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Smpl Holdings launches $10 million fund to boost tech and AI startups in MENA

The fund will also provide them with seed capital and strategic value-added services

Smpl Holdings, announces the launch of a $10-million fund, Smpl Fund I. The fund will support tech and AI startups in MENA and beyond, providing them with seed capital and strategic value-added services.

"The UAE has emerged as a global hub for startups and innovation," says Smpl founding partner, Mohammad Abu Sheikh. He adds, "The country's progressive policies, tax-free environment, highly developed tech and civil infrastructure, and strategic location make it an attractive destination for startups and the world’s top talents.''

In 2023, the UAE attracted over $2 billion worth of venture capital for startups, registering a staggering growth over the past periods. This illustrates the strength of the UAE's knowledge-based economy and its ability to attract quality investment.

Mohammad added, "Moreover, the UAE's workplace ethics, which prioritise respect, integrity, and social responsibility, are attracting global AI and Tech companies. These ethics and the country's commitment to creating a tech-friendly ecosystem position the UAE as a global leader in AI adoption."

For founders by founders

As per Mohammad, "The founders of Smpl Holdings are second-generation serial entrepreneurs and experts who have experienced the grind and understand the nuances of the startup space. Our team brings more than just financial capital to the table. Two such startups that have already benefited from Smpl Fund's strategic guidance and funding are Silla - a beauty and AI company and Actualize AI, an AI powerhouse founded by Google’s ex-employees."

Actualize AI - Support at the inflection point

Actualize, a firm specialising in solutions for various industries, including healthcare, finance, e-commerce, manufacturing, and education, sought Smpl's support in developing go-to-market strategies and navigating the local nuances.

"Smpl Fund stepped in at a critical juncture," said Actualize's spokesperson. "Their strategic guidance helped us refine our go-to-market strategy and understand the local market better. Today, we are on a path to profitability, all thanks to the Smpl holdings team."

Silla & Co. - Scaling New Heights

Silla & Co., a firm with a CE-marked beauty salon solution to ascertain scalp health with a differentiated product and an outstanding band, needed scale-up funding. Traditional VCs often overlook opportunities in non-software sectors, despite the company leveraging advanced AI tools for marketing and sales.

"We were at a dead-end," recalls the spokesperson of Silla. "But Smpl Fund saw the potential in our product and understood our marketing and sales edge. Their funding and strategic guidance have helped us scale up, and we are now on the path to profitability. And the best part is, the fund is happy to invest in companies that traditional VCs won’t invest in."

"Smpl Fund, apart from being a fund for startups, is a strategic initiative for our family’s commitment and belief in the UAE entrepreneurial ecosystem. We are in discussions with major players such as NVIDA MENA, and various other leading global and regional technology players to secure preferential treatment and free offerings for our portfolio of companies, we know that money by itself, is not the make it all component and as such try to increase our value add as much as we possibly can", added Mohammad from Smpl Holdings.

Zafer Younis, founder of Silicon Valley Venture and Innovation, a MENA based VC platform, said: "Smart founders look for smart money, and getting funding from a team with years of operational experience in scaling and successfully exiting technology businesses is always an advantage. The startup space is fraught with challenges, especially in the AI and Tech sector. Startups often need help with strategic guidance, resource availability, and understanding local nuances. The failure rate is high, but this is where Smpl Fund steps in. Smpl Fund aims to change the game for local tech and AI startups by providing financial support, strategic guidance, and resources, reducing the failure rate and helping them thrive in the competitive market."