Latest news with #ShorooqPartners
Wamda
11 hours ago
- Business
- Wamda
Journify doubles valuation after securing fresh investment
UAE-based Journify has secured strategic investment from Shorooq Partners, Bunat Ventures, and Plug and Play, doubling its valuation and growing 5x in revenue within six months. Founded in 2023 by Taoufik El Jamali, Amine Chouki and Omar AlShoubaki, Journify is an AI-powered data activation platform that enables GCC brands to activate first-party data across platforms like Meta, TikTok, Snapchat, Google, and X—offering privacy-compliant, performance-driven marketing solutions amid tightening regulations and declining third-party cookies. This funding will accelerate Journify's AI roadmap development, support hiring across engineering, product, and commercial teams, and drive further expansion into key GCC markets. Earlier this year, Journify raised $4 million in funding, led by Silicon Badia, with participation from RZM and other investors. Press release: Journify, the UAE-based AI-powered data activation platform, is transforming how GCC brands leverage first-party data for measurable growth. With 5x revenue growth and a doubled valuation in just six months, Journify is expanding across Saudi Arabia, the UAE, and the broader Gulf region. The company has quickly become the preferred partner for brands seeking performance-driven, privacy-compliant marketing solutions. Today's digital landscape presents significant challenges for MENA brands: stricter privacy regulations, disappearing third-party cookies, and increasing ROI demands. Journify offers a simple solution by enabling advertisers to activate their first-party data across major platforms, including Meta, TikTok, Snapchat, Google, and X. This approach converts customer insights into measurable, scalable performance. Journify's growth is driven by partnerships with forward-thinking brands ready to embrace modern advertising approaches. Retail leader Jarir has used Journify's AI platform to activate their first-party data on Meta, resulting in a 182% increase in Return on Ad Spend (ROAS) and a 51% decrease in Cost Per Purchase (CPP). Similarly, Baytonia, a leading furniture retail and marketplace brand in the Gulf region, implemented Journify's solution on TikTok, achieving an 80% increase in ROAS and a 44% drop in CPP. These results clearly demonstrate the tangible value of Journify's approach. These successes underscore Journify's core mission: making first-party data activation both accessible and effective for brands competing in today's fragmented attention economy. To meet growing demand, Journify is accelerating its AI product roadmap, focusing on agentic AI systems for 1:1 personalisation at scale. The company is expanding teams and strengthening its Gulf presence. With targeted AI investments, Journify will soon deploy autonomous agents for personalised experiences, precision targeting, automated media optimisation, and improved conversion rates throughout the customer journey. "In today's privacy-first landscape, brands need solutions that deliver growth and profitability," said Taoufik El Jamali, Co-Founder and CEO of Journify. "We're reimagining brand-customer relationships. Our goal is enabling businesses of all sizes to leverage first-party data efficiently. Our customers' results validate our approach and signal a new era in digital marketing." The timing couldn't be better. MENA stands as one of the world's fastest-growing digital advertising markets. According to the Interactive Advertising Bureau (IAB) MENA, regional digital ad spend surged by 20 percent in 2024 alone, reaching $7bn. Yet despite this impressive growth, many advertisers continue to grapple with data fragmentation, lack of transparency in the ecosystem, and insufficient measurement frameworks. "Brands across this region increasingly demand greater transparency and efficiency from their marketing investments," said Ian Manning, Executive Director at IAB MENA. "Solutions centred on first-party data, AI-powered optimisation, and measurable ROI are best positioned to lead this next growth phase." To fuel its momentum, Journify recently secured strategic investment from Shorooq, Bunat Ventures, and Plug and Play. This funding will accelerate Journify's AI roadmap development, support hiring across engineering, product, and commercial teams, and drive further expansion into key GCC markets. "The team's clarity of vision and execution has deeply impressed us," said Omer Zabit, Partner at Shorooq. "Journify addresses one of digital advertising's most critical gaps today: the underutilisation of first-party data. As regulations evolve and brands demand better results, this will be the infrastructure marketers rely on for the next decade."
CairoScene
a day ago
- Business
- CairoScene
Qlub Raises $30 Million to Expand Contactless Restaurant Payments
Restaurant payments platform Qlub has raised $30 million in fresh funding to expand its reach and develop analytics tools, with participation from Mubadala, Shorooq Partners, and other investors. Jul 23, 2025 Qlub, a Dubai-based startup transforming how diners pay at restaurants, has raised $30 million in a funding round backed by regional and international investors. The round was led by Middle East tech investor Shorooq Partners, with participation from Abu Dhabi sovereign wealth fund Mubadala, e&, Cherry Ventures, and China's Legend Capital. Founded in 2021 by Eyad Alkassar and Mahmoud Fouz, Qlub allows customers to scan a QR code, view the menu, split the bill, and pay instantly without needing to download the app. Its solution integrates with leading restaurant point-of-sale systems including Foodics and Oracle Micros. The company currently operates in the UAE, Saudi Arabia, Singapore, Brazil, Qatar, Kuwait, and South Korea. Qlub says the new capital will support its international expansion and help develop advanced data tools for restaurant operators. Its client portfolio includes major dining chains such as Paul, Wagamama, and Sushi Samba. With this latest round, Qlub has raised a total of $72 million since its launch. The company aims to simplify dining payments worldwide while offering restaurants real-time insights and operational efficiency.
Arabian Post
2 days 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.
Wamda
17-06-2025
- Business
- Wamda
Egypt's Octane raises $5.2 million to digitize fleet payments across MENA
Egyptian fintech Octane has raised $5.2 million in a funding round led by Shorooq Partners, Algebra Ventures, and SC Holding. The Cairo-based startup, co-founded by Amr Gamal and Ziad Eladawy in 2022, provides a digital platform that consolidates all fleet-related expenses—including fuel, maintenance, and petty cash—into a single closed-loop wallet. The new funding will be used to expand Octane's regional footprint, acceptance network, and AI capabilities, including fraud detection and route optimisation. Press release: Octane, Egypt's leading digital platform for fleet and on-road expense management, has raised $5.2 million in a funding round led by Shorooq, Algebra Ventures and SC Holding. The new capital will accelerate the expansion of Octane's acceptance network, deepen its technology stack and support the company's growth across Egypt and the wider Middle East and North Africa (MENA) region. Unlike traditional fuel cards, Octane delivers a single closed-loop digital wallet that consolidates every on-road expense—fuel, maintenance, spare parts, petty cash and more into one platform. Real-time controls and analytics give fleet operators clear visibility, typically trimming avoidable fuel and mileage costs by double-digit percentages. The solution already supports diesel, gasoline and CNG, with EV-charging payments rolling out at pilot locations to keep pace with customers' evolving energy needs. 'At Octane, we're focused on giving fleets the rails they need to manage day-to-day payments with precision,' said Amr Gamal, Co-Founder and CEO of Octane. 'This funding lets us broaden our acceptance network, expand AI-powered fraud detection and route optimisation features, and stay ahead of the shift toward cleaner, more efficient mobility, without adding complexity for our customers.' Since its founding in September 2022, Octane has rapidly built Egypt's largest fleet-payment coverage, now spanning 2,400 petrol stations and 400 CNG outlets nationwide. More than 1,600 corporate clients with a total fleet of ~250,000 vehicles rely on the platform to streamline fleet spending, and the company's headcount has grown to 200 employees. Octane's innovative approach earned an EEA Award for Rising Entrepreneurs of the Year. 'What drew us to Octane wasn't just the size of the problem they're tackling – it was the clarity and precision of their solution,' said Laila Hassan, General Partner at Algebra Ventures. 'In a market where billions leak through inefficiencies and fraud, Octane brings real accountability and control to fleet operators. Their vision extends far beyond fuel, laying the rails for B2B transactions across Egypt's logistics and mobility sectors. We're proud to back a team that's solving today's pain points while setting the foundation for a more efficient, transparent future.' With fuel prices volatile and logistics costs rising, fleet owners need smarter expense-management tools to protect margins. 'The first wave of digitisation of mobility companies moved people; the second wave moved goods. But unlike the consumer space, the enterprise space lacked the payments and expense-management infrastructure to enable it. Octane is building that infrastructure,' said Tamer Azer, Partner at Shorooq. 'Octane is redefining financial technology and access products for fleet managers, and we're excited to support them as they scale their world-class technology to every company that operates a fleet across the MENA region.' Integrated fleet-expense platforms are gaining momentum worldwide. Established players such as Corpay and WEX prove the demand for centralised fuel and maintenance payments, while newer fintechs like Coast and Fleetio are introducing modern, digital-first tools. Octane is bringing this proven model to Egypt and the MENA region, pairing a broad local acceptance network with controls and analytics tailored to regional tax and compliance requirements, giving operators automation and insight previously available only in mature markets. With its robust network, proprietary technology and growing customer base, Octane is well poised to scale as more fleets seek data-driven solutions to control costs and improve operational efficiency.
Yahoo
21-04-2025
- Business
- Yahoo
UAE doubles down on crypto despite $5B token crash and regulatory heat
It's inevitable in the world of crypto: increased adoption leads to more risk. Last week, a token issued by a Hong Kong blockchain company backed by Abu Dhabi's Shorooq Partners plunged 90% in just a few hours, wiping out $5 billion in market value. The company had previously signed a $1 billion tokenization deal with Dubai property developer DAMAC Group. Around $250 million worth of the token was sold in the week leading up to the crash — Shorooq denied selling, news site AGBI reported. Just days earlier, Abu Dhabi regulators fined crypto platform Hayvn $12.5 million and banned its CEO for 'unlicensed financial services activity.' No client funds were lost. Still, the UAE remains bullish on the space. MGX — backed by Mubadala and AI firm G42 — recently invested $2 billion in the world's largest crypto exchange Binance. And Abu Dhabi-based DWF Labs disclosed a $25 million purchase of tokens tied to US President Donald Trump's crypto venture, becoming one of its biggest holders. Sign in to access your portfolio
