Turn8, a Dubai-based firm that provides seed capital for #technology entrepreneurs, has chosen nine new #startup companies for investment. This is part of round five of the firm’s investment programme. The company’s main goal is to promote the culture of innovation across the world.
Since the commencement of Turn8, a total of 23 startups have been established, the market value of which is now estimated at $30 million. The latest round of selection has also followed the normal due diligence process of identifying startup companies that have a business idea that is likely to succeed and who have already taken the idea to the market and done some testing. All entrepreneurs are initiated by DP World.
Turn8 selects startup companies, to benefit from its #funding programme, from all over the world. Participation is open to members from UAE (Dubai), Chile, Russia, Spain, Finland, Romania, Kazakhstan and South America, among others.
The selected teams have already travelled to Dubai and are set to begin the mentorship programme soon. The programme takes four months and focuses on refining the startups’ business ideas and practical training on how to operate a successful business. At the end of the mentorship programme, each team receives seed capital of $30,000 to help them start and run their business projects through the startup period.
The 9 selected startup companies, their country of origin and short descriptions are as follows (not in any particular order):
- SaveSpace (Dubai) – it picks up and drops off boxes to local customers for storing their stuffs
- FairFare (Kazakhstan) – it assists service clients to know hidden costs through peer-to-peer information sharing
- MedicSen (Spain) – an intelligent & integrated system designed for treatment of insulin dependent diabetes mellitus
- RealEye (Russia) – a mobile app which allows user to create personal route maps
- Mytriphoto (Chile) – it enables hotels to reach prospective customers, promote new sales and improve online reputation through self-service photography
- Foodiac (Finland) – online market for private chefs and sophisticated catering
- MakersBuilders (Dubai) – the first and unique educational institute targeting to be the foremost provider of technology education for teenagers and children in the Middle East
- Rewardial (Romania) – a blogging outreach and platform where users engage in various activities
- 909Music (Dubai) – an online music collection dedicated to license, produce and provide quality, contemporary and brand-new music for media and all-inclusive music listeners