Oraseya Capital Invests in Seven Tech Startups
Seven technology startups received investments of AED 570,000 ($150,000) each from Oraseya Capital after completing the program, which attracted over 1,500 applications.
SANDBOX, the accelerator program under Oraseya Capital, the venture capital arm of the Dubai Integrated Economic Zones Authority (DIEZ), has concluded its fourth cohort. Seven technology startups received investments of AED 570,000 ($150,000) each from Oraseya Capital after completing the program, which attracted over 1,500 applications.[1]
The funded startups include Qureos, a recruitment tech company improving talent matching; Herogo, a sustainable food tech subscription platform; Lisan, a deep tech generative AI startup specializing in Arabic linguistics; Sthrive, a B2B SaaS platform enhancing retail sales and performance; Zoya, a fintech startup facilitating halal investing; JobEscape, a productivity startup offering AI tools for freelancers and employees; and Opteam, which optimizes project management in construction through AI.
SANDBOX spans five months and is divided into two phases: an eight-week evaluation phase ending with a pitch to the Oraseya Capital Investment Committee, followed by a three-month accelerator program for selected startups. The program focuses on revenue generation and further fundraising, providing startups with mentorship from business and technology experts and opportunities to engage with investors.
Participants benefit from over 50 hours of workshops covering financial analytics, marketing strategies, and legal compliance, along with more than 30 hours of industry expert mentoring and networking opportunities with regional investors.
The fifth edition of SANDBOX, which has already received more than 1,100 applications, will start in early September 2024. Startups interested in the sixth edition can apply via this link.
In June, the Central Bank of the UAE (CBUAE) launched the Sandbox Conditions Regulation, designed to attract start-ups and global fintech businesses.
The regulation sets out specific conditions for participants, including startups, fintech companies, and established businesses aiming to deliver innovative solutions and services within a regulatory framework. It includes criteria for exemptions from licensing requirements, allowing participants to test new business models, products, and services within a set timeframe while ensuring compliance with regulatory obligations.