Technology start-up swftbox raised $2 million in a seed funding round as the UAE-based company aims to scale up its services across the region.
The investment round was led by the London-based Mena Technology Fund, with the participation of other investors including Polymath Ventures, AirAngels, Ithraa Investment Company and various strategic investors from the US, the UAE, Saudi Arabia and Europe.
Established in June 2020, the Abu Dhabi-based Hub71 company is a same-day delivery platform powered by artificial intelligence. The platform works with e-commerce retailers and courier companies.
The company will use the new capital to accelerate technology development to further enhance user experience and automation, boost margins and grow its customer base in the UAE and Saudi Arabia, co-founder and chief executive Mohammad Absi-Halabi said.
“We built Swftbox with user experience top of mind. Whether it is the shopper, retailer, courier company or driver, experience is what creates the most value for them in both the short and long terms,” Mr Absi-Halabi said.
“We carefully designed all touch points from the ground up. We automated redundant processes to reduce human error, built smart algorithms to solve complex sorting and routing problems and added an intuitive interface to simplify user experience.”
The platform uses proprietary algorithms to optimise routes and automate operations to boost service levels, increase transparency and bolster profitability for retailers and courier companies.
Its technology bridges communication gaps between retailers, couriers and shoppers to create a seamless shopping journey and improve operational accuracy.
“Swftbox is changing the logistics landscape in the Middle East by offering an AI-based platform localised for businesses that need this service to grow,” said Mena Technology Fund co-founder Omar Hassan.
“In a short time, they have doubled the number of partners, showing the massive potential for this sector in the region … [we] believe that the swftbox team has the vision and drive to lead the company into its next big milestone in this region and beyond.”
The venture capital ecosystem in the Mena region is growing amid the boom in start-ups, particularly in sectors such as technology and digitisation.
Venture capital funding for start-ups in the region rose 20 per cent annually to more than $2.3 billion in the first three quarters of 2022, putting it on track to potentially surpass the total investments attracted in 2021, according to a report by data platform Magnitt.
Egypt, the UAE and Saudi Arabia retained the top three positions in terms of both funding value and number of deals, capturing more than 75 per cent of overall Mena investments, it said.
“The team at swftbox has demonstrated consistent execution and growth, capturing market share by solving problems differently in the legacy logistics and delivery space — a space we believe will grow exponentially with the continued shift of consumer behaviour towards online shopping,” Polymath Ventures managing director Ali Hashemi said.
Director: Jon Favreau
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Sri Lanka World Cup squad
Dimuth Karunaratne (c), Lasith Malinga, Angelo Mathews, Thisara Perera, Kusal Perera, Dhananjaya de Silva, Kusal Mendis, Isuru Udana, Milinda Siriwardana, Avishka Fernando, Jeevan Mendis, Lahiru Thirimanne, Jeffrey Vandersay, Nuwan Pradeep, Suranga Lakmal.
Uefa Nations League: How it works
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
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What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.
Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.
However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
Premier League results
Saturday
Tottenham Hotspur 1 Arsenal 1
Bournemouth 0 Manchester City 1
Brighton & Hove Albion 1 Huddersfield Town 0
Burnley 1 Crystal Palace 3
Manchester United 3 Southampton 2
Wolverhampton Wanderers 2 Cardiff City 0
West Ham United 2 Newcastle United 0
Sunday
Watford 2 Leicester City 1
Fulham 1 Chelsea 2
Everton 0 Liverpool 0
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Despacito's dominance in numbers
Released: 2017
Peak chart position: No.1 in more than 47 countries, including the United States, the United Kingdom, Australia and Lebanon
Views: 5.3 billion on YouTube
Sales: With 10 million downloads in the US, Despacito became the first Latin single to receive Diamond sales certification
Streams: 1.3 billion combined audio and video by the end of 2017, making it the biggest digital hit of the year.
Awards: 17, including Record of the Year at last year’s prestigious Latin Grammy Awards, as well as five Billboard Music Awards
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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