Daoversal first Blockchain AI startup to graduate from Dubai’s DIFC metaverse accelerator program

Daoversal first Blockchain AI startup to graduate from Dubai’s DIFC metaverse accelerator program

Dubai International Financial Centre (DIFC), announced graduation of its first metaverse cohort of 10 regional and global start-ups as part of its ‘DIFC Metaverse Accelerator Programme, which included blockchain Web3 Social ecosystem platform startup Daoversal. 

The news follows the launch of DIFC’s Metaverse Platform earlier this year, in line with the Dubai Metaverse Strategy, which aims to add USD 4bn to Dubai’s GDP, support 40,000 virtual jobs by 2030, and attract 1,000 companies specialised in blockchain and metaverse technologies. At the time DIFC had noted it would choose 50 startups, yet it seems that only 10 have graduated. The inaugural ‘DIFC Metaverse Accelerator Programme’ was the first initiative announced under the ‘DIFC Metaverse Platform’ umbrella, and attracted over 160 applicants from the UAE, UK, US, India and France, with a focus on primarily Metaverse, AI, Web3, AR/VR and Blockchain sectors.The ‘DIFC Metaverse Accelerator Programme’, backed by programme partners Abu Dhabi National Insurance Company (ADNIC), DP World, and Daoverse Capital, onboarded 10 promising start-ups on 5 June 2023 with 3 months of intense bootcamp workshops to follow.Mohammad Alblooshi, CEO of the DIFC Innovation Hub, said, “Earlier this year, Dubai’s Higher Committee for Future Technology and Digital Economy endorsed the DIFC Metaverse Platform, positioning DIFC as the first government entity globally to champion an integrated Metaverse hub. To see the DIFC Metaverse Accelerator Programme come to fruition as part of that initiative with over 160 international applicants, a network of over 60 ecosystem partners, and 10 talented start-ups graduating already is encouraging and will no doubt inspire others to join us as we together embark on our next phase of growth.”Among the startups selected were Artichoke Labs, a spatial computing company specialising in creating city-scale augmented reality applications; Cognitive Technologies, experts in establishing Internet-of-Things (IoT) networks to enable both hardware and software automation; Daoversal, an expansive blockchain-based Web3 social ecosystem platform; and DoDocs, which is building a service to generate legal documents in any language for any country or jurisdiction for both individuals and businesses.In addition there was Duverse, a start-up involved in developing and implementing advanced Artificial Intelligence (AI) solutions; Evometa, a boutique digital studio providing Metaverse-as-a-service solutions for enterprises in real estate, hospitality, industrial and automotive markets; and Flan, engaged in creating micro communities for clients and creative workers to meet, Intelligent Assist and ShopDoc, two digital healthcare delivery platforms, and GoPal, a revolutionary Metaverse-based EdTech Platform.

BECO Capital joins Dubai AI Web3 Campus to foster Web3 startups’ innovations

BECO Capital joins Dubai AI Web3 Campus to foster Web3 startups’ innovations

BECO Capital is now part of the Dubai AI and Web3 Campus based out of DIFC ( Dubai International Financial Center). BECO capital VC firm manages more than $450 million in assets. According to Dubai AI and Web3 campus, BECO capital will supercharge their ecosystem.

In a LinkedIn post Dubai AI and Web3 Campus stated, “ With BECO Capital onboard, we’re introducing dynamic initiatives like demo days, offering startups a platform to showcase their innovations, and office hours, providing direct access to industry experts.”

BECO Capital’s impressive track record places them consistently in the top 10% globally for fund performance. They’ve played a pivotal role in nurturing regional unicorns like Careem and Property Finder, and we’re eager to see what future successes this partnership will bring.

Prior to this, the Dubai AI and Web 3.0 Campus, announced that it will be issuing artificial intelligence (AI) and Web3 licenses supporting activities ranging from Distributed Ledger Technology Services (DLT), specialised Artificial Intelligence Research & consultancies, IT infrastructure builders, Technology Research and Development and Public Networking Services.

UAE DMCC Crypto Center and TDEFI incubator offers $100 K to select startups with the launch of second cohort

UAE DMCC Crypto Center and TDEFI incubator offers $100 K to select startups with the launch of second cohort

UAE DMCC crypto center TDeFi , a global Web3 incubator and consultancy company,  have entered the final phase of registrations for the second cohort of a Web3 startup incubator at the DMCC Crypto Centre. Last day for applications is September 1st 2023. TDEFI will offer $100,000 for select startups with VC Funding. 

All applicants will receive priority guidance and services from DMCC to formally set up in the DMCC Crypto Centre, with a handful of successful businesses set to receive USD 100,000 in liquidity from TDeFi, subject to meeting the criteria. Applications close on 1st September 2023.

The five-week programme is focused on enhancing expertise including refining business strategies, ensuring Web3 compliance, and marketing. The accelerator will culminate in a VC-focused fundraising event, ultimately bringing a new wave of innovative Web3 businesses to Dubai.

Ahmad Hamza, Executive Director – Free Zone, DMCC, said, “Providing a platform for success is an intrinsic trait of DMCC, and the Web3 space is no different. Through our Crypto Centre we are proud to be bringing this exciting accelerator opportunity to a new wave of innovative Web3 businesses to Dubai, particularly as the emirate grows as a competitive knowledge-based economy. With the mentoring services and liquidity on offer through TDeFi, there has never been a better time to establish a crypto business in the emirate.”

Gaurav Dubey, CEO TDeFi, added,  “From ideation to developing business scaling strategies, our extensive accelerator programme is designed to prepare nascent Web3 businesses for VC funding rounds and operating efficiently in the real-world. We are excited to partner with DMCC for this second cohort, developing these startups into thriving businesses.”

The second cohort follows on from the successful first round in March, in which 15 Web3 businesses successfully graduated from the accelerator programme.

With an impressive lineup of over 20 mentorship sessions led by senior leaders from the Web3 industry, such as Coinbase Singapore, StepN, Footprint Analytics, Hacken, Enjin, and more, participants will gain insights spanning from compliance practices to the intricacies of Token Engineering and Markets Management. This comprehensive journey is poised to attract a fresh influx of Web3 enterprises to Dubai and guide nascent concepts toward thriving businesses under expert tutelage.

UAE Blockchain startups among UAE’s Ministry of Economy choices for top 100 future enterprises

UAE Blockchain startups among UAE’s Ministry of Economy choices for top 100 future enterprises

The UAE Ministry of Economy in partnership with the Minister of State for Government Development and the future has commenced application for the top 100 future enterprises including blockchain startups.

The initiative which was launched in December 2022 aims to accelerate the growth of promising UAE ‘Future Economy’ SMEs, encourage investment in ‘Future Economy’ companies in the UAE, strengthen UAE’s position as the start-up and scale-up nation and support the continued sustainable growth of the ‘Future Economy’ ecosystem.

100 startups based out of the UAE and utilizing technologies such as Blockchain, AI, Web3, robotics, IoT, 3D printing, working in sectors such as renewable energy, agritech, space, advance manufacturing, biotech, creative industries, sustainability, healthtech and cybersecurity will be able to participate in the competitionad be awarded Future 100 Label with various perks and benefits.

The chosen startups will have fast Access to Investors, Regulators And Business Community, support – Funding, Legal, Commercial, and Capacity Building

Applicants for the Future 100 will be evaluated on the basis of their creative capacity, market potential, and environmental, social and corporate governance impact.

Startups andSMEs  that have offices or operations in the UAE that are eligible to apply can submit an online application on the Future 100 website.

Brinc launches its 2023 startup Web3 cohort with two startups from GCC

Brinc launches its 2023 startup Web3 cohort with two startups from GCC

Brinc, a leading global venture accelerator, with operations in the UAE has selected 25 promising global startups, launched by a total of 66 founders, for its Summer 2023 cohort under its host of Web3 accelerator programs. Two startups from the GCC region have been selected. The first is UAE AI NFT BentleyRecords.io , an AI-powered music development program dedicated to helping artists grow their career online, offering 35+ tools for music production and distribution was chosen among startups and the second one is Bahrain based Eye Labs, a pioneering platform dedicated to guiding brands into the Web3 realm, simplifying blockchain infrastructure while emphasizing storytelling and user journeying to make the transition more accessible to a wider audience.

Brinc’s Summer 2023 cohort represents a diverse range of innovative ventures at the forefront of cutting-edge technologies in blockchain, decentralized applications, and peer-to-peer networks. This round is Brinc’s third cohort in Web3-startup acceleration, confirming its commitment to the incredible potential that blockchain technology and online ecosystems offer to all areas of decentralized business.

From more than 700 applications from across 27 countries received for its various Web3 accelerator programs, Brinc’s rigorous selection process identified 25 startups poised to make significant advancements in their respective industries. The cohort, of startups at pre-seed or seed stage, is grouped under five Web3 verticals: DeFi (4), Entertainment & Loyalty Platforms (2), Gaming (8), Healthcare (5), Technology & Infrastructure (6).

The chosen startups will virtually join Brinc’s 12-week accelerator program, receiving comprehensive support, mentorship, as well as access to resources to scale their growth, elevate strategies, expand their network, and contribute to the advancement of technology-driven solutions. Aligned with Brinc’s company vision to support and maximize positive impact, the Web3 cohort will also be guided on diversity and inclusivity strategies.

The cohort’s Summer 2023 program will feature mentorship and sessions hosted by high-profile industry leaders — including Brinc’s Manav Gupta as well as Animoca Brands’ Robbie Yung and Animoca Ventures’ James Ho. Other program mentors and collaborators include:prominent investors (including Babu SK of True Global Ventures, Prashanth Swaminathan of Woodstock Fund, Sidd Gandhi of Growx); Web3 partners (including Anthony Diaz of Health Hero, Dario Heymann of Galen Growth, Douglas Corley of Alaunius Labs, Ryan Horn of N3ON, Vikash Suresh of Recorem, Yassamin Issapour of Agora Digital Capital Markets); specialized field consultants (including Andy Liu of Basebit Technologies, Robbie Nakarmi of Simmons & Simmons).

Manav Gupta, founder and CEO of Brinc, said: “Our third cohort in the Web3 realm welcomes the 25 selected startups, who bring exciting ideas and breakthrough perspectives to the blockchain space, which continues to evolve and shape our future. We are excited to work with these forward-thinking entrepreneurs to build new business models, propel creative innovation and advance incredible technologies, as well as promote diversity and inclusivity for a decentralized future.”

Brinc’s Web3 program is supported by key industry partners including Animoca Brands, DMCC, Fusang, Zilliqa, Protocol Labs, OliveX, and Prenetics.

UAE based Global Millennial Capital launches investment program for Web3, DeFi, Blockchain startups

UAE based Global Millennial Capital launches investment program for Web3, DeFi, Blockchain startups

UAE based Global Millennial Capital Ltd (“Global”), an emerging technology and digital assets investment manager, and  venture capital firm has launched its Global Millennial Web3 Investment Program, out of UAE which aims to accelerate emerging companies to their full potential in the realm of Web3, DeFi, and Blockchain. 

Andreea Danila,  Founder, and General Partner at Global Millennial Capital Ltd., stated, “We are thrilled to announce the launch of our investment program aimed at investing and accelerating visionary technology companies operating in the Web3, Defi, and blockchain verticals, with a specific emphasis on financial services applications, among others. In addition to the typical acceleration program benefits, which include mentorship, hackathons, regulatory sandbox conversations, and strategic ecosystem connections, Global will deploy its resources to enable Series A companies to access various markets across the Middle East and Africa, from the United Arab Emirates.”

Global Millennial Capital Web3 Acceleration Program is designed to accelerate technology companies in defining and reshaping business models and economics and creating a network of global ecosystem relationships in the United Arab Emirates. The program will provide one-on-one mentorship, organize hackathons, explore testing and security, and connect with regulators, ecosystem participants, and investors. Global will invest up to $250,000 per company; ten companies are expected to be selected during the program.

Global is looking to partner with early-stage technology companies operating in data ownership, Web3 privacy tools, NFTs, cryptocurrency platforms, blockchain technology, digital entertainment, and DeFi, among other opportunistic verticals.

Global Millennial Capital Ltd is the first venture capital investor to introduce the concept of data science in the traditional investment process to create thematic investment themes and artificial intelligence-led investment recommendations. As an active investor in the global fintech sector, which comprises companies operating in the fintech, web3, blockchain, and AI verticals referred to as the “new economy technologies,” Global Millennial Capital Ltd is investing from Fund I ($25 million) in early and growth stages, using a diversified investment strategy targeting risk-adjusted returns while seeking alpha returns with downside protections. As a long-term partner of the entrepreneurs, we deploy value-creation strategies across cycles for our portfolio companies to enhance critical drivers of scalability and profitability, such as access to capital and global markets. Our mission is to generate venture capital returns along with social capital.

UAE RAK Digital Assets Oasis partners with HBAR Foundation to fund and grow Blockchain Web3 members

UAE RAK Digital Assets Oasis partners with HBAR Foundation to fund and grow Blockchain Web3 members

UAE’s RAK Digital Assets Oasis (Ras Al Khaimah DAO), the world’s first and only free zone dedicated to global digital and virtual assets companies, and The HBAR Foundation have signed of a Memorandum of Understanding (MOU). The HBAR Foundation will support RAK DAO ecosystem members to leverage the power of blockchain and build economies and applications on Hedera, the most used enterprise-grade public network.

This marks RAK DAO’s first operational relationship, bringing together the expertise and resources of both companies to provide direct and streamlined access to benefits within the Hedera ecosystem. These include a comprehensive grant program, financial backing processes, specialized expert support across technology, marketing and business development, and support to scale adoption and innovation of new ideas in the Web3 space.

“By creating and enabling the world’s first licensed Web3 ecosystem, we are facilitating the seamless exchange of information, connecting businesses across sectors, and paving the way for synergistic relationships to flourish. Together, we are unlocking a world of new possibilities, empowering entrepreneurs, and propelling innovation forward,” says His Highness Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, Chairman of RAK DAO. “This collaboration is a testament to our shared commitment to driving sustainable growth and shaping a future where Ras Al Khaimah emerges as a global leader in the digital economy.”

Together, RAK DAO and The HBAR Foundation will spearhead various initiatives in the Digital Assets Oasis ecosystem, including regular startup and scale-up pitching sessions, opportunities to connect with partners and investors, and explore avenues to launch joint projects such as venture studios or accelerators.

The HBAR Foundation grantees will also benefit from discounted set-up and licensing packages to establish themselves in RAK DAO, as well as access to effective banking solutions available to all members of the ecosystem. Both companies will work together dynamically to foster collaboration, fuel innovation, overcome barriers, and empower entrepreneurs in their journey to build the future of Web3 and blockchain technology.

“The United Arab Emirates has established itself as a dynamic hub for Web3 innovation, magnetizing global enterprises and top-tier talent. We eagerly anticipate joining forces to pioneer the future of the emerging technologies landscape,” says Shayne Higdon, CEO of the HBAR Foundation. “Through this exclusive relationship between The HBAR Foundation grantees and RAK DAO, we’re honored to provide grantees with greater access to the UAE whilst working together to establish RAK DAO as a major hub for the Web3 and digital assets sector.”

Blockchain Hashgraph Association to support startups in UAE with Hashgraph Ventures

Blockchain Hashgraph Association to support startups in UAE with Hashgraph Ventures

As the Blockchain ecosystem grows in the MENA region, Blockchain Hashgraph Association, an independent non-profit organization focused on building a vibrant innovative ecosystem for startups, enterprises, and government institutions leveraging the capabilities of Hedera Hashgraph  will be expanding into the UAE and launching Hashgraph Ventures out of Abu Dhabi’s ADGM ( Abu Dhabi Global Market) with several important large enterprise collaborations within the UAE. 

In an article in Khaleej Times, Kamal Youssefi, president of the board of The Hashgraph Association, emphasized UAE’s appeal for blockchain companies, citing its innovative regulatory framework, strong talent base and diverse community. He states in the article,  “I have just returned from the governing council meetings held at Google’s campus in San Francisco, and there was a consensus that the UAE’s innovative regulatory framework, strong talent base and diverse community make it an attractive destination for blockchain companies.”

Youssefi adds, “Dubai has become an important hub to support our activities in the region and grow Hedera Hashgraph ecosystem adoption in the Middle East.”

Hedera’s governing council members are Google, Dell, IBM, Boeing, Chainlink Labs, Deutsche Telekom, EDF (Électricité de France), LG Electronics, Ubisoft, University College London, with Middle East entities such as Zain Telecom.

Moreover in 2022, the Dubai International Financial Centre (DIFC) Courts launched Tejouri, a global digital vault, on the Hedera Hashgraph network. The platform enabled the upload and secure storing of documents ranging from insurance contracts, title deeds, Wills, and financial certificates, to images and multimedia files and can be utilized by all individuals globally.

According to Youssefi, given that Hedera Hashgraph has been built from the ground up with enterprise and government use cases I mind, and given UAE’s ambitious blockchain plans, he sees Hedera Hashgraph as a perfect fit for the UAE.

This optimism extends to the entire MENA region. Youssefi states, “We’re extremely bullish on the continued growth of DeFi, gaming, trade finance, and other projects that can lower the costs and expand accessibility for millions of underserved people in the MENA region.”

Saudi Venture Capital invests in Web3 digital asset fund by UAE Shorooq Partners

Saudi Venture Capital invests in Web3 digital asset fund by UAE Shorooq Partners

The Saudi Venture Capital (SVC) has invested $30 million in the $150 million Bedaya Fund II, managed by UAE Shorooq Partners to back early-stage startups with a focus on fintech, digital assets, Web3, Metaverse, DeFi, and other areas.

At the launch of Bedaya Fund II, in a press release Shane Shin founding partner at Shorooq Partners stated,  “We have always been early movers, be that robo-advisory, crowdfunding, SME lending, open banking, card issuer processing, and so forth. We believe Web 3.0 models like DeFi, NFT, Metaverse are going to be the key players in the next iteration of online business.”

Bedaya Fund II is an early stage venture capital fund managed by Shorooq Partners. The fund is located in Abu Dhabi, United Arab Emirates and invests in Northern Africa, Jordan, Saudi Arabia, Turkey, United Arab Emirates, Pakistan. The fund targets investments in the fintech and software sectors.

On Pitchbook they benchmark the Bedaya II fund against EchoVC Chain Blockchain Fund,  an early-stage venture capital fund managed by EchoVC Partners, located in Lagos, Nigeria which invests in Africa. The fund targets cryptocurrency/blockchain sectors.

The subscription agreement between Saudi Venture Capital and Shorooq Partners was signed by Dr. Nabeel Koshak, CEO and Board Member at SVC, and Mahmoud Adi, Founding Partner at Shorooq Partners.

Dr. Koshak commented: “The investment in Bedaya Fund II by Shorooq Partners is part of SVC’s Investment in Funds Program to support the growth of the VC ecosystem in Saudi Arabia for all stages and to fill financing gaps for early stages. SVC’s expansion in investing in early-stage funds comes as a result of the recent support from the SME Bank to increase the investment capital of SVC, leading to a total investment capital of $1.6 billion.”

Mahmoud Adi added: “We are privileged to have SVC as a strategic investor to Bedaya Fund II, again after our partnership in the prior fund (Bedaya Fund I). This commitment highlights the increasing confidence in Saudi Arabia’s thriving startup ecosystem. With our persistent focus in Saudi Arabia and leadership position across the Middle East, Bedaya Fund II is well-positioned to support the growth and innovation of early-stage startups.

SVC is a government investment company established in 2018 and is a subsidiary of the SME Bank, one the development banks affiliated to the National Development Fund. SVC aims to stimulate and sustain financing for startups and SMEs from pre-Seed to pre-IPO by investing $1.6 billion through investment in funds and co-investment in startups. SVC invested in 38 funds that have invested in 674 companies through 1,257 deals.

Could Qatar be creating a cloud based blockchain platform to accelerate its Blockchain blueprint strategy?

Could Qatar be creating a cloud based blockchain platform to accelerate its Blockchain blueprint strategy?

Dr Mohamed Abdallah and Dr Aiman Erbad, Associate Professors at  Qatar’s HBKU College of Science and Engineering published an article on how Qatar’s Blockchain blueprint will boost the adoption of blockchain and their recommendations for accelerating the growth. They proposed hosting a high-performance cloud based blockchain platform to accelerate prototyping and testing or creating a physically distributed blockchain network among different institutions, including ministries and universities, which can serve as a test bed that can also host actual blockchain applications, among other recommendations.

The College of Science and Engineering at Hamad Bin Khalifa University (HBKU), as well as the College of Engineering at Qatar University (QU), and the Communications and Regulatory Authority jointly developed the National Blockchain Blueprint, aimed at defining the requirements and incentives necessary for the adoption of blockchain technology in Qatar.

As per the article, the blueprint has several goals, including facilitating the emergence of startups and new companies, identifying successful methods through pilot projects, promoting creativity and innovation, and upgrading infrastructure to enable a conducive environment for blockchain technology.

The authors also discuss various recommendations that could be incorporated within the Blockchain blueprint.

One of the key recommendations of the blueprint is to encourage the development of pilot projects in priority sectors such as Fintech, Energy, and Health.

The Blockchain blueprint also wants to provide an adequate incubation environment for promising blockchain startups. The authors recommend creating a new consortium-based funding organization that involves all stakeholders to promote blockchain-based startups and businesses.

To facilitate the deployment and testing of new blockchain applications, The authors also recommend hosting a high-performance cloud-based blockchain platform to accelerate prototyping and testing.

The final recommendation is to create a physically distributed blockchain network among different institutions, including ministries and universities, which can serve as a test bed that can host actual blockchain applications. By having a distributed network, blockchain-based solutions can be tested in a real-world environment, and the risks and potential opportunities can be identified.

Qatar has been moving forward with its blockchain initiatives and the Qatar Financial Centre Authority has been at the forefront of integrating blockchain, DLT, digital assets into the financial market. More recently they even discussed digital assets for Islamic Finance and signed an MOU with Malaysian Labuan IBFC well known for its Islamic finance products.

Finally and most recently Qatar Financial Authority were in discussions with Qatar Development Bank to discuss the need for digitization of products and services in digital assets, kYC, SMEFinance and the metaverse. 

It would seem that the Qatar Blockchain blueprint is moving forward in great strides.