Dubai has been becoming a major destination for entrepreneurs from starting their journey. With rapid industrialization taking place, the city has evolved into a lavish and luxurious hotspot. The booming economy in this place has led it to become the major destination for startup companies in Dubai. Being the hottest gateway, the place hosts numerous tourists every day that enjoy the glitz and glamour of Dubai. The startup actor alone accounts for 700 million dollars in the UAE economy.
Dubai is the richest emirate out of the seven. The land of Dubai is an epitome of luxury and richness that boasts of its beaches, markets, and skyscrapers. A massive number of visitors in the country have led to growth in various sectors including retail, real estate, e-commerce, oil and gas.
There are many firms known as accelerators, that help these companies to establish their presence in the city. With over 350 VCs and 50 accelerators, the recent startups in Dubai have been able to establish their concepts and take them to greater heights. In fact, the government also plays a major role in helping to set up the startup environment. This is because the government benefits from them as they help in increasing the economy.
There are various incubators and accelerators that help business to flourish in the vibrant market of Dubai. Let us know more about these here.
What are Dubai startup incubators and accelerators?
If you are someone who is looking to establish a startup in Dubai, then getting from Dubai startup incubators and accelerators is a great way. Going through the first few years of setting up your business can be a hard task. Be it whatever stage, setting up a startup can be a tough deal. Getting help from one of these can help you in providing a range of resources, mentorship, networking opportunities, and access to funding to help startups thrive and succeed in a highly competitive market.
Dubai Future Accelerators is a government-run program that helps in tying up government and startup relationships in order to save the world from challenges. Some of these start-ups get the benefits of funding, pilot opportunities, mentorship, and access to government resources. In5, DTEC, AstroLabs Dubai, etc are some of the incubators in Dubai.
These incubators and accelerators play a crucial role in the growth and success of startups. Here are some of the start-ups that have made it to great heights and are currently multi-million dollar industries.
Top 10 startup companies in Dubai
Fenix Games
One of the most fantastic startup companies in Dubai, Fenix Games was founded in 2022. The company publishes 3.0 games games, had raised about 150 million dollars in its initial years of establishment. The game aims to establish a relationship with its players by making them the stakeholders through blockchain and decentralization.
This way, it allows its players to earn as well as play games. The start-up will be going to build games around Web 2.0.
Alaan
The 2020 startup, based in Dubai is known to provide corporate cards to businesses all over the Middle East. the startup deals with the fintech market. The corporate cards issued by them are distributed by the businesses to their workers that come with previously coded limitations and uses.
Since its establishment, the business has undergone several rounds of funding, culminating in a recent Pre-Series A Round held in January 2023, where the company successfully raised a total of $4.5 million.
Tabby
On number three on the list of startup companies in UAE, this Dubai-based start-up is a fintech market that helps its customers to make payments over the course of a longer period. Founded in the year 2019, they have been through numerous rounds of funding which has raised its valuation to over 660 million dollars with the most recent one being 58 million dollars.
This start-up allows its customers to clear their balance in four monthly installments that are interest-free. Thereby, allowing them to free up their resources for other things.
The Giving Movement
The founders of the start-up, Dominic Nowell-Barnes established their venture in the year 2020. The company based in Dubai is an enterprise that deals in selling various clothing and accessories to people across the world. The brand strives to make its clothes sustainable and ethically sourced. Ever since the project has taken off, it has received numerous funding. Recently, in March 2022, the company raised a whopping 15 million dollar funding.
Zenda
This is one of the best startup companies in Dubai which was founded in the year 2021, by Haseed Ahmed and Raman Thiagarajan. These two are the Mc Kinsey and Co. alumni. This start-up is again a fintech company that is designed for families. They deal with families who pay the fees of their children. The families in return get rewards for doing so. With its ability to spread payments using BNPL, the company provides customers with numerous benefits. These benefits help them to manage their funds.
In the most recent seed funding round, the company raised a total of 9.4 million dollars.
Yalla Market
The Russian entrepreneurs, Leo Dovbenko and Stas Seleznev introduced a 15-minute grocery delivery app in Dubai called Yalla Market in 2020. The Dubai startup ecosystem provided an opportunity for them to flourish in the market. The e-commerce platform allows its customers to get groceries delivered to their doorstep in just a few minutes.
The no presence of such platforms in the market led the founders to tap into the opportunity and get the most out of it. The business has even raised 2.2 million dollars in the month of February recently at the Bridging Round.
Colexion
This UAE-based start-up is a celebrity NFT marketplace. This GameFi ecosystem serves as a marketplace where stars come together, enabling them to create unique Cards and establish deeper connections with their fans.
This app creates an exclusive and limited collection of high-quality Cards that are available only on our platform. They have even managed to create their own ecosystem. Catering to the world of sports, entertainment, and music this platform specializes in Play-to-Earn cricket gaming.
Having raised various funding over the years, the most significant amount that they received was 5 million dollars in the year 2022 in February.
Qashio
This is one of the recent startups in Dubai which was introduced in the year 2021. It is a versatile platform that is designed to effectively handle spending by providing a wide range of features such as
- expense management
- payment integration with corporate cards
- automation of accounts payable processes
By offering real-time tracking of expenses, streamlining accounting tasks, and generating up-to-date reports it helps enhance visibility and control over expenditures, enabling informed cash flow decision-making. Qashio also facilitates the creation of strategic budgets and automates the process of generating expense reports.
Queros
The Dubai-based startup was established in the year 2021. This platform helps in enabling its users to enhance their skills, acquire knowledge in order to advance their careers in the field of technology. By connecting with various mentors and employers through this portal the users can upscale their skills. Queros assists students and recent graduates in acquiring the skills demanded by prospective employers by providing them with project-based experiences.
Since its establishment, the company has gotten various funding from investors. The company has gotten a round of 3 million dollar funding that has helped in supporting its growth and expansion.
NymCard
One of the leading startup companies in Dubai based in Abu Dhabi was founded in the year 2018 by the duo, Ayman Chalhoub, and Omar Onsi. Specializing in the FinTech sector, the company has developed a solution that enables businesses to access the necessary components for their card-issuance initiatives, including digital-first bank cards.
with the latest round occurring in June 2022 and raising an impressive $22.5 million. This notable investment reflects the high level of confidence that investors have in the company.
Conclusion
Dubai is a thriving hub for entrepreneurial opportunities. The abundant tourism and numerous business setups make it an ideal destination for companies to grow and expand their operations. Startups in Dubai 2023 are multiple. These startups are the reason why Dubai has become a mega city over the past few years. All in all, Dubai provides a conducive environment to the investors that is required by them to flourish and grow.
Also Read: Top 10 Indian Entrepreneurs in the UAE