Dharma, an Abu Dhabi-based business-to-business travel management platform, has raised $4.7 million in a new funding round as it aims to expand its business.
The pre-series A funding round was led by San Francisco-based Convivialite Ventures, with participation from marketplace-focused FJ Labs, Equinox and Soul Cycle fitness clubs owner Stephen Ross, the start-up said on Wednesday.
Other investors and angels include Mubadala-backed Shorooq Partners, Matt Higgins from Shark Tank, football icon Eric Cantona, consumer fund Goodwater and Skift founder Rafat Ali.
The latest round brings Dharma's total equity funding to $10 million, the company said.
Following its recent partnership with Paramount Global to launch “Paris by Emily,” the first official travel experience for the hit Netflix series, Emily in Paris, the funds will allow Dharma to expand its offering of multi-day travel experiences in “new verticals such as culinary, sports, fashion and lifestyle tourism”.
“Our core conviction is that the future of travel is passion-based,” said Charaf El Mansouri, chief executive and co-founder at Dharma.
“If for the past 50 years, people have travelled for the where, the next 50 years, people will travel for the why. That’s the future Dharma is enabling.”
The idea that you could seamlessly book your next trip “hosted by your favourite chef, surfer, or fitness instructor is both universal and extremely personal”, he added.
Launched in 2018 by Nisma Benani, Brice Carpentier, Mr El Mansouri and Leah Howe, Dharma was one of the first start-ups accepted into the Hub71 programme, Abu Dhabi's global technology ecosystem. Its founding team relocated to Abu Dhabi from New York and Marrakesh.
Start-ups in the UAE continue to attract the attention of global investors as the Emirates continues to develop its digital economy.
Last year, the UAE government announced its Digital Economy Strategy with the goal of increasing the contribution of the sector to the gross domestic product by 20 per cent over the next 10 years, up from 9.7 per cent in 2022, as it seeks to leverage cutting-edge technologies and attract high-skilled talent.
Developing start-ups’ contribution to the economy will help achieve the target of doubling the UAE's GDP by 2031, Abdulla bin Touq, UAE's Minister of Economy, said this month.
The UAE also aims to be home to 20 unicorns – start-ups with a valuation of $1 billion and above – by 2031, double the number initially planned.
“Our goal is to continue attracting and retaining the most inspiring people and brands in the world by enabling them to create and host authentic travel experiences for their communities,” said Ms Benani, Dharma's chief revenue officer and co-founder.
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Read more about the coronavirus
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
RACECARD%20
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JOKE'S%20ON%20YOU
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UAE currency: the story behind the money in your pockets
ESSENTIALS
The flights
Emirates, Etihad and Swiss fly direct from the UAE to Zurich from Dh2,855 return, including taxes.
The chalet
Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
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Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
COMPANY%20PROFILE
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HIV on the rise in the region
A 2019 United Nations special analysis on Aids reveals 37 per cent of new HIV infections in the Mena region are from people injecting drugs.
New HIV infections have also risen by 29 per cent in western Europe and Asia, and by 7 per cent in Latin America, but declined elsewhere.
Egypt has shown the highest increase in recorded cases of HIV since 2010, up by 196 per cent.
Access to HIV testing, treatment and care in the region is well below the global average.
Few statistics have been published on the number of cases in the UAE, although a UNAIDS report said 1.5 per cent of the prison population has the virus.
More coverage from the Future Forum
FIXTURES
Nov 04-05: v Western Australia XI, Perth
Nov 08-11: v Cricket Australia XI, Adelaide
Nov 15-18 v Cricket Australia XI, Townsville (d/n)
Nov 23-27: 1ST TEST v AUSTRALIA, Brisbane
Dec 02-06: 2ND TEST v AUSTRALIA, Adelaide (d/n)
Dec 09-10: v Cricket Australia XI, Perth
Dec 14-18: 3RD TEST v AUSTRALIA, Perth
Dec 26-30 4TH TEST v AUSTRALIA, Melbourne
Jan 04-08: 5TH TEST v AUSTRALIA, Sydney
Note: d/n = day/night
57%20Seconds
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Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
More from Neighbourhood Watch:
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Killing of Qassem Suleimani
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ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
