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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.
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.
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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
NASA Forms New Partnership With Saudi Space Agency
The pair will collaborate on the Center for Space Futures, advancing space tech by bringing together public and private stakeholders.
Saudi Arabia’s space industry is on the brink of substantial expansion after generating $400 million in revenue in 2022, according to a report by the Saudi Communications, Space and Technology Commission.
Now, in a new venture with NASA, plans for a “Center for Space Futures” are set to further drive the Kingdom’s aspirations of becoming a leading player in space exploration and technology.
Capturing moments from the joint delegation visit with leaders from the Saudi and American Space Agencies @NASA to @PSU_RUH, along with scenes showcasing the audience's engagement. pic.twitter.com/oB1cFTiRNl
— وكالة الفضاء السعودية (@saudispace) May 14, 2024
The partnership between NASA and Saudi Arabia goes beyond economic advantages. The pair have already cooperated on preliminary work for the Artemis II lunar mission, which is slated for a September 2025 launch and aims to land astronauts near the moon’s South Pole.
Also Read: Plans Underway For Massive Middle East Autonomous Freight Network
During a visit to the capital, Riyadh, NASA Administrator Bill Nelson emphasized in a TV interview the broader objectives of the collaboration, which encompass “returning to the moon and then [to] Mars” while utilizing space exploration to glean important insights into climate change. The NASA spokesman also reiterated the space agency’s dedication to collaborating with Saudi Arabia on other future ventures.
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