Egypt’s e-commerce, Rabbit, launches AI-powered shopping assistant. 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 e-commerce, Rabbit, launches AI-powered shopping assistant

 

Egypt-based e-commerce platform Rabbit has launched RabbitAI, an artificial intelligence (AI)-powered shopping assistant aimed at transforming the shopping experience.

Leveraging OpenAI’s advanced ChatGPT technology, RabbitAI offers users real-time assistance, personalized recommendations, and valuable insights at no cost.

This integration marks a significant milestone in AI application within the e-commerce industry, showcasing the future of retail.

Lead product owner, Louay Ali, expressed excitement about the transformative power of AI in various sectors, particularly e-commerce.

Rabbit takes pride in being an innovation frontrunner, being the first to provide Arabic and Egyptian-speaking users with the powerful capabilities of ChatGPT.

Users can search for specific products, access calorie information for snacks and food items, and receive step-by-step recipes to assist with meal preparation.

 

Tech Trivia: Which Wi-Fi security protocol uses an authentication server to validate a user’s login?

1. WVV
2. WPA-Enterprise
3. WEP
4. WPS

Answer: see end of post

 

2. Tamwilcom launches new Innov Invest Fund to support Moroccan startups

 

In Morocco, Tamwilcom has announced the launch of the new edition of the Innov Invest Fund (F2I), showcasing its continued commitment to supporting startups and fostering the innovation ecosystem.

This initiative aims to provide financial backing to innovative projects and startups, with the goal of financing a total of 800 startups over a five-year period.

As part of this endeavour, Tamwilcom has initiated a campaign to label support structures responsible for implementing a new range of financing products targeted at innovative entrepreneurs.

The institution has issued a Call for Expression of Interest (EOI) from June 28th to July 17th to select up to twenty support structures operating in different stages, including “ideation,” “incubation,” and “pre-acceleration.”

These support structures are expected to present a clear value proposition catering to one or more of these segments.

Ripples Nigeria gathered that the ultimate aim was to enhance the success rate of supported startups, as well as transform them into entities that generated value and employment opportunities.

This approach may reflects Tamwilcom’s commitment to providing a continuum of support to startups, facilitating their growth and enabling them to secure independent funding through fundraising activities.

To maximize the impact of the new offering, Tamwilcom plans to establish partnerships with key stakeholders within the ecosystem. These partnerships will be selected through a competitive process based on calls for expression of interest.

The institution, however, envisions adapting the financing offering to meet the evolving needs of the ecosystem while ensuring the continuity of support for startups through appropriate guidance to accelerate the maturation of innovative projects.

 

3. Egypt’s Masroofi raises US$1.5m for market penetration

 

Cairo-based fintech startup, Masroofi, has closed a US$1.5 million investment round from undisclosed investors.

Masroofi has identified a market gap by targeting the segment of 20 million children aged 5 to 15, recognizing their substantial needs and expenses as an attractive market opportunity.

Founded in 2022 by Mostafa Abdel-Khabeer and Sayed Hosni, Masroofi focuses on digital payment services for children, aiming to provide innovative solutions with room for growth.

The investment will enable Masroofi to expand its customer base, catering to evolving needs in various market segments, including Neo banking services.

Masroofi’s primary focus lies in electronic payment services for children in Egypt. By offering advanced policies tailored to Egyptian families’ needs, Masroofi aims to enhance financial inclusion for children aged 5 to 15, aligning with the government’s plans for digital transformation and financial technology adoption.

Masroofi’s ambition is to reach 2 million children nationwide within the next five years.

The founders firmly believe that financial technology companies can continue to lead the startup market in Egypt.

With a large market and the essential role of money management, the financial technology sector naturally holds a prominent position.

 

Trivia answer: WPA

WPA is a security protocol for creating secure Wi-Fi networks. It was introduced in 2004 to replace the previous security protocol, WEP, due to vulnerabilities in WEP’s encryption method.

WPA uses 256-bit encryption and is considered the minimum standard for wireless network security, supported by all Wi-Fi-certified devices since 2006. Later generations (WPA2 and WPA3) are even more secure.

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