Incorporated: United Arab Emirates (UAE)
Branches: United Arab Emirates (UAE)
Geographical focus: MENA
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MAGNiTT
https://magnitt.com/startups/undefined/magnitt
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Company Information
The most comprehensive data platform for investors, entrepreneurs and corporates in the Middle East. Based out of Dubai, UAE, MAGNiTT connects entrepreneurs directly with ecosystem stakeholders including funders, mentors, support services, and talent. Startups can apply for funding directly to VCs and angel networks using their MAGNiTT profile. Simultaneously, Investors, Corporates, Mentors and Service providers are able to review information on over 10,000 startups, including funding history. MAGNiTT has a data-driven approach to educating users on the funding landscape through analytical reporting and data dissemination.
Date Founded 11/2014
Industry Data Analytics and Business Intelligence, Network & Community
Founders 1
Team Members 10 - 50
Business type N/A
Development Stage Growth
Revenue generating Yes
Linked Institutions N/A
Funding Information
Currently fundraising ? No
Fundraising Amount: N/A
Previous fundraising:
Previous amount raised: $1.0M
Funding Rounds (0) - $1.0M
What problem are you solving or value are you creating?
MAGNiTT looks to solve the problem for both sides of the startup equation: 1) Founders: 1) is it a good idea? 2) how does one find support? 3) how does one get the idea funded? 2) Investors: 1) source good ideas? 2) how to filter them quickly 3) Get the biggest bang for your buck? MAGNiTT looks to connect both parties in a streamlined, mobile and dynamic fashion
What's your market opportunity and how will you acquire customers?
Equity Crowd funding could be a $300BN industry with 600,000 eligible startups in Europe and more worldwide. VC Funding 2009-2014: Entrepreneurs 1,500/ Companies 1,300/ Funding $16BN Focus on MBAs & the Middle East. Aim is to develop the Angel List of the Middle East connecting the community Targeted marketing 1) sector 2) regional using 1) social media 2) in-person advertising 3) successful case
Who are your competitors and what makes you different?
Universities: Uni competitions, alumni networks & Entrepreneurship clubs Conferences & Incubators Online platforms: Angel List, Kickstarter, crowd cube, seeds etc Competitive advantage: 1) mobile and online, no requirement to be in person 2) focus on connection not investment 3) no equity requirements 4) no exclusivity restrictions 5) early stage investment opportunities 6) rapid review mechanism
How will you monetize?
Monetization is primarily focused on charging for a premium subscription, MAGNiTT Premium. MAGNiTT premium gives access to all the MAGNiTT monthly reports, Funding Trackers and the newly introduced MAGNiTT Analytics, allowing users to manipulate available data to their preference to create bespoke presentations. Advertising is a key part of the MAGNiTT proposition.
What are your top three challenges?
1. Bringing IT in-house. Look to hire a COO/CTO to help support infrastructure development 2. Creation of an Application to compliment the dynamic website 3. Marketing - penetration into a wider community of users and Startup communities