We are excited to announce our strategic investment in Kemet Trading's seed round! Kemet Trading provides an institutional-grade portal for digital asset derivative trading with a focus on optimizing access to intelligence, liquidity, DeFi, trade execution, and post-trade operations.
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Congratulations to Brkz, one of our first investments in BECO Fund 4, for closing their $8M Series A last week. We are extremely excited about this sector, underpinned by the trillion-dollar investment in infrastructure and real estate across the region. We have every confidence that Ibrahim Manna and the Brkz team will be key players in enabling the success of the region's ambitions in the construction industry and bringing this historically massive offline industry online. https://lnkd.in/gAWaggv2
BRKZ, a construction tech startup eyeing MENA, emerges from stealth with $8M | TechCrunch
https://techcrunch.com
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“We aspire to be the pioneers in transforming the retail landscape on a global scale" We love to see innovation and transformational thinking coming from our region! Amazing work Sanad Y. and DTEK.ai team.
Ever found yourself in a long line at the grocery store with just a few items? At DTEK.ai, we've transformed this all-too-common scenario with SWIFT. 🛒 By utilizing advanced AI and computer vision technology, SWIFT can recognize multiple items in milliseconds, eliminating the need for barcode scanning. From our roots as Dukkantek to the global aspirations of DTEK.ai, our mission has always been to create solutions that revolutionize the retail landscape. Read more: https://lnkd.in/ggCGsrMY #retail #checkout
Startup edge/: Swipe, scan, done – DTEK.ai is changing retail checkout forever
https://www.edgemiddleeast.com
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It was great being in Kuwait again, reconnecting with our partners and meeting new ones. Our Managing Partner, Dany Farha and Ziad Al-Duaij had an insightful Fireside Chat about the largest startup investment opportunities in MENA, discussing themes and predictions for venture in the new year. Thank you to all those that attended, we look forward to being back in Kuwait soon!
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"Supy [is taking its] inventory management software to the international stage....offering a platform that's proven to be valuable in the Middle East and will prove equally valuable Worldwide." - Dani El-Zein, CEO & Co-Founder of Supy Read Grant Thornton - UAE's F&B sector report featuring Dani El-Zein discussing learnings and sector trends.
We are pleased to share the latest edition of our quarterly F&B publication, offering insights into the economic outlook and key trends in the regional F&B sector for 2024 and beyond. The Food and Beverage (F&B) sector is expected to continue to grow and demonstrate resilience in 2024, partly due to a focus on sustainability and food security, including increased domestic food production and consumption. This quarter, we also spoke with Dani El-Zein, CEO of Supy, a leading homegrown inventory management platform for restaurants and hospitality businesses. According to Dani, F&B in the UAE is experiencing a dynamic evolution, attracting some of the world’s best-known dining brands, nurturing homegrown success stories and transforming the region into a gastronomic destination. We hope you find this update useful. Please feel free to reach out to Salmaan Khawaja, Neha Julka, CFA, CBV, CMA (US), Colm Treston ACCA, Ehsen Khokher, CFA MRICS, Salim Husseini, Andy Southall or Qasim Memon directly should you have any questions or comments. Read more: bit.ly/3O4BGfa #GrantThornton #GTUAE #MergersandAcquisitions #Transactions #FoodandBeverage
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New partnerships, AI powered questions, 30% improvement in test scores, and 400% growth in subscriptions. Congratulations to the incredible team at Abwaab from our Fund III on a fantastic 2023!
2023 has been a phenomenal year for us, with concrete steps towards our mission of delivering the best quality education to students. We strive for a 2024 that holds a better future for the region and humanity. Some of our key highlights: 🤝 New Strategic Partnerships: becoming Jarir Bookstore's exclusive Edtech partner in KSA, collaborating with Careem, Al Rajhi Bank, HungerStation, dozens of bookstores across Iraq, and many others. 🧠 AI powered assessments: Steps towards personalizing the learning experience to every student. 📖 Simulating final exams: Allowing students to prep for final exams in a real life offline setting. 🇩🇿 Expanding our geographic foothold: Venturing into Algeria. 📈 Improvements in test scores by 30%: Empowering our students to advance at school and in life. 🚀 Growth in subscriptions: Achieving 400% growth in our subscriptions, and aiming for further growth in the coming years to reach every student in the region. 📢 Covered by top voices and international outlets: Sharing our stories of positive impact with the world. 👨🏫 👩🏫 Shift towards guided learning: Introducing our new guided learning experience to support students and parents throughout their learning journey to achieve excellence. 🧲 Leading on student engagement across the region: With our new guided learning experience, personalized support, and enhanced app. We feel passion, we think bold, and we move fast. #Edtech #Impact #KSA #Iraq #Egypt #Jordan #Algeria https://lnkd.in/dUxSWjaf
Abwaab's 2023 in review.
https://www.youtube.com/
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We're pleased to share that Swvl, a BECO Fund II portfolio Company, has reported positive operating cash flow and net profit for the first half of 2023. This performance marks a significant improvement from the previous year, showcasing Swvl's commitment to strategic growth and operational efficiency. Congratulations to the team at Swvl for their hard work and dedication!
👉 Swvl Reports Positive Operating Cash Flow and Net Profit in H1 2023 Key highlights from Swvl's H1 2023 financial report include: 📍 Operating Cash Flow: Operating cash inflows of $2.2 million in H1 2023, compared to operating outflows of $76.8 million in H1 2022. 📍 Gross Profit: Gross profit of $1.8 million in H1 2023, compared to gross loss of $2.7 million in H1 2022. 📍 Operating Profit: Operating profit of $13.4 million in H1 2023, compared to operating loss of $56.0 million in H1 2022. 📍 Net Profit: Net profit of $2.1 million in 2023, compared to net loss of $161.6 million in H1 2022. 📍 Total Equity: Total equity book value of $5.0 million as of 30 June 2023, compared to total equity of $2.6 million as of 31 December 2022 (total deficit of $24.5 million as of 30 June 2022). Mostafa Kandil, CEO, said, "I’m proud of the Swvl team and how we managed this transformation in only a few months, despite the macroeconomic downturn, achieving all the objectives set in our portfolio optimization strategy. I believe that Swvl is now creating significant value for its shareholders and is positioned for profitable growth and enhanced expansions in high revenue markets."
Positive Operating Cash Flow and Net Profit in H1 2023
investors.swvl.com
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Generative AI is revolutionizing how we engage with knowledge. But unlocking the incredible opportunities for businesses and developers depends on how we address hallucination risks. We’re very happy to support Vectara, the LLM builder and a BECO Capital portfolio company, in launching the open-source Hallucination Evaluation Model and Leaderboard. Now available on Hugging Face, it’s the first model that measures the level of hallucinations in popular LLMs like GPT-4 and Llama 2. Vectara is paving the way to scaled enterprise adoption and effective regulation. Learn more in the announcement, including how industry leaders like OpenAI and Cohere rank on the Leaderboard: https://lnkd.in/e69ggrwg #AI #ML #GenerativeAI #LLM Amr Awadallah
Where do today’s GenAI models stack up when it comes to hallucinations? Check their ranking on the LLM Leaderboard we just unveiled 📊 Look below for how GPT-4, Claude, Llama 2, and more perform on factual accuracy. As more models are released and upgraded, our team will keep the Leaderboard updated on GitHub ➡ 🔗 https://lnkd.in/eRgv8RVK
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