Startup Weekly News:28th August - 1st September

Manali Mehrishi

4th Sep'23
Startup Weekly News:28th August - 1st September | OpenGrowth

Welcome to OpenGrowth's weekly startup news, where we bring the latest developments, insights, and trends propelling the startup ecosystem worldwide.


28th August 2023

High-Gear Startup Extinction Season: Imminent Bloodbath for VC-Backed Startups

startup weekly news

Over 50,000 startups in the US supported by venture capital are in search of funding in the near future. A multitude of startups secured funding in early 2022, with an average fundraising interval of 1.5 years. Despite the abrupt resurgence of the IPO market, it's important to stay focused, as startups continue to face significant failures. They're either ceasing operations, actively seeking buyers or desperately soliciting investors to provide financial support until the end of the year. (Read more)


29th August 2023

Mensa Brands Ventures into UAE E-commerce, Aims for Saudi Expansion

startup weekly news

Mensa Brands, a prominent player in the retail industry, has made an impactful foray into the thriving e-commerce market of the United Arab Emirates (UAE), with ambitious plans for expansion into Saudi Arabia on the horizon. The company has unveiled an impressive portfolio of 25 brands encompassing various sectors, including fashion, beauty, fast-moving consumer goods (FMCG), and engaging content. (Read more)


30th August 2023

Refiberd Secures $3.4M Seed Funding to Address Textile Waste with AI

startup weekly news

The fashion sector faces a significant issue: it contributes to a massive waste problem. Each year, approximately 14 million tons of garments end up in landfills or are burned, as per EPA statistics. This accounts for nearly 6% of all solid waste in the United States. "The sheer scale of the issue is staggering," said Sarika Bajaj, Refiberd's co-founder and CEO, in an interview with TechCrunch+. (Read more)


31st August 2023

SoftBank is expected to completely divest from Zomato in the upcoming months

startup weekly news

SoftBank, the multinational conglomerate known for its investments in technology and internet companies, is reportedly gearing up for a complete exit from its investment in Zomato, a leading food delivery and restaurant discovery platform. According to insider sources, SoftBank currently holds a remaining stake of approximately 2.18% in Zomato, which it is likely to divest through block deals within the coming months. (Read more)


1st September 2023

Dell Foundation Leads $9.7M Investment in Fintech Startup CredRight

startup weekly news

CredRight, a financial technology startup, has secured around Rs 78 crore, or roughly $9.7 million, via a mix of debt and equity financing. The Michael & Susan Dell Foundation spearheaded the equity investment, with ongoing backers such as YourNest, Spearhead Capital, 9Unicorns, and Accion Venture Lab also participating. Lenders like Blacksoil, Caspian Debt, RevX Capital, and Westen Capital contributed the debt financing. (Read more)


In case you missed it: Startup Weekly News: 21st August - 25th August


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Manali is a versatile content writer with experience in creating compelling blog posts, website copies, and content strategies across several industries. She is committed to delivering top-notch content that meets both her readers' expectations and her clients' standards. Outside of work, she enjoys traveling, baking, and acquiring new knowledge and skills.