The Dubai Integrated Economic Zones Authority (DIEZ) venture capital investment arm, Oraseya Capital, runs the accelerator program SANDBOX, which is devoted to the development of tech startups. Today, the program announced the completion of its fourth cohort. Oraseya Capital made an investment in seven technology startups. After the program attracted over 1,500 applications, each startup received AED 570,000 (USD 150.000).
Hassan Waheed, Vice President of Corporate Finance and Treasury at DIEZ and Partner at Oraseya Capital, said: “We are proud of the milestones that Oraseya Capital has achieved in startup investments within just a few months of its launch at the end of 2023. The high level of interest in its SANDBOX programme, as well as the many innovative and creative ideas and ambitious projects, reflect the long-term importance of this strategic initiative in promoting the growth of small and medium-sized enterprises in various sectors. We are committed to supporting the digital economy sector in the Emirate of Dubai and contributing to the goals of the Dubai Economic Agenda D33.”
“Oraseya Capital has invested in startups that have proven high growth opportunities, characterized by creative ideas and innovative visions. Seeking to change the reality and future of the advanced and modern technology sector, we look forward to realizing new levels, all in line with our efforts towards enhancing the competitiveness of Dubai in terms of attracting and financing technology startups, bolstering its stellar reputation as a destination for global investments,” he added.
In addition to these new investments, according to Hassan Waheed, Oraseya Capital has stepped up its efforts by spearheading an investment round in Growdash, a SaaS platform based in Dubai that helps restaurants with marketing and operations, as well as developing, executing, and overseeing their growth strategies through digital sales channels. Oraseya Capital has additionally taken part in a number of funding rounds for a number of other startups, such as iSchool, an EdTech company that upskills young people with digital skills, and RemotePass, an HR tech platform that streamlines management of remote teams.
The following seven startups, which benefited from funding from the SANDBOX Accelerator program’s fourth cohort, are: Qureos, a recruitment technology startup that matches talent with jobs 10 times faster; Herogo is a fruit and vegetable subscription platform for sustainable food technology; Lisan is a startup that specializes in Arabic linguistics using deep tech generative AI; Sthrive is a B2B SaaS platform that helps retailers increase sales and employee performance; Zoya is a fintech company that enables Muslims globally to easily and conveniently invest in halal; JobEscape is a productivity startup that uses AI tools to upskill both employees and freelancers. Opteam, on the other hand, uses AI-driven optimizations to improve project management in the construction industry.
Saad Malik, Co-founder and CEO of Zoya, said: “SANDBOX provided an invaluable foundation for Zoya. Their mentorship and supportive community empowered us to refine our startup and prepare for the next stage of our journey. We’re excited to apply these insights as we move forward.”
Alex Epure, CEO and Co-founder of Qureos, said: “The SANDBOX Accelerator programme is very well structured with lots of value. It’s backed by Oraseya Capital which can follow on future investment rounds which is not always the case with other programmes.”
Two phases make up the five-month Accelerator program SANDBOX. Startups pitch to Oraseya Capital’s Investment Committee during the first phase, which is called the “Evaluation phase” and lasts for eight weeks. After receiving an investment offer from Oraseya Capital, successful startups officially move on to the three-month SANDBOX Accelerator program. The SANDBOX initiative promotes experimentation and places a strong emphasis on both additional fundraising and income-generating activities. Businesses gain from peer exposure and mentorship from professionals in the fields of technology and business.
