SAN JOSE, Calif., Aug. 12, 2024 — Startup World Cup, one of the biggest and richest startup pitch competitions in the world, successfully hosted its highly anticipated flagship Startup World Cup Silicon Valley Regional competition on August 1, 2024.

Out of the Top 16 finalists, Earthgrid, which develops plasma tunnel boring robots to build a network of underground utility tunnels, became the champion. This achievement paves the way for their participation in the Startup World Cup Grand Finale to be held in San Francisco on October 4, 2024 for an opportunity to win a $1,000,000 investment prize.

The event was organized and by Pegasus Tech Ventures, a Silicon Valley-based global venture capital firm. A panel of independent venture capital investors judged the pitches of the finalists and ultimately awarded Earthgrid as the winner.

“We are delighted by the quality and enthusiasm of the entrepreneurs who were competing,” said Anis Uzzaman, Founder and CEO of Pegasus Tech Ventures, who created the Startup World Cup competition in 2016. “Each year we are impressed by the quality of startups who apply and present. I look forward to seeing Earthgrid on the Grand Finale stage.”

With more speakers to come, Robert Herjavec (ABC’s Shark Tank Star), Tim Draper (Founding Partner of Draper Associates & DFJ), Suzanne DiBianca (Chief Impact Officer of Salesforce), Faye Iosotaluno (CEO of Tinder), Daniel Danker (Chief Product Officer of Instacart),and more are already confirmed to speak at the Grand Finale on October 4^th, 2024 in San Francisco. (https://www.startupworldcup.io/grand-finale)

Event Details:

Startup World Cup 2024 Grand Finale
October 4, 2024
San Francisco Hilton Union Square

Grand Finale Tickets: https://swc2024.eventbrite.com 

Check out the Grand Finale video highlights here.

About Startup World Cup

Startup World Cup is a global conference and competition with the goal of bridging startup ecosystems worldwide. The competition gives startup companies from all over the world a chance to win a US $1,000,000 prize in the form of an investment. This year, there will be approximately 100 regional events across North America, South America, Europe, Africa, and Asia, leading up to the Grand Finale in San Francisco in September. Startup World Cup is organized by Pegasus Tech Ventures, a Silicon Valley-based global venture capital firm.

About Startup World Cup 2024 Grand Finale:

The Startup World Cup Grand Finale will take place in San Francisco, October 4, 2024. Past Startup World Cup Grand Finale events featured prominent figures from the high-tech community, including John Chambers (Former CEO of Cisco), Steve Wozniak (Co-Founder of Apple), Reid Hoffman (Founding CEO of LinkedIn), Vinod Khosla (Co-Founder of Sun Microsystems), Adam Cheyer (Co-Founder of Siri), Marc Randolph (Co-Founder of Netflix), and Jay Vijayan (Former CIO of Tesla). The Grand Finale judging panels have included prominent investors from Kleiner Perkins, Y Combinator, Techstars, Intel Capital, 500 Startups, GE Ventures, DFJ, Social Capital, and Index Ventures.

SOURCE Pegasus Tech Ventures

Personal Hair Care Pioneer Innovating $83BB Global Hair Care Market with B2B, B2C, and B2R Solutions

ATLANTA, Aug. 9, 2024 — MYAVANA, the trailblazer in AI-driven personalized hair care, has just closed a $5.9 million seed round. This infusion of capital underscores MYAVANA’s pivotal role in revolutionizing the global hair care market, projected to reach $113 billion by 2031. It is spearheaded by strategic investors who understand the AI market and MYAVANA’s impact using hair data to inform markets. Investors include Prisma Ventures (the innovation fund of Ulta), H/L Ventures, New Age Capital, BrainTrust, Duo Partners, REFASHIOND Ventures, Resilient Ventures, Amazon, Reform Ventures, and NGC Capital. This round of funding will accelerate MYAVANA’s unique market position, pioneering personalized haircare under the visionary leadership of its founder, Candace Mitchell.

MYAVANA’s journey over the past 12 years has been marked by breakthrough innovations, with the development of the world’s first AI-driven, proprietary personalized hair care software system at its core. Hair analysis is as unique as a fingerprint and reveals so much about us:  texture, type, condition, toxins and minerals in the body, illnesses, stress, medications, and diet. MYAVANA is leveraging its market leadership position and data-driven insights to impact several core areas initially.

Four Business Lines Driving Growth and Innovation

At the heart of MYAVANA’s business model lie four distinct pillars, each contributing to its rapid growth and market penetration:

• Strategic Retail Partnerships: MYAVANA’s real-time data analytics platform enables partners like Ulta and Amazon to drive purchases with its Hair RI solution. MYAVANA has also collaborated with the National Black-Owned Beauty Supply Association and Braintrust Founders Studio, facilitating distribution to over 1,000 retailers and salons.
• Consumer Data Solutions: MYAVANA’s comprehensive HairCl database is valuable for hair brands and R&D companies such as Unilever and BASF, which seek actionable consumer insights to enhance their offerings. MYAVANA hopes to work with all hair care manufacturers so they understand exactly who their target customers are and can boost sales accordingly.
• Personalized Hair Analysis: Unlike traditional one-size-fits-all approaches, MYAVANA offers personalized hair analysis through its HairAI^™ technology, empowering consumers with tailored product recommendations suited to their unique hair characteristics.
• Scientific Intelligence Services: MYAVANA’s scientific intelligence provides access to its proprietary HairSI^™ Strand Analysis Kit, offering comprehensive healthy hair care plans tailored to individual challenges and goals.

Hair AI: Redefining Personalized Hair Care

MYAVANA’s pioneering HairAI^™ technology utilizes microscopic hair analysis and advanced algorithms to decode the intricacies of hair texture, type, and condition, providing retailers, consumers, and salons with instant product recommendations tailored to their specific needs. “A person’s hair is as unique to them as a fingerprint, and we’ve unlocked powerful, personalized insights with our AI platform,” said MYAVANA CEO and Founder Candace Mitchell. “Hair is the longest record of your body’s health, providing as much as a decade of information about a person’s health and needs. I’m grateful to our investors who see the long-term potential and share our mission.”

“This is such a differentiated and powerful use of AI in an enormous market with few competitors,” said Agustina Sartori, Sr. Director of Innovation at Ulta Beauty. “There’s a great deal of potential for MYAVANA to not only influence the health and beauty sector but to have a profound impact beyond cosmetic concerns.”

“Our mandate is to seek impactful businesses with high growth potential and diverse founding teams, and MYAVANA is just such a company,” said Oliver Libby, Managing Partner at H/L Ventures. “Hair AI can lead to numerous commercial opportunities and even wellness insights, and we believe Candace and her team can unlock this exciting potential.”

“This represents a highly differentiated and powerful use of AI in a vast market with few, if any, competitors,” said Karyn Schoenbart co-founder of Duo Partners and former CEO of the NPD Group. MYAVANA has immense potential to revolutionize the health and beauty sector—and beyond—with its unique technology. By enabling consumers to identify the right products and offering brands and retailers a novel approach to market, MYAVANA is poised to disrupt the industry”.

Inaugural Techturized Beauty Tech Summit: Driving Industry Transformation

As MYAVANA celebrates its 12th anniversary, it hosted its inaugural Techturized Beauty Tech Summit on Saturday, June 15th, at Georgia Tech to unlock value and drive innovation in the hair care sector. Industry leaders such as Robin D. Groover and Melissa Hibbert participated to discuss the opportunities for retailers, manufacturers, and consumers as they explore the transformative potential of technology in shaping the future of beauty and wellness.

About MYAVANA: Empowering Consumers, Inspiring Change

MYAVANA is a venture backed 12-year old beauty tech company providing data-driven insights to retailers, salons, brands, and consumers. As one of the only black-owned AI enterprises, MYAVANA takes pride in its diverse team of women in STEM who have been instrumental in shaping its success story. MYAVANA has raised $6.2M total to chart new frontiers in personalized hair care and beyond, empowering consumers and businesses by driving positive change in the beauty and health industry. For more information visit www.myavana.com.

Media Contact:
Elizabeth Byington
[email protected]

SOURCE MYAVANA

SEATTLE, Aug. 9, 2024 — Inform Solutions, a premier provider of investment-ready brand foundations and strategic communications for innovative startups, today announced the release of its latest industry report, The Landscape of Impact Reporting: 2023 Reporting Trends Across Sectors. The comprehensive report examines the design, publishing, and thematic trends observed in over 50 impact reports from companies across diverse industries.

“As stakeholders demand greater transparency and accountability, impact reporting has become a critical way for companies to showcase their efforts in driving positive change,” said Heidi Brown, founder and principal of Inform Solutions. “Our latest report provides valuable insights into how businesses, both large and small, are communicating their positive contributions to the world.”

The report provides an analysis of publishing formats and timing, along with an exploration of the key themes driving impact reporting today. It also showcases a gallery of cover designs, highlighting the creative strategies companies are using to visually communicate their impact.

View the report at: https://inform.solutions/2023-impact-reporting-trends.

About Inform Solutions:

Since its inception in 2016, Inform Solutions has been empowering innovators by providing brand clarity and compelling communications. The company supports early-stage startups and innovative firms, particularly in tech, life sciences, and professional services, by aligning brand strategies with investor and stakeholder priorities, fostering sustainable growth.

For media inquiries, please contact:
Heidi Brown
Principal, Inform Solutions
[email protected]
(833) 925-0923

SOURCE Inform Solutions

-Uzum aumenta su beneficio neto un 50% en el primer semestre de 2024 y se prepara para una ronda de financiación de serie B

TASHKENT, Uzbekistán, 9 de agosto de 2024 — Uzum (en adelante, “nosotros”, “nos”, “nuestro”, “Uzum” o la “Compañía”), un ecosistema líder de servicios digitales en Uzbekistán, anuncia hoy sus principales resultados para el semestre finalizado el 30 de junio de 2024.

Principales aspectos operativos y financieros destacados

• El GMV del mercado creció 4 veces año tras año
• La cartera de préstamos de los servicios fintech de Uzum se duplicó con creces
• Uno de cada tres residentes de Uzbekistán utiliza los servicios de Uzum
• Uzum se está preparando actualmente para lanzar una ronda de financiación de Serie B en el cuarto trimestre de 2024 o el primer trimestre de 2025 y busca recaudar hasta 300 millones de dólares para financiar el desarrollo adicional de su negocio BNPL, productos de préstamos en línea y su vertical de comercio electrónico

El ecosistema de Uzum registró un fuerte crecimiento durante el primer semestre de 2024, con un aumento del beneficio neto consolidado del 50 % interanual gracias al rápido desarrollo de sus servicios de comercio electrónico y tecnología financiera. La audiencia combinada del ecosistema casi se duplicó interanualmente y alcanzó los 10,6 millones de usuarios activos por mes, o aproximadamente el 30 % de la población de Uzbekistán.

Nikolay Seleznev, director de estrategia y desarrollo empresarial de Uzum, comentó:

“Estamos orgullosos de los sólidos resultados que Uzum ha obtenido durante el primer semestre de este año y agradecemos a nuestros inversores, socios y clientes por creer en nuestra misión mientras trabajamos para liberar todo el potencial del comercio electrónico y la tecnología financiera en Uzbekistán. Para el segundo semestre de 2024, sentaremos las bases para el lanzamiento de la tarjeta bancaria Uzum, así como de nuestro negocio de préstamos y depósitos en línea. A finales de este año o principios del próximo, planeamos atraer más fondos para acelerar el crecimiento en el prometedor mercado de Uzbekistán. Para ello, estamos apuntando a grandes fondos internacionales, que serían fundamentales para una posible cotización posterior en una bolsa de valores internacional a medio plazo”.

E-commerce

La unidad de comercio electrónico de Uzum registró un aumento de casi cuatro veces en GMV, ya que el mercado en línea Uzum Market consolidó aún más su posición como el campeón del comercio electrónico del país. El GMV del mercado creció 3,5 veces interanual, mientras que el número de pedidos procesados por el mercado en el primer semestre de 2024 creció más del triple interanual y totalizó más de 8 millones, con más de 10.000 vendedores que ahora operan en la plataforma. De cara al futuro, la empresa está en camino de poner en marcha la primera fase del complejo de almacenamiento más grande de Uzbekistán (77.000 metros cuadrados) para fin de año para dar servicio a la mayor expansión de Uzum Market.

Durante este período, el servicio de entrega de alimentos en línea Uzum Tezkor se convirtió en un contribuyente significativo al negocio de comercio electrónico de Uzum. En poco más de un año de su funcionamiento, Uzum Tezkor se ha convertido en el servicio de entrega nacional más grande por alcance geográfico, cubriendo las ocho ciudades más grandes del país. El servicio continúa incorporando nuevos restaurantes para ofrecer a los clientes una gama cada vez mayor de opciones de entrega, con 1.690 restaurantes operando en la plataforma al final del período.

Fintech

La empresa siguió centrándose en la rentabilidad y el desarrollo de productos para sus negocios de tecnología financiera, en particular el banco digital Uzum Bank y el servicio de pago a plazos Uzum Nasiya. Durante este trimestre, el banco lanzó tarjetas virtuales Visa de marca con condiciones atractivas para los consumidores uzbekos y está planeando un lanzamiento activo de productos de préstamos en línea durante los próximos 12 a 18 meses, mientras el negocio experimenta una transformación estratégica hacia un neobanco completo con una gama completa de servicios bancarios diarios.

Uzum Nasiya, un cómodo servicio de pago a plazos para las necesidades cotidianas, registró un aumento interanual del TFV de 2,5 veces, mientras que su cartera de préstamos se duplicó con creces. El número de usuarios con límites aprobados ascendió a 2,8 millones al final del segundo trimestre de 2024, un aumento del 27% con respecto al primer trimestre de 2024. El servicio también mostró una fuerte sinergia con el mercado en línea de Uzum, con más del 55% de los pedidos en Uzum Market pagados a través de la solución BNPL de Nasiya durante este trimestre.

En la primavera de 2024, Uzum alcanzó una valoración de más de mil millones de dólares y se convirtió en el primer unicornio tecnológico de Uzbekistán, lo que colocó al país entre los mercados más dinámicos y de mayor oportunidad del mundo para el desarrollo del comercio electrónico y los servicios de tecnología financiera. La empresa está sentando las bases tecnológicas para la digitalización de la economía de Uzbekistán y tiene como objetivo continuar su ritmo de crecimiento desarrollando activamente su propia infraestructura física y de TI, así como integrando perfectamente sus servicios en todo el ecosistema de Uzum.

Acerca de Uzum 

Uzum es un ecosistema digital y la plataforma digital más grande de Uzbekistán, que ofrece servicios que abarcan comercio electrónico, entrega exprés, banca y tecnología financiera, y desarrollo empresarial. Más de 10 millones de personas en Uzbekistán, o casi un tercio de la población del país, utilizan los servicios de Uzum cada mes.

Después de una exitosa ronda de serie A en marzo de 2024, Uzum se convirtió en el primer unicornio tecnológico en Uzbekistán con una valoración posterior al dinero de más de mil millones de dólares.

Obtenga más información en uzum.com.

Para información adicional, contactar: [email protected] 

TASCHKENT, Usbekistan, 8. August 2024 — Uzum (im Folgenden als „wir”, „uns”, „unser”, „Uzum” oder das „Unternehmen” bezeichnet), ein führendes Ökosystem digitaler Dienstleistungen in Usbekistan, gibt heute seine wichtigsten Leistungskennzahlen für die sechs Monate bis zum 30. Juni 2024 bekannt.

Wichtige operative und finanzielle Kennzahlen

• Marktplatz GMV wuchs um das 4-fache im Vergleich zum Vorjahr
• Kreditportfolio von Uzum Fintech-Dienstleistungen mehr als verdoppelt
• Jeder dritte Einwohner von Usbekistan nutzt Uzum-Dienste
• Uzum bereitet derzeit eine Serie-B-Finanzierungsrunde für das vierte Quartal 2024 oder das erste Quartal 2025 vor und möchte bis zu 300 Millionen US-Dollar aufbringen, um die weitere Entwicklung seines BNPL-Geschäfts, seiner Online-Kreditprodukte und seiner E-Commerce-Sparte zu finanzieren.

Das Uzum-Ökosystem verzeichnete im ersten Halbjahr 2024 ein starkes Wachstum, wobei der konsolidierte Nettogewinn dank der rasanten Entwicklung seiner E-Commerce- und Fintech-Dienste im Vergleich zum Vorjahr um 50 % stieg. Die Gesamtzahl der Nutzer des Ökosystems hat sich im Vergleich zum Vorjahr fast verdoppelt und hat 10,6 Millionen aktive Nutzer pro Monat erreicht, was etwa 30 % der usbekischen Bevölkerung entspricht.

Nikolay Seleznev, Chief Strategy and Business Development Officer bei Uzum, kommentierte:

„Wir sind stolz auf die soliden Ergebnisse, die Uzum in der ersten Hälfte dieses Jahres erzielt hat, und wir sind unseren Investoren, Partnern und Kunden dankbar, dass sie an unsere Mission glauben, während wir daran arbeiten, das volle Potenzial von E-Commerce und Fintech in Usbekistan zu erschließen. In der zweiten Hälfte des Jahres 2024 werden wir die Grundlagen für die Einführung der Uzum-Bankkarte sowie für unser Online-Kredit- und Einlagengeschäft schaffen. Ende dieses oder Anfang nächsten Jahres wollen wir weitere Finanzmittel beschaffen, um das Wachstum auf dem vielversprechenden Markt Usbekistans zu beschleunigen. Zu diesem Zweck zielen wir auf große internationale Fonds ab, die mittelfristig für eine spätere Notierung an einer internationalen Börse von Bedeutung wären.

E-Commerce

Die E-Commerce-Einheit von Uzum verzeichnete einen fast vierfachen Anstieg des GMV (Gross Market Value, Bruttowarenwert), da der Online-Marktplatz Uzum Market seine Position als E-Commerce-Champion des Landes weiter festigte. Der GMV des Marktplatzes wuchs im Jahresvergleich um das 3,5-fache, während sich die Zahl der über den Marktplatz abgewickelten Bestellungen im ersten Halbjahr 2024 im Vergleich zum Vorjahr mehr als verdreifachte und sich insgesamt auf mehr als 8 Millionen belief, wobei inzwischen mehr als 10.000 Verkäufer auf der Plattform tätig sind. Das Unternehmen ist auf dem besten Weg, die erste Phase des größten Lagerkomplexes in Usbekistan (77.000 m²) bis zum Jahresende in Betrieb zu nehmen, um die weitere Uzum Market-Expansion zu unterstützen.

In diesem Zeitraum wurde der Online-Lebensmittel-Lieferdienst Uzum Tezkor zu einem wichtigen Bestandteil des E-Commerce-Geschäfts von Uzum. In nur etwas mehr als einem Jahr hat sich Uzum Tezkor zum größten inländischen Zustelldienst nach geografischer Reichweite entwickelt und deckt die acht größten Städte des Landes ab. Der Dienst nimmt weiterhin neue Restaurants auf, um den Kunden eine wachsende Auswahl an Lieferoptionen zu bieten. Zum Ende des Berichtszeitraums waren 1.690 Restaurants auf der Plattform vertreten.

Fintech

Das Unternehmen konzentrierte sich weiterhin auf die Rentabilität und die Produktentwicklung für seine Fintech-Geschäfte, insbesondere die digitale Uzum Bank und den Ratenzahlungsdienst Uzum Nasiya . In diesem Quartal führte die Bank virtuelle Visa-Karten mit attraktiven Konditionen für usbekische Verbraucher auf Vorbestellung ein und plant eine aktive Einführung von Online-Kreditprodukten in den nächsten 12 bis 18 Monaten, während sich das Unternehmen strategisch zu einer vollwertigen Neobank mit einem umfassenden Angebot an täglichen Bankdienstleistungen wandelt.

Uzum Nasiya, ein praktischer Ratenzahlungsdienst für den täglichen Bedarf, verzeichnete einen Anstieg des Time-to-First-Value-Wert um das 2,5-fache im Vergleich zum Vorjahr, während sich der Kreditbestand mehr als verdoppelte. Die Zahl der Nutzer mit genehmigten Limits belief sich Ende des zweiten Quartals 2024 auf 2,8 Millionen, was einem Anstieg von 27 % gegenüber dem ersten Quartal 2024 entspricht. Der Dienst zeigte auch starke Synergien mit dem Online-Marktplatz von Uzum, da mehr als 55 % der Bestellungen auf Uzum Market in diesem Quartal über die BNPL-Lösung von Nasiya bezahlt wurden.

Im Frühjahr 2024 erreichte Uzum eine Bewertung von über 1 Milliarde US-Dollar und wurde das erste IT-Einhorn in Usbekistan. Damit zählt das Land zu den dynamischsten und chancenreichsten Märkten der Welt für die Entwicklung von E-Commerce und Fintech-Dienstleistungen. Das Unternehmen legt die technologische Grundlage für die Digitalisierung der usbekischen Wirtschaft und will sein Wachstumstempo durch die aktive Entwicklung seiner eigenen physischen und IT-Infrastruktur sowie die nahtlose Integration seiner Dienste in das Uzum-Ökosystem fortsetzen.

Über Uzum

Uzum ist ein digitales Ökosystem und die größte digitale Plattform in Usbekistan, die Dienstleistungen in den Bereichen E-Commerce, Expresslieferung, Bankwesen und Fintech sowie Unternehmensentwicklung anbietet. Mehr als 10 Millionen Menschen in Usbekistan, d. h. fast ein Drittel der Bevölkerung des Landes, nutzen jeden Monat die Dienste von Uzum.

Nach einer erfolgreichen Serie-A-Finanzierungsrunde im März 2024 wurde Uzum mit einer Bewertung von über 1 Milliarde US-Dollar nach dem Investment zum ersten IT-Einhorn in Usbekistan. 

Weitere Informationen finden Sie unter uzum.com.

Um weitere Informationen zu erhalten, kontaktieren Sie bitte: [email protected] 

APPLETON, Wis., Aug. 8, 2024 — Global Alternative Investment Management LLC (“Global Alts”) is pleased to announce the successful close of its latest venture capital fund, Global Alts SPV LLC-Groq AI (the “Fund) targeting a strategic investment in Groq, a pioneering AI technology company developing chips to run generative AI models faster than conventional processors.

The Fund’s investment in Groq was acquired indirectly through a private investment vehicle participating in Groq’s recent $640M Series D round at a valuation of $2.8B. Groq’s round was led by funds and accounts managed by BlackRock Private Equity Partners with participation from both existing and new investors including Neuberger Berman, Type One Ventures, and strategic investors including Cisco Investments, Global Brain’s KDDI Open Innovation Fund III, and Samsung Catalyst Fund.

About Groq

Groq builds fast AI inference technology. Groq® LPU™ AI inference technology is a hardware and software platform that delivers exceptional AI compute speed, quality, and energy efficiency. Groq, headquartered in Silicon Valley, provides cloud and on-prem solutions at scale for AI applications. The LPU and related systems are designed and manufactured in North America. The unique, vertically integrated Groq AI inference platform has generated skyrocketing demand from developers seeking exceptional speed.

About Global Alternative Investment Management

Global Alts seeks to provide its clients with opportunistic alternative investments on a global scale. With more companies staying private for longer, Global Alts targets unique investment opportunities into transformative, disruptive businesses through direct investments, secondary market purchases, and co-investments. Since spinning out from its RIA affiliate in 2021, Global Alts has launched six funds, targeting late-stage global technology venture capital, financial technology, and single-purpose funds targeting Indian-based companies. The founding partners of Global Alts have a 25+ year history of sourcing alternative investment opportunities. Using our innovative approach, the Global Alts team excels in creating bespoke one-investor funds tailored specifically for high-net-worth families, foundations and endowments ensuring personalized and strategic investment solutions.

Press & Investment Inquiries

Prateek Mehrotra, MBA, CFA, CAIA
Chief Investment Officer
[email protected]
920.785.6010

The press release is for Informational purposes only and does not constitute an offer or solicitation to sell shares or securities in any investment or company. Interests in any alternative investment vehicle are offered only pursuant to the terms of a confidential private placement memorandum (the “Memorandum”), which is furnished only to accredited and/or qualified investors on a confidential basis for their consideration in connection with the private offering. All investments involve risk and potential loss of capital and, unless otherwise stated, are not insured or guaranteed. For additional information on the risks of alternative investments, please visit our website. 

SOURCE Global Alternative Investment Management LLC

TASHKENT, Uzbekistan, Aug. 8, 2024 — Uzum (hereafter referred to as “we”, “us”, “our”, “Uzum” or the “Company”), a leading ecosystem of digital services in Uzbekistan, today announces its key performance highlights for the six months ended 30 June 2024.

Key Operating and Financial Highlights

• Marketplace GMV grew 4 times year-on-year
• Loan portfolio of Uzum fintech services more than doubled
• Every third resident of Uzbekistan uses Uzum services
• Uzum is currently preparing to launch a Series B funding round in Q4 2024 or Q1 2025 and seeks to raise up to $300 million to fund the further development of its BNPL business, online lending products, and its e-commerce vertical.

The Uzum ecosystem delivered strong growth during 1H 2024, with consolidated net income increasing by 50% year-on-year on the back of the rapid development of its e-commerce and fintech services. The combined audience of the ecosystem nearly doubled year-on-year and reached 10.6 million active users per month, or approximately 30% of Uzbekistan’s population.

Nikolay Seleznev, Chief Strategy and Business Development Officer at Uzum, commented:

“We are proud of the solid results that Uzum delivered during the first half of this year and are grateful to our investors, partners, and customers for believing in our mission as we work to unlock the full potential of e-commerce and fintech in Uzbekistan. For the second half of 2024, we will lay the groundwork for the roll-out of the Uzum Bank card as well as our online lending and deposit business. At the end of this year or early next year, we plan to attract further funding to accelerate growth in the promising market of Uzbekistan. To that end, we are targeting large international funds, which would be instrumental in a subsequent prospective listing on an international stock exchange in the medium term.”

E-commerce

Uzum’s e-commerce unit posted a nearly fourfold increase in GMV, as the online marketplace Uzum Market further solidified its position as the country’s e-commerce champion. The marketplace’s GMV grew 3.5-fold year-on-year, while the number of orders processed by the marketplace in 1H 2024 grew more than threefold year-on-year and totaled more than 8 million, with more than 10,000 sellers now operating on the platform. Looking ahead, the Company is on track to commission the first phase of the largest warehousing complex in Uzbekistan (77,000 sqm) by year-end to service the further expansion of Uzum Market.

During this period, the online food delivery service Uzum Tezkor became a significant contributor to Uzum’s e-commerce business. In just over a year of its operation, Uzum Tezkor has become the largest domestic delivery service by geographic reach, covering the eight largest cities in the country. The service continues to onboard new restaurants to offer customers a growing range of delivery options, with 1,690 restaurants operating on the platform by the end of the period.

Fintech

The Company continued to focus on profitability and product development for its fintech businesses, notably the digital Uzum Bank and the Uzum Nasiya installment payment service. During this quarter, the Bank launched pre-order branded Visa virtual cards with attractive terms for Uzbek consumers and is planning an active roll-out of online lending products over the next 12-18 months, as the business undergoes a strategic transformation into a full-blown neobank with a full suite of daily banking services.

Uzum Nasiya, a convenient installment service for everyday needs, posted a TFV 2.5-fold increase year-on-year while its loan portfolio more than doubled. The number of users with approved limits amounted to 2.8 million at the end of Q2 2024, an increase of 27% from Q1 2024. The service also showed strong synergy with the Uzum’s online marketplace, with more than 55% of orders on Uzum Market paid via Nasiya’s BNPL solution during this quarter.

In spring 2024, Uzum reached a valuation of over $1 billion and became the first tech unicorn in Uzbekistan, placing the country among the world’s most dynamic and high-opportunity markets for the development of e-commerce and fintech services. The Company is laying the technological foundation for the digitization of Uzbekistan’s economy and aims to continue its pace of growth by actively developing its own physical and IT infrastructure, as well as seamlessly integrating its services throughout the Uzum ecosystem.

About Uzum

Uzum is a digital ecosystem and the largest digital platform in Uzbekistan, providing services spanning e-commerce, express delivery, banking and fintech, and business development. More than 10 million people in Uzbekistan, or nearly one-third of the country’s population, use Uzum services every month.

After successful series A round in March 2024 Uzum became the first tech unicorn in Uzbekistan with a post-money valuation of over $1 billion. 

Learn more at uzum.com.

For additional information please contact: [email protected] 

The land loan to MBrar Investments, LLC, will be used for refinancing and working capital

ENGLEWOOD, N.J., Aug. 8, 2024 — A $1.28 million loan will help MBrar Investments, LLC get one step closer to building a hotel in a growing residential and tourism area in Washington State.

Kennedy Funding, the Englewood, New Jersey-based direct private lender, announced today the closing of a $1.28 million loan on 17.3 acres of raw land located at 2308 West Broadway Avenue in Moses Lake, Washington. The proceeds will be used for working capital, and to pay off an existing seller note.

The borrower, MBrar Investments, went into contract to purchase the Moses Lake property in 2020 during the COVID-19 global pandemic, completing the purchase in 2021 for $2.85 million. Notably, Kennedy Funding agreed to allow the existing lien holder to subordinate another loan behind the new loan in the amount of $700,000.

“Kennedy Funding is no stranger when it comes to complex land loans, and we’re renowned for our ability to find innovative ways to close deals,” said Kevin Wolfer, CEO of Kennedy Funding. “We are uniquely situated to work through challenges and complexities to ensure our clients get the funding they need.”

“We pride ourselves on getting clients to the closing table, regardless of obstacles,” added Edwin Urrego, Executive Loan Officer at Kennedy Funding. “When a deal has merit, we will find a way to secure funding — a testament to our capabilities and our commitment to our clients.”

MBrar Investments plans to construct a hotel on the property. The land is properly zoned for hotel use, and it is expected that permits to begin construction will be granted soon. The property is situated along a major thoroughfare only a few blocks from I-90, benefitting from high visibility and accessibility. According to Urrego, the land was put up as collateral.

“MBrar Investments knew we could deliver on this land loan, and our successful closure demonstrates why borrowers trust us with their most challenging projects,” Urrego said. “We are proud to support developments that drive local growth and provide substantial benefits to communities.”

With scenic beauty and outdoor recreational opportunities, Moses Lake attracts local tourism and new residents alike. The area, located around 2.5 hours from Seattle and directly off I-90, offers many family-friendly outdoor recreational activities year-round. It’s home to the largest freshwater body in Grant County, with more than 120 miles of shoreline.

Moses Lake is experiencing a surge in developer interest. A number of tech companies have moved to the area in recent years, attracting major business and talent to the greater area. Notable companies with a presence in Moses Lake include SGL Carbon, which manufactures carbon fiber and is poised to be the largest carbon fiber plant in the world; Dell; International Paper; and Boeing. With the major tech hub of Seattle not far from Moses Lake, the area has become an ideal place for expanding companies to conduct business.

“Being the go-to source for land loans means that the developers will be able to confidently move forward with this Moses Lake project,” Wolfer stated, “a hotel that will serve a growing number of visitors while helping build the community.”

For more information about Kennedy Funding, visit www.kennedyfunding.com.

About Kennedy Funding
Kennedy Funding is a global direct private lender specializing in bridge loans for commercial property and land acquisition, development, workouts, bankruptcies, and foreclosures. Kennedy Funding has closed more than $4 billion in loans to date. Their creative financing expertise provides funding up to 75% loan-to-value, from $1 million ($3 million international) to more than $50 million in as little as five days. The company has closed loans throughout the United States, the Caribbean, Europe, Canada, and Central and South America.

www.kennedyfunding.com

SOURCE Kennedy Funding

More than 84K square feet is dedicated to battery manufacturing in America

VIRGINIA BEACH, Va., Aug. 8, 2024 — The conversion to battery-powered tools continues to be the leading trend in the outdoor power equipment industry and the fastest-growing market segment, and STIHL is at the forefront of this battery transformation. Through 2025, STIHL Inc. will have invested over $60 million towards battery manufacturing, including the production of battery-powered blowers, pruners, trimmers, and multi-attachment tools, as well as the assembly of over five different battery packs to power those units at its state-of-the-art factory in Virginia Beach, Va.

The expansion of the STIHL battery-operated product and service portfolio is in full swing. The STIHL product range includes more than 80 battery-operated tools for consumers and professionals; almost every fourth STIHL product sold is battery-operated. Thirty new battery-operated products are scheduled to hit the market worldwide over the next two years alone. STIHL aims to increase the share of sales from battery-operated products to at least 35 percent by 2027, with a target of 80 percent by 2035. In support of that goal, STIHL Inc., the U.S. operations for the STIHL Group, converted 84K square feet of warehouse space to battery tool manufacturing in 2023.

“In producing our battery products here in the United States, we prioritize excellence, leveraging our vertically integrated manufacturing processes to ensure the highest quality standards,” said STIHL Inc. President and CEO Chris Keffer.

In 2023, battery unit production accounted for 16 percent of all units produced at STIHL Inc., compared to five years ago when just one battery-powered model, the BGA 56 blower, was assembled in the U.S. What started as one assembly line with less than ten employees grew to over 100 employees dedicated to battery products and battery pack manufacturing. By the end of 2023, battery unit production capacity at STIHL Inc. increased by more than 150 percent year-over-year. A significant increase is expected again by the end of 2024.

Since its inception in 1974, the STIHL Inc. campus evolved from a single 20,000-square-foot rented warehouse to well over 1.5 million square feet of manufacturing and administrative space on more than 150 acres. In Virginia Beach, as a result of record sales over several years, operations expanded by nearly 50 percent, resulting in over 1,000 new U.S. manufacturing jobs since 2020.

About STIHL Inc.
STIHL Inc. manufactures the number one selling brand of battery-powered handheld outdoor power equipment among landscape and tree care professionals in America¹, the number one selling brand of gasoline-powered handheld outdoor power equipment in America,² the number one selling brand of gasoline-powered handheld outdoor power equipment among U.S. landscape professionals in America,³ and the number one selling brand of chain saws in the world. STIHL also offers a full line of battery powered handheld outdoor power equipment for the professional and consumer. STIHL products are sold through a network of more than 10,000 authorized local STIHL Dealers from coast to coast—not big-box stores. Located in Virginia Beach, Va., STIHL Inc., the U.S. affiliate of the global STIHL Group, exports to more than 80 countries around the world, and the majority of STIHL products sold in America are made in America.⁴ STIHL products sold through U.S. STIHL Dealers are for distribution in the U.S. only. For more information or for the name of a local STIHL Dealer, call toll free 1-800-GO STIHL (1-800-467-8445) or visit STIHLusa.com.

¹“Number one selling brand” is based on 2007-2023 syndicated and commissioned surveys and 2023 surveys conducted by Irwin Broh Research of the U.S. professional landscaper and tree care markets. ²“Number one selling brand” is based on syndicated and commissioned surveys conducted by Irwin Broh Research among U.S. professional landscapers, as well as independent consumer research of 2009-2022 U.S. sales and market share data for the gasoline-powered handheld outdoor power equipment category combined sales to consumers and commercial landscapers. ³“Number one selling brand” is based on 2007-2022 syndicated and commissioned surveys conducted by Irwin Broh Research of the U.S. professional landscaper market. ⁴A majority of STIHL products sold in America are made in America of U.S. and global materials.

STIHL Inc. is pleased to support the work of the Tree Care Industry Association (TCIA), the National Association of Landscape Professionals, America’s State Parks, the American Green Zone Alliance and the North American Hardware and Paint Association.

For information on job opportunities with STIHL Inc., please go to www.stihlcareers.com. STIHL is an EEO and drug-free work environment.

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SOURCE STIHL Inc.