Viaka #14 - How will climate change affect the MENA startup ecosystem?
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Hi everyone, this week, we’re analyzing climate change, climate tech, and the MENA startup ecosystem. Enjoy!
With extreme heat waves and record temperatures across North America, Europe, and the Middle East, more and more economies are forced to contend with the impact of climate change. Startups in industries like climate tech have recently raised amounts totaling $458 million in 2021, and with challenges likely to increase, VCs too are noting emerging technologies.
Take a look at data compiled by PwC’s “State of Climate Tech 2021” report, which shows increasing climate tech startup activity:
While global VCs and startup trends are beginning to take longer looks at climate tech and the impact of climate change, do these trends hold for the MENA startup ecosystem? The answer seems to be yes – especially considering projected climate change impacts on the Middle East. A UNDP report in 2018 projected that crop production in the Middle East would drop by 30% by 2025 with a 1.5 degree Celsius increase in temperatures. This drop in production would be especially devastating considering agriculture accounts for 78-87% of all water consumption in the Middle East. The increased stress on the water supply can impact other sectors of the economy.
Agricultural problems worsened by climate change provide an opportunity for both startup founders and investors. For example, Red Sea Farms, a Saudi-based startup that designs sustainable agricultural systems for harsh environments, recently raised $18.5 million in a strategic fundraise.
While it is true that governing bodies will need to institute policies to battle the changing climate, it is also true that MENA’s startup ecosystem can develop and grow sustainable technologies to aid in this battle. With increasing VC activity in the space, we are sure to see burgeoning successes in climate tech.
Promising Opportunities from Our MENA Partners
Below are a list of opportunities curated from the Viaka’s MENA partners.
For Founders
Plus.vc invests in early-stage founders (up to Series A) that have a MENA background or connection, but are founding their companies outside of MENA.
For Investors
Desert Farms is also looking for a senior advisor with D2C startup experience, preferably in the food & beverage space, and with knowledge of the FDA approval process. This opportunity can be compensated.
Huupe, the world's first smart basketball hoop, is raising a seed round and connecting with SportTech and Entertainment investors.
For Advisors
SubsBase is looking for a senior advisor with early-stage startup experience, particularly in leveraging data analytics to optimize the performance of an Enterprise SaaS business. This opportunity can be compensated.
If you would like to get involved with any of the opportunities above, please fill out the form below and indicate what opportunity you are interested in in the “Reason for Joining” section.
Exciting Announcements From Our Network
Below are a list of updates, wins, and asks emanating from members of the Viaka Network in the “West.”
The North Star Dubai startup festival is occurring 10-13 October 2022 this year, with early-bird pricing sign-ups available until 31 August. North Star was formerly known as GITEX Future Stars and focuses on bringing the startup ecosystem to MENA. Over 600 investors and 700 startups will be present, with startups able to exhibit during the conference. The events offer networking, investing, and advising opportunities across the startup ecosystem. Learn more here!
Startup Boston has launched the registration of its five-day Startup Boston Week. The program will be held from September 19-23rd, 2022, and will have over 80 events and 250 speakers. The week is geared towards anyone with an interest in startups, with resources to connect, scale, and celebrate the community. Sessions featured include topics geared towards first-time founders, startup employees, advisors, and more. Sign up here!
If you’re a member of our Network and would like to share your own update next week, email info.viaka@gmail.com or submit an update via this form.
That’s it for this week. Thank you!
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