strapped into a rocket-powered or ultrasonic spacecraft and looking for a more sedate journey into the stratosphere?

Luckily, a French company, Zephalto, has you covered with their $132,000 (AED 485,110)-balloon experience that floats gently to the 25km-high second layer of the Earth’s atmosphere.

Well-heeled passengers will board the Céleste — Zephalto’s pressurized balloon capsule — at a spaceport in France. One hour later, space travelers will reach a peak altitude three times higher than the cruising height of commercial airliners.

When the capsule arrives at peak altitude, guests will stay in the stratosphere for around three hours, where they’ll be treated to two gourmet meals, aperitifs, wine tasting, and get the opportunity to take the most original high-altitude Instagram snaps.

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Although a niche and expensive pastime for the ultra-wealthy, space tourism is estimated to be worth $8 billion by 2030 — over ten times the current market size of 2023. Virgin Galactic and Blue Origin are now well established in the high-end travel sector, and SpaceX’s Elon Musk has recently proposed an even more radical excursion — a Moon loop flight aboard the company’s Starship craft.

Meanwhile, astronaut boot camps such as US-based Orbite now offer space training for as little as $15,000 (AED 55,088), while well-known commercial airline builders such as Airbus and Boeing are also competing for a slice of the space-tourist pie.

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

2 days 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.