The United Arab Emirates is making headway as a significant incubator of technology companies. The country is now home to two unicorn companies that were each valued at $1B in 2016. The ride hailing company Careem Networks reached unicorn status in December and the e-commerce company Souq.com received a billion dollar valuation in February. Another Emirati e-commerce company, Noon.com, obtained $1B in funding in November 2016, and has said it will begin operating in January 2017.
Using the CB Insights database, we mapped the 32 most well-funded tech startups in the UAE. We only included companies that have raised funding since 2013.
The most active investor in the UAE’s most well-funded tech startups, by number of deals, is the venture firm Wamda Capital, followed by BECO Capital and then STC Ventures.
For the complete list of companies in this brief including their individual total disclosed funding amounts and investors, see the table under the key insights section below the infographic.
Click on the image below to enlarge.
Key insights about these companies:
- Most (40%) have raised between $500K and $2M.
- Half of these companies are e-commerce focused.
- All are headquartered in the Emirate of Dubai.
- Collectively, these companies have raised approximately $2.3B.
- The most active investor in these companies, by number of deals, is the venture firm Wamda Capital.
|Company||Total Disclosed Funding||Disclosed Investors|
|Noon||$1B||Mohamed Alabbar; Public Investment Fund of Saudi Arabia|
|Careem Networks||$ 422M||Al Tayyar Travel Group; Arzan Venture Capital; BECO Capital; El Sewedy Group; Endure Capital; ImpulseVC; Lumia Capital; Rakuten; Saudi Telecom Company; SQM Frontier Management; STC Ventures; The Abraaj Group; Undisclosed Angel Investors; Wamda Capital|
|Souq.com||$ 390M||Baillie Gifford & Co.; International Finance Corporation; Naspers; Standard Chartered Mid-Market Mid-Cap Fund; Tiger Global Management|
|Pacific Control Systems||$ 272M||Ajman Bank; Dubai Islamic Bank; National Bank of Fujairah; National Bank of Oman; Sharjah Islamic Bank; United Arab Bank|
|Wadi||$ 67M||Al Tayyar Travel Group|
|Bayut||$ 29M||Undisclosed Investors|
|Propertyfinder.ae||$ 20M||Catcha Media; Frontier Digital Ventures; Vostok New Ventures|
|Fetchr||$ 11M||Delta Partners; Endeavor Global; Mobily Ventures; New Enterprise Associates; TriplePoint Capital; Winklevoss Capital|
|The Luxury Closet||$ 10M||Arzan Venture Capital; Dubai Silicon Oasis Capital; equitrust AG; MENA Venture Investments; Middle East Venture Partners; Saned Partners; twofour54; Wamda Capital|
|HolidayME||$ 7M||Accel Partners; Al Sanie Group|
|Compareit4me||$ 5M||Dubai Silicon Oasis Capital; Mulverhill Associates; Saned Partners; STC Ventures; Wamda Capital|
|Reserveout||$ 5M||500 Startups; iMENA Group; Jisr Venture Partners; Silicon Badia|
|Wysada||$ 5M||Gulf Cooperation Council; Kingdom of Saudi Arabia; MENA Venture Investments; Silicon Badia|
|Bayzat||$ 5M||BECO Capital; Precinct Partners|
|Mini Exchange||$ 4M||Undisclosed Angel Investors; Undisclosed Investors|
|JadoPado||$ 4M||BECO Capital|
|ikoo||$ 3M||STC Ventures|
|Brndstr||$ 2M||Funsho International|
|Qordoba||$ 2M||MENA Venture Investments; Silicon Oasis Investments|
|Fabogo||$ 2M||Dunamis Ventures; Undisclosed Angel Investors|
|GlamBox Middle East||$ 1.4M||Initial Capital; MBC Investments; R&R Venture Partners; STC Ventures|
|Souqalmal||$ 1.2M||Hummingbird Ventures|
|TaskSpotting||$ 1.2M||MENA Venture Investments|
|mrUsta||$ 1.1M||Amjad Ahmad; Millennial Partners & Co; Precinct Partners|
|Potential||$ 1M||Middle East Venture Partners|
|Wrappup||$ 800K||500 Startups; Arzan Venture Capital; BECO Capital; Dubai Silicon Oasis Capital; Hala Fadel; Odin Financial Advisors; Womena|
|OfficeRock.com||$ 800K||Jabbar Internet Group; Wamda Capital|
|Boxit||$ 700K||Abed Shaheen; Arzan Venture Capital; EquiTrust; In5; Nader Museitif; Saad Mouasher; Sabah al Bader; Sheikh Hamad Jaber Al Ahamad Al Jaber Al Sabah; Wamda Capital|
|UrbanBuz||$ 700K||Undisclosed Investors|
|GEEKS||$ 600K||EquiTrust; Rabea Ataya; Wamda Capital|
|Lunch:on||$ 500K||Arzan Venture Capital; Undisclosed Angel Investors; Wamda Capital|
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