In Pictures: In UAE’s tech space, there are easy funds available for the right idea

Got a business idea? Then there could be an investor or a mentor waiting for you in the UAE. The UAE’s startup and investment scene has seen a quantitative leap in recent months, with potential fintech superstars leading the way in raising funds.

The ‘buy now, pay later’ platform tabby is closing on Dh500 million fundraising deal, much of which was pulled in last year alone. “Fintech’s having a renaissance moment – and we are still talking about the first steps,” said Ammar Al Malik, Managing Director at Dubai Internet City, which oversees the in5 incubator programme. “All those digital transformation plans prepared for the next 10 years will now get done in two, three years.”

On Sunday, Dubai Silicon Oasis Authority launched the ‘Sandbox’ for early-stage startups. Entrepreneurs who get to enroll will follow a “structured curriculum inclusive of theoretical and practical workshops, mentorship sessions and networking opportunities. There will also be a funding purse to be invested in promising startups.

The funds definitely are available, and more are being put together to pick up the next Careem, Anghami or dubizzle. On Monday, the asset management company Aziimut’s Abu Dhabi entity launched a $50 million venture capital fund for B2B startups. It is being done in tandem with Gellify M.E..

And the areas that the fund will be interested in? Sure, there is fintech, but healthcare and digital commerce too will get a look-in, as well as smart city focused innovations or ideas.

The Gellify platform will support startups from the stage of ideas (‘Air’ state, in company parlance) to the launch of a minimum viable product (MVP) to the market (‘Liquid’ state), up until the startup is ready do a successful scale up and growth (‘Solid’ state). “We believe that our unique ability to connect vetted innovative technology startups and corporates is aligned to the Middle East’s goal of becoming a digital innovation engine,” said Massimo Cannizzo, CEO of Gellify Middle East.

And they keep coming. Also on Monday, Abu Dhabi Catalyst Partners, based at ADGM, struck a partnership with Ruya Partners Ltd. The latter is a private credit firm that invests in mid-market companies in the region. It came into the limelight with a $25 million exposure in the streaming platform Starz Arabia earlier this year.

“This partnership is an important step in advancing SMEs’ access to growth capital, especially the mid-market segment Ruya is focused on,” said James Munce, CEO of Abu Dhabi Catalyst Partners. “Ruya’s alternative credit offering will help overcome a material funding gap in MENA markets, play a significant role in growing the SME ecosystem and further promote access to institutional capital.”

As Ammar Al Malik of Dubai Internet City says, the investors with an eye on the main chance are out there in plenty. Where work needs to be done is getting the startup and the idea they have to offer on investors’ radar. This is where in the in5 programme can pitch in, as would Hub71 in Abu Dhabi.

So, for any aspiring entrepreneur, the message is – Have an idea ready. There is even a competition being run to get the creative juices flowing for their prospects. The Dubai free zone, IFZA, has launched a #BizForGoodUAE, designed as a pitch and vlog competition for “compelling business ideas that can also aim to impact the community or the environment positively”. Three potential winners could be chosen, and they take away an IFZA business license with one visa allocation, up to $5,000 in support, marketing and website assistance, three-month use of Letswork, up to 10x use of Rove meeting rooms, and a Nikon Z 50 as a prize for the highest scorer on the Creative Presentation criteria.

All those with a business idea, get those plans rolling…