Latest news with #Shorooq
Zawya
21-07-2025
- Business
- Zawya
Qlub raises $30mln to take its hit dining payment system global
Dubai, UAE – Qlub, the ultra-fast payment system in restaurants, has become ubiquitous across Dubai's vibrant dining scene. Following its runaway success in the UAE, Qlub has announced the closure of a $30 million funding round to take its smart dining experience global. The round was co-led by the region's leading alternative investment firm Shorooq and Cherry Ventures, with major backing from strategic partners including e&, Mubadala Investments and Legend Capital. This latest funding round underscores the growing demand for seamless, technology-driven dining experiences and positions Qlub to accelerate its global expansion, enhance its product offerings, and further integrate its solutions into the hospitality ecosystem. "From the very beginning, we saw in Qlub more than just a payments solution—we saw a new infrastructure for how hospitality should work in a digital-first world. Eyad and Mahmoud and the team have consistently proven that they can blend product innovation with deep market understanding, unlocking new behavior at the intersection of tech and experience," noted Mahmoud Adi, Founding Partner at Shorooq. "We are proud to have backed Qlub from the earliest days, and remain committed to supporting visionary companies redefining everyday moments across emerging markets." Founded in 2021 by Eyad Alkassar and Mahmoud Fouz, Qlub has rapidly emerged as a pioneer in the contactless payment space, offering QR-based solutions that allow diners to view menus, place orders, and settle bills seamlessly using their smartphones. By eliminating the need for physical menus and traditional payment methods, Qlub enhances operational efficiency for restaurants and provides a frictionless experience for customers. With a presence in thousands of establishments across many markets, including the UAE, Saudi Arabia, Singapore, Hong Kong, Australia, Brazil, Qatar, Kuwait, and Korea, Qlub has demonstrated significant traction in diverse markets. It is now processing a few billion USD annually and serves millions of customers on a monthly basis, making it the leading QR payment solution for restaurants globally. Notable clients include Paul Cafe, Wagamama, Sushi Samba, and La Petite Maison (LPM), where the implementation of Qlub's solutions has led to strong improvements in customer satisfaction and operational efficiency. Qlub clients report a 300% increase in tips, a sevenfold increase in positive Google reviews, an 80% reduction in checkout line by streamlining the process, reducing labor costs, and decreasing the number of required cashiers by an average of a third, and an overall improvement in space utilization by minimizing the need for multiple cashier counters. "From day one, Qlub has shown how technology can simplify and modernise hospitality. We backed them at seed and are thrilled to support them again as they scale their solution globally and change how restaurants operate," added Filip Dames, Founding Partner of Cherry Ventures. "We look forward to supporting their continued success." The participation of industry leaders such as e& and Mubadala Investments in this funding round reflects the strategic importance of Qlub's solutions in the evolving landscape of the hospitality industry. "Qlub's innovative approach to enhancing the dining experience aligns with our commitment to supporting digital transformation in the region," said Khalifa Alshamsi, CEO of e& Life. "We are excited to partner with Qlub as they continue to redefine the standards of service in the hospitality sector." With the new funding, Qlub plans to: Expand its presence in existing markets and enter new regions. Enhance its product offerings by integrating advanced analytics and insights to provide restaurants with a deeper understanding of customer behavior and preferences. Strengthen partnerships with key players in the hospitality and technology sectors to drive further innovation and adoption of contactless payment solutions. 'Our vision is simple: Qlub makes paying at restaurants ten times faster — and that elevates the entire dining experience,' said Eyad Alkassar, Co-Founder and Co-CEO of Qlub. 'Why would any restaurant, anywhere in the world, choose to operate without it?" 'We're thrilled to have the support of investors, both new and existing partners as we continue to build Qlub's vision,' said Mahmoud Fouz, Co-Founder and co-CEO of Qlub. 'We're grateful for the confidence our investors have placed in us and excited for what lies ahead. About Qlub Qlub is a fintech company revolutionizing the dining experience through its contactless payment solutions. By enabling diners to view menus, place orders, and pay seamlessly using their smartphones, Qlub enhances operational efficiency for restaurants and provides a frictionless experience for customers. With a presence in over 3,000 establishments across multiple countries, Qlub is committed to transforming the hospitality industry through innovation and technology. About Shorooq Founded in 2017, Shorooq is a multi-dimensional investment firm. Our venture capital and credit practice invests in the most innovative technology companies across the MENA region and beyond. We have built deep sectoral expertise in fintech, platforms, software, and deep tech. Shorooq has backed category leaders such as Pure Harvest Smart Farms, Nymcard, Tamara, Sarwa, Lean Technologies, TruKKer, Mozn and Lendo. Shorooq was built on the values of building with founders and identifying attractive returns for investors. We pride ourselves on a local presence across the UAE, Saudi Arabia, Egypt and Korea. Visit us at Shorooq refers to a group of companies that are affiliates of each other and which operate under this business name, of which Shorooq Partners Ltd (regulated by the ADGM Financial Services Regulatory Authority FSRA FSP: 190004 as a category 3C Fund Manager) is a member. Media Contacts: Tarek Fouad Chief Marketing Officer, Shorooq Shorooq Group Press: press@ Direct: tfouad@
Time of India
09-07-2025
- Business
- Time of India
Why more startup founders are moving to the Gulf
Entrepreneurs from India, Europe, Africa, and the US are increasingly choosing Gulf cities like Dubai, Riyadh, and Doha to launch and grow their ventures/Representative Image TL;DR: Founders of startups are increasingly moving away from Europe, Asia, Africa, and North America to the Gulf. The major draw factors are tax-free salaries, complete foreign ownership, and long-term residency Government-facilitated accelerators, incubators, and sovereign funding provide a speedy route to expansion. Infrastructure, security, and family-friendly settings render the area attractive for founders and staff. Drawbacks are the cost of living, quotas for hiring, and changing regulatory landscapes but the push goes on. A Shift in Entrepreneurial Gravity Historically, would-be entrepreneurs flocked to the comfort of well-known centres such as Silicon Valley or London. But more and more, they're flocking to Gulf cities instead, including Dubai, Abu Dhabi, Riyadh, Manama, and Doha. It's no coincidence that this is happening, it's the result of a deliberately crafted makeover of the Gulf as a global startup corridor. What's Drawing Founders There? Business‑Friendly Tax and Regulatory Environment: The Gulf has no personal income tax, good corporate tax regimes, and complete foreign ownership across most sectors. Free zones and accelerator zones make setup, banking, and licensing easy. Long‑Term Residency Without Employer Ties: Initiatives such as the UAE Golden Visa and Saudi Premium Residency enable founders to remain for years, even decades without typical sponsorships. Access to Capital and Sovereign Support: VC firms such as BECO Capital, STV, and Shorooq, along with sovereign initiatives like Saudi's SVC and ADGM's innovation hub, are powering a rising investment wave. Founders now have direct access to capital and launchpad grants, especially in deep tech and climate tech. Regional Launchpads and Scale-Up Potential: With strong infrastructure, Gulf-based startups can easily expand into Africa, South Asia, and Europe via nearby flights. This proximity and market access are hard to replicate elsewhere. Hands-On Government Engagement: Gulf governments are not mere regulators; they are ecosystem enablers. Hub71 in Abu Dhabi, Monsha'at in Saudi Arabia, Qatar's Digital Valley, and Bahrain's incubators offer subsidised housing, workspaces, mentoring, and funding assistance. Secure, High‑Standard Lifestyle for Founders and Families: Most founders point to robust infrastructure, security, education, and multi-cultural society. According to one founder, it took only weeks to establish in Dubai with minimal red tape and great quality of life conditions. Who's Moving and Why Does It Matter? Founder migration is in waves. Asians, Africans, and Middle Easterners are moving in large numbers to grow regionally. Western tech entrepreneurs, particularly in climate tech or AI, view the Gulf's mega-projects (such as NEOM) as fertile ground to pilot and apply their solutions. To illustrate, many Indian startup groups have relocated to Dubai, attracted by ease of establishment, closeness to market, and facilitative policy environment. Dubai Chambers consequently registered more than 12,000 new non-Emirati businesses in 2024 alone. Egyptian startups faced with internal economic challenges such as a currency crash and legal ambiguity are also migrating to Saudi Arabia, attracted to stability and certainty of the Gulf's frameworks. Fintech, healthtech, AI, logistics, climate-tech, and edtech founders get the most spotlight and favor. Gulf governments are coordinating startup targeting with national development plans and giga-projects. Real Challenges Ahead The benefits bring realities: High cost of living, particularly in high-end regions Hiring quotas and nationalisation policies (e.g., Saudization) that may impact team makeup Regulatory complexity in areas such as healthcare, crypto, or fintech, simplified but not necessarily straightforward Investor restraint in initial phases beyond UAE and KSA Founders have to balance these considerations, but most tolerate the compromises for access to capital, residence, and scale. Scaling Through Coherence The startup ecosystem in the Gulf is transforming through ordered specialisation: Dubai and Abu Dhabi are emerging as fintech and AI hubs Riyadh is backing industrial, digital infrastructure and deep tech entrepreneurs Qatar is leveraging its FIFA and Expo legacies in sport-tech and mobility solutions Bahrain is sowing fintech and regtech innovation, frequently piloting from its less burdensome regulatory regime This collaborative strategy forms a cohesive regional corridor and provides founders with multiple points of entry tied to sector strength. A Region in the Middle of a Transformation Even with global investment slowdowns, the Gulf's startup economy is on the rise. The region's entrepreneurial pace is supported by sovereign capital, strategic intent, and a coherent ecosystem blueprint according to the 2025 Global Startup Ecosystem Report. Whether you're an emerging founder, tech investor, or policy nerd, it is evident that the Gulf is no longer a fringe participant, it's at the centre of the global startup narrative. FAQs Q. What is driving startup founders to move to the Gulf? They are attracted by low or zero taxes, quick and agile company formation, venture funding access, long-term residency opportunities, and strategic access to growth markets in Africa, South Asia, and Central Asia. Q. Which nations are driving this movement? The UAE and Saudi Arabia are currently leading in securing founders. Bahrain and Qatar also have active startup hubs through less regulation and focused sectoral approach. Q. What type of assistance do governments provide to startups? From subsidised office space to founder grants and innovation hubs like Hub71 (UAE) and Monsha'at (Saudi), governments actively assist founders in scaling up their businesses at pace. Q. Which are some of the priority areas being targeted by Gulf countries? Fintech, AI, healthtech, climate-tech, logistics, and edtech are some of the priority areas. Startups linked to sustainability objectives and smart infrastructure are being supported the most.
Zawya
17-06-2025
- Business
- Zawya
Octane raises $5.2mln to transform MENA's fleet payments
Egypt's leading digital platform for fleet and on-road expense management Octane has closed a $5.20 million funding round led by Shorooq, Algebra Ventures, and Elsewedy Capital Holding. Octane will use the new capital to expand its network, boost its technology stack, and support the company's growth across Egypt and the wider MENA region, according to a press release. It secures a single closed-loop digital wallet that consolidates fuel, maintenance, spare parts, petty cash, and more into one platform. The solution backs diesel, gasoline, and CNG, with EV-charging payments rolling out at pilot locations to keep pace with customers' evolving energy needs. Amr Gamal, Co-Founder and CEO of Octane, commented: 'This funding lets us broaden our acceptance network, expand AI-powered fraud-detection and route-optimization features, and stay ahead of the shift toward cleaner, more efficient mobility, without adding complexity for our customers.' Established in September 2022, Octane has built Egypt's largest fleet-payment coverage, currently spanning 2,400 petrol stations and 400 CNG outlets nationwide. Laila Hassan, General Partner at Algebra Ventures, indicated: '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.' All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Zawya
17-06-2025
- Automotive
- Zawya
Octane secures $5.2mln to transform fleet payments across MENA
Cairo, Egypt: Octane, Egypt's leading digital platform for fleet and on-road expense management, has raised US $5.2 million in a funding round led by Shorooq, Algebra Ventures and Elsewedy Capital 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-optimization 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. 'The first wave of digitization 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.' With fuel prices volatile and logistics costs rising, fleet owners need smarter expense-management tools to protect margins. '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.' Integrated fleet-expense platforms are gaining momentum worldwide. Established players such as Corpay and WEX prove the demand for centralized 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-positioned to scale as more fleets seek data-driven solutions to control costs and improve operational efficiency. About Octane Founded in 2022, Octane is a Cairo-based fintech offering a closed-loop digital wallet for fleets. The platform enables payments for fuel (diesel, gasoline, CNG and emerging EV charging), maintenance, petty cash and consumables, complemented by spend controls and analytics that reduce waste and improve compliance. Octane operates Egypt's largest fleet-payment acceptance network, serves more than 1,600 corporate clients and is expanding across MENA. About Shorooq Established in 2017, Shorooq is a multi-dimensional investment firm focused on fintech, platforms, software and deep-tech companies across MENA and beyond. Regulated by the ADGM Financial Services Regulatory Authority (FSP: 190004), Shorooq backs category leaders such as Pure Harvest Smart Farms, Nymcard, Tamara, Sarwa, Lean Technologies, TruKKer, Mozn and Lendo. About Algebra Ventures Algebra Ventures is a tech-focused venture-capital firm partnering with resilient founders building transformative companies in Egypt and across Africa. Algebra raised a US $54 million fund in 2016 and a US $100 million second fund in 2022. The firm is a multi-stage investor supporting founders from seed to Series B and provides strategic guidance, co-investment access and talent development.' Media Contacts: Tarek Fouad Chief Marketing Officer, Shorooq Shorooq Group Press: press@ Direct: tfouad@
Wamda
02-06-2025
- Business
- Wamda
Arab Fund invests in Shorooq's Nahda Fund II to expand SME credit access in MENA
The UAE-based Arab Fund for Economic and Social Development, through its Badir Fund for SMEs, has invested in Shorooq's Nahda Fund II—a Qualified Investor Fund regulated by FSRA ADGM. The move aims to expand access to structured credit for startups and small businesses, especially tech-focused ones, across the region. Established in 2017, Shorooq is known for alternative financing models in MENA. Its Nahda Funds provide flexible, non-dilutive financing to growth-stage companies like fintech Abhi and self-storage platform The Box, which recently secured $15 million and $12.5 million, respectively, in debt financing to scale operations. This strategic partnership addresses the persistent financing challenges Arab SMEs face due to restrictive bank lending. Press release: In a strategic move to bridge the financing gap for small and medium enterprises (SMEs) across the Arab world, the Arab Fund for Economic and Social Development , through its SME financing arm, Badir Fund, is investing in Shorooq's Nahda Fund II, a Qualified Investor Fund registered with the FSRA ADGM. This investment aims to enhance access to credit for technology companies, fostering economic growth and innovation in the region. Badir Fund for Developing SMEs is a special account managed by the Arab Fund. It helps small businesses access the financing and technical assistance they need to grow and profit, creating jobs and driving private sector-led growth. Shorooq, regulated by the FSRA ADGM as a Fund Manager, is a leading alternative investment manager in the MENA region and has pioneered debt financing solutions for startups through its Nahda Funds. The second iteration, Nahda Fund II, continues this mission by offering flexible financing options to growing businesses, signifying a revitalisation of entrepreneurial ventures in the region. The collaboration between the Badir Fund and Shorooq's Nahda Fund II comes at a time when SMEs face challenges in accessing traditional bank financing. Banks often have restrictive lending criteria, leaving many SMEs underserved. This partnership aims to fill that gap by providing tailored credit solutions that meet the unique needs of SMEs. Nathan Kwon, Partner and Credit Head at Shorooq, commented on the partnership: 'This collaboration with the Badir Fund is a significant step towards empowering SMEs in the Arab region. By combining our expertise in structured financing with the Badir Fund's commitment to economic development, we can provide SMEs with the necessary resources to thrive.' Dr. Essam AlQuorashy, Secretary General for Badir Fund 'This investment from the Arab Fund will unlock vital growth opportunities for small businesses, promote their growth and foster financial inclusion of underserved segments across the Arab region.' Shorooq's portfolio companies, such as Abhi and The Box, exemplify the potential of structured financing. Abhi, a fintech company, secured $15 million in debt financing led by Shorooq to expand its earned wage access services, promoting financial inclusion for employees and SMEs. The Box, a self-storage firm, secured $12.5 million in financing to enhance its operations. The investment by the Badir Fund in Shorooq's Nahda Fund II underscores a shared commitment to fostering SME growth and economic development in the Arab region. By providing SMEs with access to credit, this partnership aims to unlock new opportunities and drive sustainable economic progress.
