“Startups are powerful engines of long-term economic growth that tangibly benefit future generations,” said Majed Al Suwaidi, Senior Vice President at TECOM Group PJSC, on behalf of in5. “The funding milestone achieved by in5’s startups strengthens our mission to unlock entrepreneurial excellence by facilitating opportunities, partnerships, and investor engagement avenues. in5’s dynamic and global community is driving Dubai’s efforts to foster a globally attuned innovation landscape that achieves the goals of the Dubai Economic Agenda ‘D33’.”

in5 has nurtured more than 1,000 startups across the technology, media, design, and science sectors since its inception in 2013 by TECOM Group, the creator of 10 specialised business districts and vibrant communities in Dubai. This includes in5 Tech, housed at a dedicated in5 Innovation Centre at Dubai Internet City as well as in5 Media, based at Dubai Production City and in5 Design, based at Dubai Design District (d3). in5 Media’s active startup numbers noted annual growth of 20% in the first half of this year as government initiatives to strengthen the regional creative economy, including Dubai Media’s vision to bolster the competitiveness of media institutions, attract a wider cohort of talent to the city.

in5 Science, which marked its first anniversary in June 2024, provides an enabling platform to more than 35 future-focused science startups. Launched in collaboration with Dubai Science Park, TECOM Group’s dedicated ecosystem for the life, energy, and environment sciences, in5 Science is cultivating a regional base of innovators in line with the Dubai Research and Development Programme’s vision.

While global trends are indicative of a shift in startup funding amid the prioritisation of sustainable ventures, funding for artificial intelligence (AI) companies has held steady in 2024. Shored up by strategies such as Dubai Economic Agenda ‘D33’, Dubai’s pro-innovation framework is enriching the regional pool of entrepreneurs harnessing technology to offer improved consumer services. This is underscored by the incubator’s recent success stories, including Ziina, a fintech startup providing peer-to-peer payment for mobile apps, that raised AED 80.8 million in a Series A funding round in September 2024. Podeo, the world’s largest podcast distribution platform founded at in5, raised AED 19.8 million in a Series A funding round that same month.

in5 offers startups in technology, media, design, and science a platform to scale up with access to advisory, mentorship, and potential investment opportunities. in5 Tech is also home to the in5 Investor Hub, a space where angel investors, venture capitalists, and institutional investors can directly engage with startups at in5 for funding and partnership opportunities.

in5’s participation at Expand North Star is part of its commitment to spotlighting its innovative ecosystem to more than 1,200 global investors expected at the event, including startups such as AI-enabled communications specialist Grambell, based at in5 Tech, and flexible stay online travel agency (OTA) Estaie, incubated at in5 Media.

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Podeo offers an all-in-one platform for podcasters, streamlining everything from content creation and distribution to monetization. At a time when audio discoverability is an ever-growing challenge, Podeo’s exclusive distribution integrations transcend traditional streaming apps, unlocking unprecedented exposure across radio stations, airlines, ride-hailing services, gaming, and chat apps. With a thriving community of 100,000+ creators and a global audience of over 50 million listeners, Podeo is shattering reach barriers and empowering independent voices to be heard like never before.

Founded by Stefano Fallaha, Anthony Essaye, and Mario Hayek in 2020, Podeo began as a podcast app with exclusive content but quickly evolved into a groundbreaking end-to-end platform. Shifting from a destination-first to a distribution-first model, Podeo is redefining how podcasts are delivered and monetized. The visionary founders, who previously launched the timed-podcast aggregator Fallound, backed by the entity responsible for the 2022 FIFA World Cup, now lead a dynamic team of 35+ experts across audio, big data, and media.

Podeo equips creators with state-of-the-art tools to grow and engage unique audiences while enabling brands to optimize their ad spend and unlock unrivaled opportunities for budget efficiency across channels powered by Podeo’s ad-tech.

“We are committed to empowering creators to become the next generation of global audio stars, providing them with cutting-edge tools to captivate diverse audiences around the world,” said Stefano Fallaha, Founder and CEO of Podeo. “This Series A funding will allow us to amplify our mission and scale our ecosystem at lightning speed across emerging global markets, making storytelling limitless and giving diverse voices the power to be heard by billions worldwide.”

The podcast industry is at a pivotal turning moment, driven by the rise of independent voices and the ever-growing demand for authentic narratives. As audio becomes a driving force in media consumption, Podeo stands as the indispensable platform for creators to reach on-the-go audiences through its game-changing integrations with Dubai Taxis, Anuvu’s airline customers, messaging giant imo, and Arabic media conglomerate Rotana.

Positioned at the forefront of offline and on-demand experiences, Podeo has ignited a podcast revolution in MENA, expanding regional podcast supply by 50X in just two years. From a base of 2,000 podcasters, Podeo has transformed the industry, driving a six-fold revenue surge over the past year and enabling the region’s top publishers and advertisers to capture untapped audiences at scale.

​​Creators witness an average boost of 166% in monthly audience growth after migrating to Podeo, with an effortless redirection process. “Podeo is unmatched in elevating our podcast reach through its unique distribution network and monetization tools,” said Mo Islam, host of Saudi Arabia’s premier English podcast, The Mo Show. “The platform is perfectly aligned with our ambitions and has already driven extraordinary podcast growth. Since switching to Podeo, we’ve evolved from just another number on a hosting platform to being part of a vibrant community of creators, supported by a state-of-the-art platform that continuously adapts to our needs and fuels our growth.”

With this investment, Podeo is poised to accelerate global expansion, supercharge its AI capabilities, and continue delivering industry-shaping tools that will revolutionize the podcast value chain. The company’s vision is clear: to become the world’s leading platform for content distribution, allowing content to be amplified across unique channels. Podeo envisions a future where radio and on-demand content transcend geographical boundaries, merging into a unified, thriving ecosystem with Podeo at the epicenter of this transformation.

“We’re excited to support Podeo in the next phase of their growth”, said Julien Plouzeau, Senior Partner at Oraseya Capital. “Podeo’s unique distribution model and Stefano’s leadership and industry insight have propelled the company to the forefront of the podcasting industry in the MENA region. Their capacity to solve discoverability challenges is reshaping the way creators and advertisers engage with audiences, and we are particularly confident in their ability to scale this successful blueprint across new markets”.

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Founded in 2023 by Ahmed Al-Dakhil, Abdulaziz Al-Rashoud, Abdullah Al-Dakhil, and Walid Al-Qarni, TWLM has quickly established itself as a leading platform for seamless order pick-up services from restaurants and stores. Currently, the app features over 250 dining and retail establishments, providing users a hassle-free way to collect their orders without enduring long waits.

This fresh infusion of capital will enable TWLM to execute an ambitious expansion plan across Saudi Arabia. The company aims to grow its network to encompass 1,000 locations by the end of the current fiscal year. This strategic expansion will not only broaden TWLM’s service offerings to a wider audience but also solidify its presence within the Kingdom’s burgeoning food service industry.

The newly acquired funds will bolster TWLM’s growth strategy, empowering the company to enhance its market position and continue to deliver exceptional value to both users and partners. By scaling its operations, TWLM seeks to reaffirm its commitment to innovation and customer satisfaction in the food pick-up sector.

With the backing of this recent funding round, TWLM is well-positioned to revolutionize the way food pick-up services are managed and experienced in Saudi Arabia. As the company scales its operations and introduces its services to new areas, it is set to become an integral part of the Kingdom’s food service landscape.

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The co-founder and CEO of the startup is Nikita Savilov, an MGIMO graduate with over 10 years of experience at Skyeng. The project was also co-founded by Nikolay Morozov. The Verbatica platform was developed with the participation of over a hundred active teachers and is based on their practical experience. The use of a methodology supported by adaptive artificial intelligence enhances the effectiveness of language learning. Verbatica offers users the ability to learn independently or with a teacher, switching between modes as needed. All educational materials, including dictionaries and flashcards, are collected on one platform.

Verbatica’s advantage is the concept of LQ (Language Quotient), which assesses language proficiency in five aspects: classical – reading, listening, writing, speaking, and the development team’s know-how – cultural features. This aspect involves deep immersion into the culture of the language being studied. The platform recommends reading books, watching movies, studying customs, and learning the history of the people who speak the language. Verbatica also offers the study of slang, social media trends, and fads, which helps users quickly master the language and understand its context more deeply.

The demo testing is scheduled to start on August 15. The platform launch is planned for the end of August, before the start of the academic year.

“We chose the UAE to launch the project because it is a country with a high level of migration, where people from all over the world live. According to the Dubai Land Department, Russians were among the top three property buyers in the UAE in the first half of 2024, ranking third after India and the UK. Arabic and English are actively used here, which, considering the ethnic diversity, creates significant demand for learning foreign languages. Many want to learn English for career growth and Arabic for better social adaptation. In the future, the product will be launched in Indonesia and then throughout Asia,” said Verbatica’s Nikita. “In the next funding round, which will take place in November, the company plans to raise an additional $2 million.”

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Huspy has rapidly transformed the real estate landscape; becoming the UAE’s largest mortgage provider within its first year of operations, today facilitating more than 25% of all residential mortgages in Dubai. Huspy today offers end-to-end home buying and selling services in the UAE and Spain.

The company has also aligned its ambitions with those of the UAE by attracting top talent to the region and innovating within the sector; Huspy has brought in over 200 professionals from over 40 countries to the UAE, bolstering the regional talent pool.

In addition, Huspy has attracted capital from some of the world’s most renowned venture capital firms, such as Peak XV (formerly Sequoia Capital India & SEA), Founders Fund, Balderton Capital, Fifth Wall, Breyer Capital, VentureFriends, B&Y Venture Partners, COTU Ventures, VentureSouq and others.

Building on this success, Huspy expanded its offerings to products covering everything related to real estate, streamlining the entire home buying process from property search to financing and beyond. To date, Huspy has processed over AED 22 billion in home transaction value, helping more than 13,500 people achieve their dream of homeownership.

Balderton Capital’s leading this funding round is particularly noteworthy as a validation of Huspy’s position in Europe. Known for leading the early stage rounds for globally recognized companies such as Revolut, one of the largest digital banks in the world, Balderton’s investment shows strong confidence in Huspy’s remarkable success.

Rana Yared, General Partner of Balderton Capital, commented on the investment, “We are excited to be partnering with the Huspy team to help scale the company in Europe. Offering a holistic real estate platform that connects all stakeholders, Huspy’s product has been thoughtfully designed to tackle major pain points and act as an operational cockpit for brokers and agents. Jad and the team bring exceptional ambition and deep market expertise, and we look forward to this next chapter as Huspy enters the European stage.”

Fifth Wall, the largest asset manager focused on improving, future-proofing, and decarbonizing the built world, as well as other investors have reconfirmed their confidence in the company, increasing their investments in Huspy. Miguel Nigorra, Partner & Head of Europe at Fifth Wall, commented: “We continue to see significant opportunities to disrupt the real estate market in EMEA. We believe Huspy’s industry-leading management team, strong investor base, and end-to-end offering brings a much needed, differentiated value proposition for the market’s brokers.”

With a vision to become the largest home-buying company in Europe and the Middle East, Huspy is gearing up for an exciting growth phase by offering a Super App for real estate. Huspy will be rolling out its real estate business across Spanish cities ahead of rollouts in Europe and the Middle East.

Jad Antoun, CEO and Co-founder of Huspy commented on the round and expansion. “Over the last three years, we’ve established a strong and defensible business in the UAE and we believe we have the foundations today for a European and Middle Eastern expansion. We are incredibly happy to partner with Balderton Capital, to focus on a European rollout. The goal for Huspy remains the same as day zero, to build a category-defining business in this space in Europe and the Middle East and we believe we’re in a prime position to achieve that.”

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The round brings WEKA’s post-money valuation to $1.6 billion. The funds will augment the company’s considerable cash reserves, giving it ample options for scaling its business rapidly to meet accelerating global demand for AI-native data infrastructure. The company will also expand its investments in developing its data platform software and provide liquidity to WEKA employees.  

With over 300 of the world’s largest AI and GPU deployments running on the WEKA Data Platform, the investment comes at a time of unprecedented business growth as the company expands to meet significant global demand for modern data infrastructure that efficiently and sustainably addresses the scale and performance demands of advanced technologies like generative AI and high-performance GPUs. 

“The recent acceleration of generative AI and enterprise cloud adoption has triggered a sharp increase in customer demand, driving an unprecedented number of eight-figure ARR deals—an impressive feat when you factor in that WEKA is a software-based business,” said Intekhab Nazeer, chief financial officer at WEKA. “It was an opportune time to fortify our cash reserves, allowing our investors to increase their position in the company while minimizing share dilution for our employees.” 
 
WEKA’s Series E round is unique in that it was raised entirely with existing investors, like Valor, seeking to increase their positions in the company. Generation Investment Management, NVIDIA, Atreides Management, 10D, Hitachi Ventures, Ibex Investors, Key1 Capital, Lumir Ventures, MoreTech Ventures, and Qualcomm Ventures joined Valor in contributing to the round.  

“The continued backing of this preeminent group of investors speaks volumes: WEKA is building something truly transformative that modern data-driven organizations need now, more than ever,” said WEKA cofounder and CEO Liran Zvibel. “We are grateful to our returning backers for their support and are honoured to welcome Antonio Gracias to our board of directors. Antonio has played a pivotal role in helping build some of the world’s most innovative and disruptive companies. We look forward to collaborating with him as we scale to create new value for WEKA’s customers, partners, and shareholders.” 
 
“WEKA pioneered the concept of a software, platform-based approach that is revolutionizing modern enterprise data, then forged and hardened its technology in some of the largest, most demanding AI projects on the planet,” said Antonio Gracias, CEO and chief investment officer at Valor Equity Partners. “Valor has a long history in the development of artificial intelligence, beginning with our investment in DeepMind in 2013, and we believe WEKA is positioned to be an integral part of the acceleration of the technology going forward. Valor is proud to partner with WEKA to support the company through its next phase of growth and beyond.” 

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The round was led by climate tech investor Zouk Capital, with significant participation from new investor Aramco Ventures and existing investor Airbus Ventures. Additional contributions came from existing investor Understorey Capital and several new investors, including Helium-3 Ventures.

Founded in 2014 and based in Oxford, Dendra Systems employs 87 dedicated professionals across the UK, Australia, UAE, and US.  The company provides an end-to-end RestorationOSTM solution to restore nature, powered by high-resolution data capture and drone-based seeding, and a comprehensive AI-enabled ecosystem insights platform. Dendra’s innovative approach is able to achieve targeted, rapid deployment of restoration efforts at scale, in addition to ongoing monitoring, management and reporting for the duration of multi-year projects.

Dendra is applying its market-leading RestorationOSTM technology and ecological expertise to enabling customers such as Rio Tinto, Glencore, Liontown, BHP, and the Environment Agency – Abu Dhabi (EAD), in achieving their environmental objectives. Currently managing over 70,000 hectares, Dendra is setting new standards in nature restoration, with demonstrated capabilities in mining, infrastructure, mangrove and arid ecosystem restoration.

The fresh injection of capital will be directed towards Dendra Systems’ expansion into new geographical markets and the continuous enhancement of its pioneering AI-enabled ecology platform. These efforts aim to address the urgent need for large scale and efficient restoration solutions in the face of escalating environmental challenges within the mining sector and other industries critical to the energy transition.

Dr Susan Graham, CEO Dendra Systems, said, “We are immensely proud of securing the support of these experienced and supportive investors as we embark on this next phase of growth. This funding will enable us to bring our AI-driven restoration solutions to more ecosystems around the world, helping to reverse biodiversity loss and mitigate the effects of climate change. Our RestorationOSTM technology and approach represent a game-changing opportunity for environmental monitoring and restoration, and we are excited to be able to double down on our efforts to empower environmental teams to reverse these global trends.”

John Higelin, Partner Zouk Capital, said, “The drive to revitalise our planet’s ecosystems is among the most pressing challenges of our era. As the global community strives towards environmental sustainability, Dendra Systems is tackling the critical task of ecosystem monitoring and restoration head-on and at scale. Zouk Capital is delighted to lead this Series B round, supporting Dendra’s mission to expand their impact globally. ”

Bruce Niven, Executive MD, Strategic Venturing, Aramco Ventures, said, “We are excited about the potential of Dendra Systems’ technology to make a huge impact on biodiversity by restoring ecosystems, thus contributing to increasing plant species richness and habitat restoration, as well as its impact on forestry and mangroves plantation management, which is a key enabler for scaling nature-based solutions”.

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In just over a year of launch, Uniqus has scaled up significantly with offices in eight cities across the US, India, and the Middle East with over 350 high-performing professionals led by 40 Partners and Directors, serving more than 150 clients. During this period, Uniqus has also launched an AI Assistant for financial reporting and ESG, and a tech platform for ESG data management and reporting.

With its unique combination of an integrated global delivery model, tech-enabled consulting, and an attractive equity incentive plan; Uniqus has been able to attract both high-quality talent and marquee clients globally.

This latest infusion of capital will be used for the next phase of Uniqus’ growth, which will be fuelled by scaling-up of existing solutions, launch of adjacent service offerings and geographical markets, and continued investments in technology.

Nexus Venture Partners is an India-US venture fund started by successful entrepreneurs, with a focus on enterprise technology and Digital India spaces. Sorin Investments is an early-stage tech fund founded by private equity veteran, Sanjay Nayar.

Jamil Khatri, Co-Founder & CEO of Uniqus, said, “We are heartened to see a very positive response to the Uniqus value proposition from clients, talent and the wider ecosystem, which has enabled us to scale up in a short period of time. Our clients have been encouraging us to explore adjacent solutions and high-quality talent has been approaching us with new capabilities. The current round of funding will enable us to expand our solutions portfolio, explore new markets, and further accelerate our growth plans.”

Anup Gupta from Nexus Ventures said, “The company’s unique cloud delivery model coupled with proprietary technology is a game-changer for clients.  Uniqus leverages both technology and people to deliver a holistic and compelling value proposition for clients. We are delighted to see a new global tech-enabled consulting company take shape.”

Sharing his views on the investment, Sorin Investments’ Sanjay Nayar said “We are excited to partner with Uniqus in their journey to redefine the consulting landscape. The company’s chosen markets of India, US and the Middle East all offer significant opportunities either due to their growth potential or their absolute size. The Uniqus team has continued to demonstrate their ability to execute to seize the significant opportunities before them.”

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With a decade of experience, Fortis empowers entrepreneurs to seamlessly manage offline and online transactions, streamline orders, implement personalised loyalty programmes, and efficiently operate their businesses. Now, with its expansion into the UAE, Fortis is committed to supporting local businesses to generate revenue by connecting merchants and customers in a simple yet efficient way.

“We are thrilled to have secured this significant investment, which will enable us to accelerate our growth and deliver even greater value to businesses in the MENA region,” says Alberto Caruso, Fortis Digital Solutions CEO and Founder. “We are committed to leveraging this funding to develop progressive solutions and provide unparalleled support to our clients as they navigate the rapidly evolving retail and fintech landscape.”

Opportunity Venture also expressed enthusiasm for the partnership. “We are excited to lead Fortis’ Series A funding round and support their expansion into the MENA region,” said Philip F. Ma, Managing Partner at Opportunity Venture. “Fortis’ innovative approach to fintech and retail tech solutions aligns with our investment thesis, and we believe they are well-positioned to drive significant value creation in these sectors.”

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The funding round also saw participation from marquee investors such as Dexter Capital, Aman Gupta, and Namita Thapar. Medulance has secured the funding after running as a profitable bootstrapped company for six years.

Medulance aims to make a large-scale impact in a populous country like India where the incidence of acute life-threatening diseases is also high by reaching Tier 2 and Tier 3 cities and creating homogenous quality of services throughout. In the next 15-18 months, Medulance plans to expand to over 1000 cities in the country, prioritizing patient safety and quality of care in every region. The company also aims to establish public-private partnerships to extend its services to an additional 3-4 states in the coming years.

Commenting on the announcement, Pranav Bajaj, Co-founder and CEO of Medulance, said, “A wise man once said that next to creating a life, the finest thing a man can do is save one, and I think we never want to give up on what we believe we must do. After running a profitable bootstrapped company for 6 years, Medulance has raised a Series A round of 3 million dollars. This funding marks an important milestone for Medulance. With the support of our investors, we are poised to scale our operations and further elevate the standards of emergency healthcare across India.”

Ravjot Singh Arora, Co-Founder and COO of Medulance, said, “In the last 6 years, we have grown our fleet up to 10,000 ambulances, reaching 500+ cities PAN India, and improving the dispatch time of emergency ambulances from 5 to 2 minutes. Medulance has also brought the response time in cities like Delhi from 45 minutes to 11 minutes. Through this capital, Medulance would leverage the latest technology including 5G  and smart remote monitoring via its smart ambulances to create a 360-degree ecosystem by partnering with corporates, governments, and insurance companies.”

Ms. Alka Goel, Founder of Alkemi Growth Capital, said, “The infusion of capital into Medulance will enable it to expand its fleet, enhance its technology infrastructure, and improve its response times. This investment will also support the company in recruiting and training qualified medical professionals to ensure the highest standards of patient care.”

Through its recently launched Medulance Healthcare Academy, Medulance aims to solve one of the biggest challenges of the emergency response space: quality training of the paramedic force. It seeks to expand its education vertical and improve the standards of care through a highly trained paramedic workforce.

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