{"id":89509,"date":"2024-02-28T00:00:00","date_gmt":"2024-02-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/dubais-cotu-ventures-raises-usd-54-mn-to-fund-early-stage-startups\/"},"modified":"2024-02-28T00:00:00","modified_gmt":"2024-02-28T00:00:00","slug":"dubais-cotu-ventures-raises-usd-54-mn-to-fund-early-stage-startups","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/02\/28\/dubais-cotu-ventures-raises-usd-54-mn-to-fund-early-stage-startups\/","title":{"rendered":"Dubai\u2019s Cotu Ventures raises USD 54 mn to fund early-stage startups"},"content":{"rendered":"

Dubai-based venture capital fund <\/strong>Cotu Ventures<\/a><\/strong> has launched its debut USD 54<\/strong> mn funding platform focused on investing in early-stage startups<\/strong> in the Middle East and North Africa, according to a press release<\/a>. The platform will look at initial ticket sizes ranging between USD 500k and USD 1.5 mn for startups in their pre-seed and seed stages, without a focus on a particular sector, the press release said. <\/p>\n

Where the money\u2019s coming from:<\/strong> The fund\u2019s limited partners include Lunate, Mubadala, Dubai Future District Fund, Arab Bank, and Bupa KSA. General partners include Foundry Group, Tribe Capital, Stride, and family offices.<\/p>\n

The fund likes fintech and B2B software in particular<\/strong>, founder and general partner Amir Farha told TechCrunch<\/a>, though he added that it is open to startups in various sectors. \u201cWe are also interested in high-margin industries where technology can play a massive role and capitalize on margin efficiencies,\u201d Farha said.<\/p>\n

Background: <\/strong>Cotu has invested in over 20 startups since its launch in 2021, including mortgage platform Huspy<\/a>, restaurant technology provider Supy<\/a>, and Saudi warehouse management solutions provider Sirdab<\/a>.<\/p>\n

Cotu + KSA\u2019s Sukna lead funding round for Egypt\u2019s MoneyHash:<\/strong> Egyptian fintech startup MoneyHash raised USD 4.5 mn in a seed round led by Cotu<\/a> and Saudi\u2019s Sukna Ventures<\/a>, MoneyHash said in a statement<\/a>. Saudi\u2019s RZM Investment<\/a> and the UAE\u2019s Dubai Future District Fund<\/a> also participated in the funding round, alongside Greece\u2019s VentureFriends<\/a> and other investors.<\/p>\n

The game plan for the funds: <\/strong>MoneyHash plans to use the proceeds to invest in its technology and to expand its growth across the region.<\/p>\n

MoneyHash? <\/strong>Founded by Egyptians Nader Abdelrazik and Mustafa Eid and American Anisha Sekar in 2020, the US-based company\u2019s unified platform allows companies to offer payment and fintech services at checkout as well as collect data and track analytics through a single dashboard. MoneyHash launched<\/a> its payments aggregator platform in February 2022, after it raised USD 3 mn in pre-seed funding.<\/p>\n

\n

OTHER INVESTMENT NEWS-<\/p>\n

#1- Hayi secures more funding: <\/strong>Social networking app Hayi<\/a> secured an undisclosed amount in a seed round led by early-stage venture capital firm Plus VC<\/a>, according to a press release<\/a>. The company plans to direct the raised capital to scale up operations and marketing, as well as expand its footprint across the UAE and in other countries, said co-founder Chris Darnell.<\/p>\n

About Hayi: <\/strong>Founded in 2020 by Chris Darnell (LinkedIn<\/a>) and Rene Morgan (LinkedIn<\/a>), the app connects neighborhood residents to facilitate the exchange of community news and services. In 2021, Hayi raised USD 325k in a pre-seed funding round led by Sarya Holdings<\/a> and Falak Startups<\/a>. It has since been selected for Google\u2019s #WeArePlay campaign.<\/p>\n","protected":false},"excerpt":{"rendered":"

The fund will focus on startups in their pre-seed and seed stages, with ticket sizes of up to USD 1.5 mn<\/p>\n","protected":false},"author":1,"featured_media":89510,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1557],"tags":[7,25,147,274],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-enterpriseam-uae","tag-investment-watch","tag-startups","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"32e1f05c-94dc-4d18-824d-f040adf28d32","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1503.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Dubai\u2019s Cotu Ventures sets up USD 54 mn funding platform for early-stage startups","related_issue":[89498],"teaser":"The fund will focus on startups in their pre-seed and seed stages, with ticket sizes of up to USD 1.5 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.543ec2c1-461c-4e55-8e3a-04ff57a2fda4.mp3"},"yoast_head":"\nDubai\u2019s Cotu Ventures raises USD 54 mn to fund early-stage startups - 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