Latest news with #CherryVentures
Bloomberg
a day ago
- Business
- Bloomberg
Daybreak Europe 7/22/2025
Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. And we'll tell you what matters for investors in Europe, giving you insight before trading begins. Today's guests: Hetal Mehta, St James's Place, Chief Economist & Filip Dames, Cherry Ventures, Founding Partner. (Source: Bloomberg)
Arabian Post
a day ago
- Business
- Arabian Post
Qlub Secures $30 Million To Expand Globally
Fintech firm Qlub has raised $30 million in a funding round aimed at accelerating its global expansion and deepening its technological capabilities. The Dubai-based startup, known for digitising the dining experience, has drawn strong investor interest as it scales operations across Asia, the Middle East, and other international markets. The funding round was co-led by UAE-headquartered Shorooq Partners and Berlin-based Cherry Ventures, marking a cross-border vote of confidence in Qlub's model. It also drew participation from key regional and global investors including Mubadala Investments, telecom operator e&, and China's Legend Capital. The new capital injection will support Qlub's plans to grow its footprint in existing markets and enter new geographies with high consumer adoption of mobile technology. Company executives confirmed that a portion of the funds will also go towards research and development to enhance the platform's features and user interface, as competition intensifies in the contactless payments and restaurant tech segments. ADVERTISEMENT Founded in 2021 by entrepreneurs Eyad Alkassar and Mahmoud Fouz, Qlub's core offering centres around allowing restaurant-goers to scan a QR code, view the menu, place their orders, and settle their bills—entirely through their smartphones. The solution eliminates the need for physical menus or waiting for the bill, a feature that gained strong traction during the pandemic and has continued to see widespread adoption. Qlub's technology is now present in over 3,000 restaurants across a wide range of markets, including the UAE, Saudi Arabia, Singapore, Hong Kong, Australia, Brazil, Qatar, Kuwait, and South Korea. Its growing restaurant base reflects the increasing demand for seamless, digital-first dining experiences in both mature and emerging economies. The company's rapid scaling has been underpinned by a clear focus on efficiency and user convenience. Qlub's interface requires no app download, allowing customers to interact directly via web-based QR codes. For restaurants, the system integrates with existing point-of-sale infrastructure and offers data insights on user behaviour, order preferences, and turnaround times. Executives have noted that the company's expansion into markets like Brazil and Australia illustrates the versatility of its product beyond the Middle East and Asia. Despite the diversity of markets, Qlub has identified common challenges in traditional restaurant payment processes and leveraged technology to simplify them. The entry of Mubadala and e& into the investor pool reflects rising interest from institutional players in homegrown fintech platforms. Both entities have been backing regional startups as part of broader diversification strategies aimed at building innovation-led digital economies. Their participation is also expected to provide strategic synergies as Qlub seeks deeper integration in key verticals, such as digital wallets and telecom-powered payment systems. Legend Capital's involvement adds a China-based backer to Qlub's investor base, opening potential gateways into East Asian markets. Qlub's existing presence in Hong Kong and South Korea has shown strong user engagement, with plans underway to increase the density of its partner restaurants in those locations. Cherry Ventures, one of the round's lead investors, has a track record of supporting early-stage tech companies with high-growth potential. Its involvement signals increasing European interest in MENA-born startups that show scalability and strong fundamentals. Alkassar and Fouz, who previously founded and led successful ventures, have built Qlub on the premise that mobile-led consumer journeys are not a luxury but a necessity for the modern restaurant. Both founders have emphasised that the new funding will also go into building local teams and customising features to suit specific market needs. The digital payments and restaurant tech sector has seen intensified competition, particularly from players in Southeast Asia and Latin America, where startups like Tabit, Sunday, and Mr Yum are also offering QR-based ordering platforms. However, Qlub's plug-and-play model, multilingual interface, and merchant analytics dashboard have helped it gain traction quickly and sustain user engagement. Qlub is now actively exploring partnerships with major foodservice chains, aiming to scale more rapidly in urban hubs and tourism-driven destinations. The company also plans to invest in AI-enabled features that personalise the customer experience, such as dynamic menu recommendations and voice-based ordering.
Yahoo
2 days ago
- Business
- Yahoo
Company secures $150 million to build next-gen device that could reshape global energy industry: 'This is deep tech at its best'
A German startup just secured Europe's largest private fusion investment — a major step toward reshaping global energy. Power Technology reported that Proxima Fusion has raised $150 million to develop its Stellarator Model Coil (SMC). Founded in 2023 as a spinout from the Max Planck Institute for Plasma Physics, the company plans to build a demonstration fusion device by 2031. Investors include Cherry Ventures, Balderton Capital, and several other backers focused on deep-tech energy breakthroughs. Unlike traditional nuclear power, fusion combines atoms rather than splitting them, offering the promise of clean, abundant energy without the long-lasting impact of radioactive waste or air pollution. However, no one has successfully made fusion work efficiently at scale yet. Proxima is attempting to achieve this by using high-temperature superconducting (HTS) magnets and detailed simulations to unlock the potential of a stellarator design. This design is a complex system known for delivering steadier output with fewer engineering tradeoffs. The company aims to validate the HTS magnet system by 2027 and is in talks with European governments to host its Alpha prototype. The news comes as clean energy startups race to deliver next-gen solutions such as wave and geothermal energy and, now, fusion, to complement solar and wind. Fusion isn't ready for commercial use yet, but it could one day help stabilize the electricity supply and lower long-term energy costs. In the meantime, accessible options such as solar can help deliver savings now. Installing solar panels can potentially reduce energy bills to near $0. EnergySage offers a free service that lets users compare vetted local installers and save up to $10,000 on solar installations. With these options in place, the emergence of fusion can expand clean energy access and create a more reliable and affordable system for everyone. "This is deep tech at its best, and a bold signal that Europe can lead on the world stage," Filip Dames of Cherry Ventures said. Should the U.S. invest more in battery innovations? Absolutely Depends on the project We're investing enough We should invest less Click your choice to see results and speak your mind. Join our free newsletter for weekly updates on the latest innovations improving our lives and shaping our future, and don't miss this cool list of easy ways to help yourself while helping the planet.
Zawya
2 days ago
- Business
- Zawya
Qlub raises $30mln to take its hit dining payment system global
Dubai, UAE – Qlub, the ultra-fast payment system in restaurants, has become ubiquitous across Dubai's vibrant dining scene. Following its runaway success in the UAE, Qlub has announced the closure of a $30 million funding round to take its smart dining experience global. The round was co-led by the region's leading alternative investment firm Shorooq and Cherry Ventures, with major backing from strategic partners including e&, Mubadala Investments and Legend Capital. This latest funding round underscores the growing demand for seamless, technology-driven dining experiences and positions Qlub to accelerate its global expansion, enhance its product offerings, and further integrate its solutions into the hospitality ecosystem. "From the very beginning, we saw in Qlub more than just a payments solution—we saw a new infrastructure for how hospitality should work in a digital-first world. Eyad and Mahmoud and the team have consistently proven that they can blend product innovation with deep market understanding, unlocking new behavior at the intersection of tech and experience," noted Mahmoud Adi, Founding Partner at Shorooq. "We are proud to have backed Qlub from the earliest days, and remain committed to supporting visionary companies redefining everyday moments across emerging markets." Founded in 2021 by Eyad Alkassar and Mahmoud Fouz, Qlub has rapidly emerged as a pioneer in the contactless payment space, offering QR-based solutions that allow diners to view menus, place orders, and settle bills seamlessly using their smartphones. By eliminating the need for physical menus and traditional payment methods, Qlub enhances operational efficiency for restaurants and provides a frictionless experience for customers. With a presence in thousands of establishments across many markets, including the UAE, Saudi Arabia, Singapore, Hong Kong, Australia, Brazil, Qatar, Kuwait, and Korea, Qlub has demonstrated significant traction in diverse markets. It is now processing a few billion USD annually and serves millions of customers on a monthly basis, making it the leading QR payment solution for restaurants globally. Notable clients include Paul Cafe, Wagamama, Sushi Samba, and La Petite Maison (LPM), where the implementation of Qlub's solutions has led to strong improvements in customer satisfaction and operational efficiency. Qlub clients report a 300% increase in tips, a sevenfold increase in positive Google reviews, an 80% reduction in checkout line by streamlining the process, reducing labor costs, and decreasing the number of required cashiers by an average of a third, and an overall improvement in space utilization by minimizing the need for multiple cashier counters. "From day one, Qlub has shown how technology can simplify and modernise hospitality. We backed them at seed and are thrilled to support them again as they scale their solution globally and change how restaurants operate," added Filip Dames, Founding Partner of Cherry Ventures. "We look forward to supporting their continued success." The participation of industry leaders such as e& and Mubadala Investments in this funding round reflects the strategic importance of Qlub's solutions in the evolving landscape of the hospitality industry. "Qlub's innovative approach to enhancing the dining experience aligns with our commitment to supporting digital transformation in the region," said Khalifa Alshamsi, CEO of e& Life. "We are excited to partner with Qlub as they continue to redefine the standards of service in the hospitality sector." With the new funding, Qlub plans to: Expand its presence in existing markets and enter new regions. Enhance its product offerings by integrating advanced analytics and insights to provide restaurants with a deeper understanding of customer behavior and preferences. Strengthen partnerships with key players in the hospitality and technology sectors to drive further innovation and adoption of contactless payment solutions. 'Our vision is simple: Qlub makes paying at restaurants ten times faster — and that elevates the entire dining experience,' said Eyad Alkassar, Co-Founder and Co-CEO of Qlub. 'Why would any restaurant, anywhere in the world, choose to operate without it?" 'We're thrilled to have the support of investors, both new and existing partners as we continue to build Qlub's vision,' said Mahmoud Fouz, Co-Founder and co-CEO of Qlub. 'We're grateful for the confidence our investors have placed in us and excited for what lies ahead. About Qlub Qlub is a fintech company revolutionizing the dining experience through its contactless payment solutions. By enabling diners to view menus, place orders, and pay seamlessly using their smartphones, Qlub enhances operational efficiency for restaurants and provides a frictionless experience for customers. With a presence in over 3,000 establishments across multiple countries, Qlub is committed to transforming the hospitality industry through innovation and technology. About Shorooq Founded in 2017, Shorooq is a multi-dimensional investment firm. Our venture capital and credit practice invests in the most innovative technology companies across the MENA region and beyond. We have built deep sectoral expertise in fintech, platforms, software, and deep tech. Shorooq has backed category leaders such as Pure Harvest Smart Farms, Nymcard, Tamara, Sarwa, Lean Technologies, TruKKer, Mozn and Lendo. Shorooq was built on the values of building with founders and identifying attractive returns for investors. We pride ourselves on a local presence across the UAE, Saudi Arabia, Egypt and Korea. Visit us at Shorooq refers to a group of companies that are affiliates of each other and which operate under this business name, of which Shorooq Partners Ltd (regulated by the ADGM Financial Services Regulatory Authority FSRA FSP: 190004 as a category 3C Fund Manager) is a member. Media Contacts: Tarek Fouad Chief Marketing Officer, Shorooq Shorooq Group Press: press@ Direct: tfouad@
Bloomberg
2 days ago
- Business
- Bloomberg
Wealth Fund Mubadala Backs Dubai-Based Dining Payments Platform
A Dubai-based restaurant payments platform has raised $30 million from investors including wealth fund Mubadala Investment Co., as it looks to accelerate its global expansion. Qlub secured the funding in a round co-led by investment firm Shorooq and Berlin-based Cherry Ventures, the company said in a statement. Other participants included United Arab Emirates' telecom group e& and China-based Legend Capital.
