Cotu Ventures, a Dubai-based venture capital fund, has launched its first funding platform that will invest in early stage start-ups in the Middle East and North Africa, as it aims to boost one of the region's key economic drivers.
The $54 million venture capital fund will be sector-agnostic, allowing the diversification of its investments, and will focus on start-ups that aim to raise between $500,000 and $2 million in their pre-seed or seed stages, it said on Tuesday.
The fund's limited partners include Abu Dhabi sovereign investor Mubadala Investment Company, the Dubai Future District Fund, Arab Bank and Saudi Arabia's Bupa, while general partners include venture capitalists Foundry Group, Tribe Capital Stride and several family offices, it said.
Cotu has invested in more than 20 start-ups, including UAE mortgage platform Huspy, restaurant technology provider Supy, Egyptian FinTech MoneyHash and Saudi warehouse management solutions provider Sirdab.
Cotu's general partner Amir Farha co-founded Beco Capital in 2012 and led investments in 25 Mena start-ups, including Property Finder and unicorns Careem and Kitopi, all of which are based in the UAE.
Unicorns are start-ups valued at more than $1 billion.
Cotu believes that the Mena region's digital economy will continue to grow as government initiatives cater to users' growing demands, Mr Farha said.
“Governments have been driving policies and investment to activate the technology sectors of their local economies. We have a young and growing population of tech-savvy, digitally connected consumers with substantial spending power,” said Mr Farha, specifically noting that Saudi Arabia was opening up to international investors.
“When you combine all of this with remarkably low customer acquisition costs and some of the highest revenues per user, there has never been a better and more profitable time to invest in the region than today.”
The role of start-ups as drivers of digital adoption and growth has expanded continuously over the past few years, enabling consumers to enjoy access to services with convenience.
Countries in the Mena region, most notably the UAE and Saudi Arabia, are aggressively promoting and developing their technology systems, which are key pillars of their digital-focused agendas to prepare for the economy of the future.
The two Gulf countries have put in place a number of initiatives to push forward with this agenda, seeking to support the growth of the start-up network.
These include mentoring, providing access to the market and global investors, and allowing them to tap into the robust technology infrastructure provided by government and private companies.
The Mena region witnessed significant shifts in venture investment dynamics, Philip Bahoshy, chief executive of start-up data platform Magnitt, said in a report last month.
“Despite a challenging macro environment, Mena's share of funding across emerging venture markets grew by 8 percentage points to 22 per cent [in 2023],” he said.
Cotu has an “impressive portfolio” and has established itself as a “true advocate for entrepreneurs”, said Sharif Elbadawi, chief executive of the DFDF.
THE SPECS
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Jetour T1 specs
Engine: 2-litre turbocharged
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Torque: 390Nm
Price: From Dh126,000
Available: Now
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
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On sale: Now
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
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Did you know?
Brunch has been around, is some form or another, for more than a century. The word was first mentioned in print in an 1895 edition of Hunter’s Weekly, after making the rounds among university students in Britain. The article, entitled Brunch: A Plea, argued the case for a later, more sociable weekend meal. “By eliminating the need to get up early on Sunday, brunch would make life brighter for Saturday night carousers. It would promote human happiness in other ways as well,” the piece read. “It is talk-compelling. It puts you in a good temper, it makes you satisfied with yourself and your fellow beings, it sweeps away the worries and cobwebs of the week.” More than 100 years later, author Guy Beringer’s words still ring true, especially in the UAE, where brunches are often used to mark special, sociable occasions.
Killing of Qassem Suleimani
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
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On sale: Now
Price: From Dh149,900
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
CHATGPT%20ENTERPRISE%20FEATURES
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RESULT
Manchester United 2 Burnley 2
Man United: Lingard (53', 90' 1)
Burnley: Barnes (3'), Defour (36')
Man of the Match: Jesse Lingard (Manchester United)
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
MATCH INFO
Everton v Tottenham, Sunday, 8.30pm (UAE)
Match is live on BeIN Sports
Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
