A technology startup in the United Arab Emirates, known as Dukkantek, has recently raised $10 million in funding, helping the company to get closer to its aim of expanding into new markets and improving core technologies.
The latest round of funding, which venture capital company Beco Capital led, included additional participation from Colle Capital, Rocketship, Comma Capital, Chaos Ventures, AMK Investment Office, and Wamda Capital.
The funding boost will help Dukkantek more easily expand globally by improving the firm’s technology and enabling them to hire more talent. The store management platform raised $5.2 million last October, taking the total investment figure to $15.2 million.
“We are pleased to have witnessed an exponential growth of our company as we provide a technological solution to SME businesses across the world. This second round of funding comes at the perfect time as we are looking to explore growth in additional markets, increase our team size and further advance our technology,” says Dukkantek co-founder, Sanad Yaghi.
Dukkantek was founded in January 2021 and provides a digital storefront management platform that allows retailers to offer advanced point of sale systems that can be accessed online from any location in the world, using the power of cloud computing.
The Middle East’s eCommerce market is expected to reach $49 billion by 2025, representing a 55% increase from 2021, with the United Arab Emirates alone forecast to grow 60% to more than $8 billion by 2025.
“Launching seven countries in 18 short months since founding is no easy feat, yet the Dukkantek team has managed to do it in such a seamless and capital-efficient manner,” says Abdulaziz Al Sagha, venture partner at Beco Capital.
Dukkantek, named after the Arabic word for corner shop, already supports 13 million small and medium-sized businesses across the Middle East and soon hopes to expand operations to North Africa.
UAE Comes Out Strongly In Guinness World Records 2023
Guinness, the renowned cataloger of record-breaking events, has released its latest annual, after sifting through 40,000 applications — and the Arab world is heavily featured.
Guinness World Records, the authority on record-breaking global achievements, has just announced its latest release, “Guinness World Records 2023 (GWR2023),” which will be available online and in physical stores across the Arab region from today.
As usual, GWR 2023 features all of the latest achievements from around the world (and space!), with special features and updated graphics to bring the stories to life.
So why the interest in the latest Guinness installment? Well, it turns out the Arab Region is strongly represented in the book, with more than 50 records featured in the new edition, which is no mean feat considering the volume of competition.
“We’ve sifted through nearly 40,000 record applications over the past year to bring you Guinness World Records 2023. People from all walks of life continue to be fascinated by extremes, and we’ve received claims from across the planet – indeed, even from space! This is why I’ve said the new edition is out of this world,” says Craig Glenday, Guinness Editor in Chief.
Of interest to readers of this platform, Saudi Arabia and the United Arab Emirates both get to flex their record-breaking muscles.
Saudi Arabia claims the title of “Largest LED Structure and Suspended Ornament” courtesy of the Noor Riyadh Festival, as well as other weird and wonderful titles, including the “Largest Lego Formula 1 Car”, as well as perhaps more prestigious honors, such as “Largest Mirrored Building”, “Largest Clock Face”, “Tallest Lighthouse” and the “Largest Geodesic Dome”.
Not to be outdone, the UAE has claimed several humanitarian record-breaking titles, including the “Longest Video Livestream” (by The Mohammed Bin Rashid Al Maktoum Global Initiatives and pan Arab influencer Hassan Suleiman), the “Largest Donation for Medical Treatment”, and the “Most Awareness Ribbons Made in One Hour”.
On the tech front, the UAE also claims several prestigious firsts, including “First 3D-Printed Laboratory”, while the world-renowned Burj Khalifa hangs on to its title of “World’s Tallest Building”.