Shorooq Partners Continues to Lead the South Korea-Middle East Corridor

Last month, Shorooq Partners was reported as the most active investor in the MEAPT (Middle East, Africa, Pakistan and Turkey) region by deployed capital and among the top by number of deals. But our investment activities do not stop inland – we recently invested in Dtonic, a Korean DeepTech company that specializes in data infrastructure software solutions for efficient spatio-temporal big data processing.

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This investment is particularly exciting as Dtonic is disrupting the inventory management and warehousing space not only in Korea but also in the global market. With its self-developed Geo-Hiker technology having various applications on electronic shelf labelling (ESL) through big data analytics that unify data storage and delivery, Dtonic’s smart solutions serve and benefit multiple industries ranging from retailers and factories to hospitals.

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Founded in 2014, Dtonic is a data venture company spun off from Hyundai Motor Company that already generates a sizeable revenue, as its expansion continues to overseas markets including the UAE, Saudi Arabia, Vietnam, Malaysia and Indonesia. Shorooq Partners played a leading role in facilitating Dtonic’s expansion to the MENA region through our first investment in the company in 2021, and the proven track record of Dtonic’s potential abroad as well as its unique proprietary technology led to our second follow-on investment this year.

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We are very proud to have helped Dtonic complete its Pre-A round, securing a significant investment of US$10 million from domestic and international investors, including Shorooq Partners. Our investment highlights Shorooq Partners’ commitment to improving the entrepreneurial ecosystem through active investment in innovative startups. There are great opportunities for collaboration between Korea and the Middle East when it comes to developing advanced technologies. We are very excited to see the company’s potential unfold and extend our sincere congratulations to Dtonic for their remarkable achievement in fundraising.  

Bedaya Fund ll to receive investment from Korea’s exclusive government-backed Fund of Funds

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This past Sunday also marked a great moment for entrepreneurs in South Korea and Saudi Arabia, as the two countries committed to an impressive joint investment fund of US$160 million to support startups and SMEs of both countries. The fund, supported by the Saudi Venture Capital (SVC), Saudi National Wealth Fund (PIF Jada Fund of Funds), and Korea Venture Investment Corporation (KVIC), was signed by Saudi Arabia’s Yousef Al Benyan, Chairman of the Small & Medium Enterprises Bank (SME Bank), and Korea’s Lee Young, Minister of SMEs and Startups.

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The fund is not only an incredible milestone in bilateral cooperation between the two states, but also an exciting opportunity for Shorooq Partners’ Bedaya Fund ll to receive the support of Korea’s government-backed fund of funds in our journey, again after our partnership in Bedaya Fund l.

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Since establishment in 2017, Shorooq Partners has rapidly become one of the leading technology investors in the Middle East, with a presence that extends to Asia and beyond. Founded by Mahmoud Adi and Shane Shin, the firm has been a key player in helping startups expand to the MENAP region and attract investors from around the world. As Seoul Metropolitan Government’s official global investment ambassador, Shane has been particularly instrumental in connecting delegations from and to Korea to the Middle East, working to bridge the gap between global capital and regional startups.

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With an uncertain economic climate and a slower funding environment, navigating these times can be a challenge for many investors, but we are fortunate to have the continued trust and support of our investors and partners – we are determined to continue our mission of finding innovative startups that envision a new future through innovation.

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If you are looking for a partner to take your first steps into big leaps – we are constantly and actively investing. Reach out to us today.

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