Oraseya Capital, the venture capital investment arm of the Dubai Integrated Economic Zones Authority (DIEZ), announced over $1 million in investments, spread over seven technology startups.
The investments, announced at the conclusion of the fourth accelerator programme by SANDBOX, envisage each startup receiving $150,000 (AED 570,000).
The seven startups that received funding include Qureos, a recruitment tech startup, Herogo, the sustainable food tech subscription platform for fruit and vegetables, Lisan, a deeptech generative AI startup specialising in Arabic linguistics, Sthrive, a B2B SaaS platform for retailers designed to boost sales and employee performance and Zoya, a fintech startup that makes halal investing easy and accessible for Muslims worldwide.
JobEscape, a productivity startup upskilling freelancers and employees alike with AI tools, and Opteam, leveraging AI-driven optimisations to project management in the construction sector, are the other ventures which received funding.
“We are proud of the milestones that Oraseya Capital has achieved in startup investments within just a few months of its launch in the end of 2023,” said Hassan Waheed, Vice President of Corporate Finance and Treasury at DIEZ and Partner at Oraseya Capital.
“The high level of interest in its SANDBOX programme, as well as the many innovative and creative ideas and ambitious projects, reflect the long-term importance of this strategic initiative in promoting the growth of small and medium-sized enterprises in various sectors,” he said.
Waheed said the venture capital has invested in startups that have proven high growth opportunities, characterized by creative ideas and innovative visions.
He said that in addition to these new investments, Oraseya Capital has strengthened its efforts by leading an investment round in Growdash, a Dubai-based SaaS platform that specializes in empowering the marketing and operations efforts of restaurants.
Oraseya Capital has also participated in a series of investment rounds for several other startups, including RemotePass, an HR tech-platform streamlining management of remote teams, and iSchool, an EdTech upskilling youth with digital capabilities.
SANDBOX is a 5-month accelerator programme spanning 2 phases.
Startups participating in the programme benefit from more than 50 hours of workshops that include access to an integrated package of financial analytics, marketing strategies and legal compliance programs.
Entrepreneurs in the SANDBOX programme also receive more than 30 hours of mentoring from industry experts and have the opportunity to network with regional investors.
The fifth edition of SANDBOX, which has already received more than 1,100 applications, will commence at the beginning of September 2024.
