Egypt’s AKHDAR closes investment from Saudi Venture Studio. 2 other stories and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Egypt’s AKHDAR closes investment from Saudi VC

In a significant development, AKHDAR, a leading Egyptian edtech startup, has closed a substantial six-figure USD funding round from the Saudi Arabia-based venture studio, Value Maker Studio (VMS).

The infusion of funds aims to propel AKHDAR’s expansion into the Kingdom of Saudi Arabia.

Established as a YouTube channel in 2016, AKHDAR swiftly evolved into a robust entrepreneurial venture, culminating in the launch of its independent platform in 2020.

The edtech standout has garnered substantial traction, amassing over 2 million app installations and cultivating a userbase of 1.5 million individuals from 174 different countries.

AKHDAR specializes in delivering a distinctive service through Arabic audiobook summaries.

The startup provides users with concise 15-minute audio summaries of a diverse library comprising over 2500 materials, including book summaries, short casts, and reviews, offering a convenient and time-efficient method of consuming educational content.

Mohamed Osama, co-founder and CEO of AKHDAR, revealed that the funding was led by VMS under the ownership of Moatz Abonouq.

Trivia: A programming error that slowly consumes all available RAM is called what?

A. Memory leak

B. Buffer overflow

C. Infinite loop

D. Data fragmentation

Find answer below

2. Raiven Capital unveils $125m VC fund in Dubai for tech innovation

Raiven Capital has announced a $125 million venture capital fund at the Dubai International Financial Centre (DIFC), with a mission to bolster technology pioneers in the realms of AI, IoT, and Distributed Ledger Tech.

This substantial fund is poised to concentrate on digital platforms that disrupt value chains across finance, energy, health, environment, food sectors, and beyond.

With a vision to forge connections between its origin, Canada, and Dubai, Raiven Capital is committed to bridging high-growth tech ecosystems.

According to the team, the blueprint extends beyond borders, linking Canada, the UAE, Silicon Valley, and other burgeoning tech hubs in the region.

3. Bolt Food to close operations in Nigeria

Nigerians will no longer have the option to place food orders through the Bolt app, as the all-in-one mobility platform, Bolt, is seeking an exit to discontinue its food delivery service.

The move comes barely two years after the launch of the food delivery arm of the company.

At launch, it entered the market to compete with platforms such as Jumia Food, Glovo, and ChowDeck across various cities.

Following this decision, Bolt Food’s presence will be scaled back from ten to nine African countries as it concludes its operations in Nigeria.

Though Bolt Food is set to exit the food delivery sector, yet other facets of the Bolt enterprise, such as the ride-hailing platform, will persist in their operations.

Trivia Answer: Memory Leak

A memory leak is a type of programming error that causes a program to slowly consume system memory until none is left. A memory leak happens slowly, causing computer performance to gradually degrade until the program crashes or the entire operating system freezes.

Quitting the program responsible for the leak frees up the system’s memory and resolves the problem until the next time the program runs.

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