News

UAE Startup Dukkantek Raises $10 Million In Funding

The digital storefront management platform for retailers hopes to expand its service to North Africa after a successful round of funding.

Published

2 years ago

August 16, 2022

Nour Nasir

uae startup dukkantek raises $10 million funding

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.

Also Read: Farfetch Aims To Bring Web3 To The World Of Fashion

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.

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.