Zain Ventures, the newly formed venture capital arm of Kuwait’s biggest telecoms provider Zain Group, closed its first two investments in Dubai-based mass transit and shared mobility services provider Swvl and US FinTech start-up Pipe.
“We are extremely excited and confident that Zain Ventures’ first investments in fast-growing and world-leading entities in their respective industries, Pipe and Swvl, will be value-accretive to all parties,” said Bader Al Kharafi, Zain’s group chief executive and vice chairman.
The launch of Zain Ventures opens up more value-accretive opportunities in the global entrepreneurial start-up ecosystem
Bader Al Kharafi,
Zain’s group chief executive and vice chairman
Zain Group operates in Kuwait, Bahrain, Iraq, Jordan, Saudi Arabia, Sudan and South Sudan. It provides mobile services to more than 49.8 million active customers, the company said at the end of September last year.
Boursa Kuwait-listed Zain Ventures will complement its existing investment portfolio and “open the door to future investment opportunities … focusing on digital innovations in the fast-growing electronic services and start-up ecosystem”, the company said.
It is investing in Swvl through a $100 million agreement that is part of the start-up’s recently announced blank-cheque company merger.
Founded in 2017, Swvl allows commuters to reserve seats on private buses operating on fixed routes and pay fares through its mobile app. The start-up, which applies an Uber-like concept to mass transit, currently operates in 10 cities in Egypt, Kenya, Pakistan, the UAE, Saudi Arabia and Jordan.
The Cairo-born company is set to go public through a special purpose acquisition company in the fourth quarter of this year. It will become the second technology start-up from the Middle East to list on the Nasdaq stock market and the first from the region to attain a value of $1.5 billion, Swvl said last week.
“The enormous and relatively untapped entrepreneurial talents of the region are being showcased to the start-up ecosystem global community through this transaction that will see Swvl as the first more-than $1bn unicorn from the Middle East to list on Nasdaq,” said Malek Hammoud, chief investment and digital transformation officer of Zain.
Zain Ventures’ second investment is in US FinTech Pipe, which enables technology companies to receive their revenue upfront by pairing them with investors on a marketplace that pays a discounted rate for the annual value of those contracts.
Set up in June 2020, it raised $150m in a funding round earlier this year that valued the entity at $2bn. So far, more than 4,000 companies have signed up on its trading platform.
“Pipe is a start-up that is rewriting the rule book on FinTech development,” said Mr Hammoud. “We believe Pipe offers an incredible opportunity for capital appreciation and revenue growth and we look forward to participating in its continuing expansion as more clients are added to the platform.”
Saudi Telecom also has a $500m venture capital arm known as Saudi Technology Ventures that has backed various companies, including Careem, which was acquired by Uber, Tabby and Trukker.
South and West: From a Notebook
Joan Didion
Fourth Estate
Breast cancer in men: the facts
1) Breast cancer is men is rare but can develop rapidly. It usually occurs in those over the ages of 60, but can occasionally affect younger men.
2) Symptoms can include a lump, discharge, swollen glands or a rash.
3) People with a history of cancer in the family can be more susceptible.
4) Treatments include surgery and chemotherapy but early diagnosis is the key.
5) Anyone concerned is urged to contact their doctor
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Liverpool's all-time goalscorers
Ian Rush 346
Roger Hunt 285
Mohamed Salah 250
Gordon Hodgson 241
Billy Liddell 228
F1 2020 calendar
March 15 - Australia, Melbourne; March 22 - Bahrain, Sakhir; April 5 - Vietnam, Hanoi; April 19 - China, Shanghai; May 3 - Netherlands, Zandvoort; May 20 - Spain, Barcelona; May 24 - Monaco, Monaco; June 7 - Azerbaijan, Baku; June 14 - Canada, Montreal; June 28 - France, Le Castellet; July 5 - Austria, Spielberg; July 19 - Great Britain, Silverstone; August 2 - Hungary, Budapest; August 30 - Belgium, Spa; September 6 - Italy, Monza; September 20 - Singapore, Singapore; September 27 - Russia, Sochi; October 11 - Japan, Suzuka; October 25 - United States, Austin; November 1 - Mexico City, Mexico City; November 15 - Brazil, Sao Paulo; November 29 - Abu Dhabi, Abu Dhabi.
MATCH INFO
Pakistan 106-8 (20 ovs)
Iftikhar 45, Richardson 3-18
Australia 109-0 (11.5 ovs)
Warner 48 no, Finch 52 no
Australia win series 2-0
Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
Fighter profiles
Gabrieli Pessanha (Brazil)
Reigning Abu Dhabi World Pro champion in the 95kg division, virtually unbeatable in her weight class. Known for her pressure game but also dangerous with her back on the mat.
Nathiely de Jesus, 23, (Brazil)
Two-time World Pro champion renowned for her aggressive game. She is tall and most feared by her opponents for both her triangles and arm-bar attacks.
Thamara Ferreira, 24, (Brazil)
Since her brown belt days, Ferreira has been dominating the 70kg, in both the World Pro and the Grand Slams. With a very aggressive game.
Samantha Cook, 32, (Britain)
One of the biggest talents coming out of Europe in recent times. She is known for a highly technical game and bringing her A game to the table as always.
Kendall Reusing, 22, (USA)
Another young gun ready to explode in the big leagues. The Californian resident is a powerhouse in the -95kg division. Her duels with Pessanha have been highlights in the Grand Slams.
Martina Gramenius, 32, (Sweden)
Already a two-time Grand Slam champion in the current season. Gramenius won golds in the 70kg, in both in Moscow and Tokyo, to earn a spot in the inaugural Queen of Mats.
SERIES INFO
Cricket World Cup League Two
Nepal, Oman, United States tri-series
Tribhuvan University, Kathmandu
Fixtures
Wednesday February 5, Oman v Nepal
Thursday, February 6, Oman v United States
Saturday, February 8, United States v Nepal
Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal
Table
The top three sides advance to the 2022 World Cup Qualifier.
The bottom four sides are relegated to the 2022 World Cup playoff
1 United States 8 6 2 0 0 12 0.412
2 Scotland 8 4 3 0 1 9 0.139
3 Namibia 7 4 3 0 0 8 0.008
4 Oman 6 4 2 0 0 8 -0.139
5 UAE 7 3 3 0 1 7 -0.004
6 Nepal 0 0 0 0 0 0 0
7 PNG 8 0 8 0 0 0 -0.458
