Oraseya Capital, the venture arm of the Dubai Integrated Economic Zones Authority (DIEZ), has announced significant investments in seven tech startups through its SANDBOX Accelerator program. The funding round, totaling $20 million, marks one of the largest Series A investments for an AI-focused initiative in the MENA region. Each startup received AED 570,000 (USD 150,000) following their participation in the program, which attracted over 1,500 applications.
The initiative is part of Oraseya Capital’s broader strategy to enhance Dubai’s position as a hub for technological innovation and global investments. Hassan Waheed, Vice President of Corporate Finance and Treasury at DIEZ and Partner at Oraseya Capital, expressed pride in the milestones achieved, highlighting the importance of supporting small and medium-sized enterprises across various sectors. “We are committed to advancing the digital economy in Dubai and aligning with the Dubai Economic Agenda D33,” Waheed stated.
The SANDBOX Accelerator has nurtured startups with high growth potential, focusing on creative ideas and innovative visions. Among the funded startups are Qureos, which accelerates talent matching; HeroGo, a subscription platform for sustainable food tech; and Lisan, a deep tech AI startup specializing in Arabic linguistics. Other notable mentions include Sthrive, a B2B SaaS platform for retailers, and Zoya, a fintech startup facilitating halal investments globally.
SANDBOX, spanning five months and two phases, provides startups with comprehensive support, including over 50 hours of workshops and 30 hours of expert mentoring. The next edition, starting in September 2024, has already garnered significant interest, with over 1,100 applications received. The program continues to foster a culture of experimentation and revenue generation, preparing startups for further fundraising and market success.
