As organizations across the MEA region increasingly embrace digitalization strategies and rapidly shift toward cloud migration, we will inevitably see an expansion of the threat surface area. The region has already witnessed exponential growth in threats such as DDoS attacks, phishing, and ransomware, resulting in the implementation of strict regulatory compliance measures across many countries and greater awareness around the need for organizations to improve their security postures. This will drive strong demand for security solutions over the next few years until the situation stabilizes.

Shaimaa Ibrahim

Startups depend on various sources to secure the necessary funding for their businesses, notably the angel investors who play a crucial role in the startup ecosystem. 

An angel investor is an individual who provides funding for startups at a very early stage, once or in a consecutive manner, in exchange for equity or ownership in the company.

Along with the financial backing, angel investors often provide mentorship and support entrepreneurs to grow their startups.

What angel investors provide for startups?

Angel investors can support startups in different ways, including:

• Securing funding to grow.
• Providing necessary support, expertise, and consultancies about business management.
• Helping entrepreneurs make decisions to enhance their competitiveness. 
• Unlocking cooperation opportunities with potential partners and reaching new customers.
• Enhancing the startup’s credibility to attract potential investors and partners.

Types of angel investors

There are several types of angel investors who foster entrepreneurs, notably:

• Family and friends: Many entrepreneurs first turn to their family and friends when seeking funding for their business; however, this type does not provide entrepreneurs with the expertise they need to get off the ground.
• The Domain Angel: investors in this category are usually operating executives who have spent their entire careers in a specific industry or sector.
•  The Angel Investor Group: this category comprises individuals who provide support for small startups or entrepreneurs.
• The Fellow-Entrepreneur Angel: this type includes entrepreneurs who provide funding for other junior entrepreneurs.
• The True Believer Angel: this type includes investors who hear a startup’s story, instantly believe, and want to immediately invest in spite of the financial risks.

Translation: Noha Gad

In today's dynamic business landscape, service provider companies play a pivotal role in facilitating organizational growth and efficiency. These entities offer a diverse range of specialized services, spanning from IT solutions to marketing consultancy, catering to the multifaceted needs of modern enterprises. By outsourcing non-core functions to these expert firms, businesses can streamline operations, leverage advanced technologies, and access specialized expertise that may not be available in-house. Service provider companies not only alleviate the burden of managing certain aspects of operations but also empower organizations to focus on their core competencies, driving innovation and strategic advancement.

Furthermore, service provider companies act as catalysts for business transformation, particularly in an era where agility and adaptability are paramount. Through their tailored solutions and industry insights, these firms enable businesses to navigate complex challenges, seize emerging opportunities, and stay ahead of the competition. Moreover, the flexibility offered by service provider companies allows organizations to scale their operations more efficiently, responding swiftly to market fluctuations and evolving customer demands. Ultimately, by partnering with service provider companies, businesses can unlock new levels of productivity, agility, and competitiveness, positioning themselves for sustained success in today's rapidly evolving business landscape.

As organizations across the MEA region increasingly embrace digitalization strategies and rapidly shift toward cloud migration, we will inevitably see an expansion of the threat surface area. The region has already witnessed exponential growth in threats such as DDoS attacks, phishing, and ransomware, resulting in the implementation of strict regulatory compliance measures across many countries and greater awareness around the need for organizations to improve their security postures. This will drive strong demand for security solutions over the next few years until the situation stabilizes.

With a share of 19.2%, the banking, financial services, and insurance (BFSI) vertical will be the MEA region’s biggest spender on security solutions and services this year and will remain so through 2026. Cybersecurity remains a top priority for the industry, with BFSI organizations continuing to spend on enhancing security in their application and development environments, strengthening customer trust in digital services, and developing security for cloud migration. 

In this regard, Sharikat Mubasher conducted an interview with Youssef Mohamed, Founder and Chief Technology Officer of Buguard, the Cairo-based offensive security and dark web monitoring company, discussing the company’s latest fund round and how the proceeds will be used. Mohamed also discussed the recently launched product and the company’s expansion plan across the GCC, especially Saudi Arabia. 

How will you allocate the proceeds of the company’s recent seed round? 

Our $500,000 seed fund raise, led by A15, is our first external funding. Following a very successful first half of 2023, we are keen to build on our rapid momentum by growing our team, ramping up product development and sales, signing new strategic partnerships and expanding regionally.

Would you please give us more details regarding your newly launched product “Dark Atlas”? 

Our newest product is Dark Atlas, a SaaS product for dark web monitoring and account takeover prevention. Dark Atlas has several competitive differentiators; the product is much broader and deeper and monitors for malware such as Redline, Raccoon, and Vidar - the root causes of most material data breach incidents. These are a serious threat as they steal saved credentials from victims’ browsers and have the relevant URL within which the credentials can be used. 

Dark Atlas also monitors dark web marketplaces, hacking forums, underground channels, and private clouds to identify and help neutralize breaches across different venues. 

How do you see the future of cybersecurity companies in Egypt? 

We will continue to see the growth of the cybersecurity sector in Egypt for several reasons. As Egypt continues to undergo rapid digital transformation, the threat of cybersecurity becomes more real and therefore will need to be greater addressed, resulting in a growth of the industry. 

Additionally, we are seeing a lot of support for cybersecurity from the Egyptian government as it plays a vital role in assisting Egypt’s strategy and 2030 vision for digital transformation. Collaboration between the private sector and government is imperative for the continued development of cybersecurity and for the prevention of cyberthreats.

What makes Buguard unique among its competitors in the market? What are the extra services you offer to your clients? 

As a multinational cybersecurity firm, we offer a range of offensive security services including penetration testing and vulnerability assessment, phishing simulation, compromise assessment, threat intelligence and red teaming. 

By performing different security assessments on the scope, we can identify security vulnerabilities on our client’s network, application, or code, and analyse the risk and its impact on the organization. 

It is important we guarantee our clients are equipped to continually prevent, identify, and respond to cyberattacks by utilizing our awareness of attackers’ techniques to penetrate defenses, in-depth knowledge of the newest security tools, and a dedication to innovation. 

We recently announced the launch of Dark Atlas, our new SaaS product for dark web monitoring and account takeover prevention. Dark Atlas specifically monitors compromised devices for information stealer malware, dark web marketplaces, hacking forums, underground channels, and private clouds to identify and help neutralize breaches across different venues. 

Who are the company’s most important clients in Egypt and in the MENA region? and who are the clients you are targeting in the coming phase? 

All our clients are important. We are sector agnostic and work with several companies in Egypt who are paving the way in their respective fields. Examples include Paymob, Rabbit and Thndr. We have also developed a global client base spanning Saudi Arabia, the United States, France, Australia and the UAE. 

What is Buguard’s expansion plan in the GCC, especially in Saudi Arabia? How do you see the Saudi market attractive to your business? 

Definitely. GCC expansion, particularly to Saudi Arabia, is a priority for us this year. The recent funding will help us fulfil our significant growth potential and expand our market reach. 

Saudi Arabia has increased its investment in cybersecurity, and the government has formed several regulatory frameworks and laws to protect businesses from cyber threats, emphasizing the Kingdom’s dedication to cybersecurity and the sector’s maturity. 

The Cyber Security Market is projected to grow at a CAGR of 12.4% between 2020 and 2026, with The National Cybersecurity Authority also setting out minimum standards for cybersecurity, as businesses are advised to adopt these measures to ensure the safety of their data.

As KSA and the GCC move forward with their rapid technological advancements, it is vital for businesses to have the right cybersecurity infrastructure in place to prevent any vulnerabilities. 

How does the world of dark web cyber threats affect companies’ growth and performance? 

The dark web threat is very real, dynamic, and growing. It can be a very dangerous place and is a haven for cybercriminals stealing and compromising personal credentials – which is still the most common cause of a data breach. The impact of the dark web, if not regulated can be significant, resulting in financial loss, reputation damage for the business, and a loss of stakeholder trust. 

In the UAE alone, cyber-attacks increased by 71% in 2021, and PwC data shows 58% of Middle East organizations anticipate a rise in cyber spending, up from 43%. As the GCC region rapidly transforms digitally, more and more companies will adopt greater cybersecurity measures, as the impact of an attack increases and systems grow more complex. 

The standard chunk of Lorem Ipsum used since the 1500s is reproduced below for those interested. Sections 1.10.32 and 1.10.33 from "de Finibus Bonorum et Malorum" by Cicero are also reproduced in their exact original form, accompanied by English versions from the 1914 translation by H. Rackham.The standard chunk of Lorem Ipsum used since the 1500s is reproduced below for those interested. Sections 1.10.32 and 1.10.33 from "de Finibus Bonorum et Malorum" by Cicero are also reproduced in their exact original form, accompanied by English versions from the 1914 translation by H. Rackham.The standard chunk of Lorem Ipsum used since the 1500s is reproduced below for those interested. Sections 1.10.32 and 1.10.33 from "de Finibus Bonorum et Malorum" by Cicero are also reproduced in their exact original form, accompanied by English versions from the 1914 translation by H. Rackham.The standard chunk of Lorem Ipsum used since the 1500s is reproduced below for those interested. Sections 1.10.32 and 1.10.33 from "de Finibus Bonorum et Malorum" by Cicero are also reproduced in their exact original form, accompanied by English versions from the 1914 translation by H. Rackham.

Tech-based startups focusing on fintech, gaming, virtual reality (VR), and artificial intelligence (AI) have been successfully emerging in the MENA region over the years. Among those enterprises is Taager which chose social e-commerce to build its own business.

According to the latest data, the e-commerce market in the MENA region is projected to reach $57 billion in 2026. In an interview with Mubasher under the Startup Lounge series, Mohammed Elhorishy, Founder and CEO of Taager, recalled his personal experience about developing the social e-commerce platform and unveiled plans to scale up the business in six countries across the Middle East and Africa (MEA).

Elhorishy addressed the current inflation crisis and its effect on Taager, giving his opinion on whether to make the US dollar the main currency in online transactions amid the devaluation of the Egyptian pound.

Could you share with our readers why you chose e-commerce, in specific, to build your own startup?

Cairo – Mubasher: Egypt-based investment platform EXITS MENA increased its total capital to $1.25 million after Silicon Valley-based venture firm Practical VC participated in its latest funding round, according to a press release.

EXITS MENA is a merger and acquisition (M&A) advisory firm that combines its online platform EXITS.me with offline M&A advisory services. The fintech aims to provide startups and small and midsize enterprises (SMEs) with a blend of investment-banking-related services.

The platform will allow business owners anonymously market their ventures to registered investors and buyers. This is besides securing access to a wide range of investment-readiness building services and educational materials to boost their chances of achieving a successful investment.

EXITS MENA has closed six deals at a combined value exceeding $10 million across 15 verticals in the region since the platform's beta launch.

It is worth highlighting that EXITS MENA recently obtained its securities promotion and underwriting licence from the Egyptian Financial Regulatory Authority (FRA) to further expand its scope and enhance services.

Jones the Grocer is one of the UAE's longest standing restaurants, but few are aware of the legal and financial difficulties faced by Yunib Siddiqui, the man who introduced the brand to the country, as he attempted to build the chain amid a competitive food and beverage market. Now, the Coronavirus pandemic has hurled yet another challenge at Siddiqui. In this podcast we explore the ways businesses can navigate unexpected difficulties and how, with limited resources you can maintain the relevancy of your brand. 

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