French startup Dawex secures EUR5 million in investments through a successful funding round, hopes to establish its presence in the Middle East by 2020
On the back of EUR5 million funding raised through a funding round in May, French tech startup Dawex is aiming to establish its presence in the Middle East by 2020. Dawex bills itself as a marketplace for “sharing, acquiring, and monetizing data.”
The founders of the company, Fabrice Tocco and Laurent Lafaye, told Entrepreneur Middle East, “Dawex’s expertise is to enable organizations and enterprises to orchestrate data circulation by sourcing, monetizing, and exchanging data directly, securely and in full compliance with regulations. We have developed cutting-edge technology with our data marketplace and our data exchange platform to accelerate secure data trading around the world. Considering data ecosystems are redefining competition, and the most data-driven companies will be the leaders of the new data economy, Dawex’s expertise in building powerful data exchange strategies will support Middle East companies and organizations to accelerate their growth and contribute to the development of the region’s economy.”
“We have already engaged with several countries in the region, and are actively discussing with organizations in Dubai and Abu Dhabi,” they added.
As the UAE is branded as the startup hub of the Middle East, the founders are very hopeful of aligning their business model with the country’s vision to become a tech hub in near future. “The UAE has been recognizing from quite some time the power of the data economy: what it can bring to the region, to companies and organizations, and how it can drive competitiveness,” they note. “The country also demonstrated its understanding of the positive impact and benefits of building data strategies, and has been welcoming the most advanced companies offering blockchain and artificial intelligence cutting-edge technologies. The UAE is extremely mature when talking about data, and for Dawex, it’s very important and critical to be present locally in order to support our local customers, accelerate our business growth in the region, and the development of the data economy locally.”
Dawex was founded in 2015, and has already served more than 7,000 organizations from over 20 industries with its proprietary Global Data Marketplace and Data Exchange Platform technology. The recent round of funding helped them secure investors like Amadeus, Itochu Corporation, Bouygues Construction, Caisse des Dépôts and many more. Currently the total amount of funds raised by the company stands at EUR12 million since the its inception.
“We offer a sophisticated data marketplace and data exchange platform where organizations from all sectors can securely, and in full compliance with regulations, exchange, monetize, and sell data,” explained Tocco and Lafaye. “No other companies around the world offer such a service for such a large community. Data exchange and data monetization are making an impact on the future of the economy, and many organizations already understood they have a role to play. Because we have the cutting-edge technology for data exchange, because we know how to address data challenges and how to build powerful data exchange strategy, enterprises and organizations are engaging with us to help them support their growth.”