- First-of-its-kind platform will allow users to complete essential everyday tasks with unmatched speed and simplicity
- Company will soon disclose some key acquisitions toward its ambitions
Cairo: Astra Tech (‘Astra’), UAE-born technology development and investment group formed by Abdallah Abu Sheikh, a serial entrepreneur, and pioneer in the Middle East and Africa’s (MEA) tech startup ecosystem, is raising USD $500 million (AED 1.8 billion) in investment from strategic investors as the company pushes forward with the launch of a revolutionary new app-based ‘ultra platform’ from the region.
The platform, which will bring together selected consumer technologies, products, and services, is being specifically designed to address the ‘platform fatigue’ many users are experiencing today. This fatigue arises from an oversaturation of platforms that aim, unsuccessfully, to integrate multiple semi-related services into their app’s core offering, resulting in a poor user experience. Beyond users, many of today’s platforms and super apps also place an unnecessary burden on suppliers and partners through unfavorable revenue structures across the many services provided.
Astra’s answer to these challenges will be an ultra platform that strips away complexity and focuses on providing a seamless, intuitive, and human experience while supporting the commercial ambitions of suppliers and partners. The company’s vision is to simplify the way people communicate, shop, pay, and transact. To this end, the first-of-its-kind platform from the Arab region will allow businesses and vendors worldwide to effortlessly connect with customers across a variety of essential everyday services and products, enriching users’ lives with speed and simplicity.
“The super app space is ripe for transformation, and Astra Tech is here to disrupt and innovate.” Commented Abdallah Abu Sheikh, Co-Founder & CEO of Astra Tech. “We’ve seen how in an effort to overcome profitability challenges and poor unit economics, platforms have jumped from one business line to the next in an attempt to force users to complete more transactions with them. The result is an overabundance of complex and sluggish digital platforms that aren’t fit for purpose. Our goal is not to reinvent the wheel but to repurpose familiar platforms to create what we call an ‘ultra platform’. That being, an unmatched interconnected ecosystem for digital commerce and communication revolutionizes how people live and significantly reduces the time to complete everyday tasks. We want users to accomplish a lot more on a single platform without the need for additional apps or a subpar user experience.
“We have been working in stealth mode for the last few months to shape Astra Tech into an entire interconnected ecosystem that is equipped to deliver on our massive ambitions and continue being pioneers in our space. This has seen us recruit exceptional global talent who align to our vision, study the inherent wants and needs of consumers, and integrate sophisticated new tools and technology that elevate our sector-leading capabilities even higher. And, we’re making strategic acquisitions to turbocharge our speed to market with assets that are user-rich, financially viable, and customer-centric in nature. These assets will soon be integrated into our ecosystem to further unlock the massive potential of Astra Tech for our users, partners, and society at large. I see a world beyond super apps — one where the platform we carry in our pockets enrich every second of our lives. Astra Tech’s ultra platform aims to realize this vision.” added Abdallah Abu Sheikh.
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About Astra Tech
Astra Tech (‘Astra’) is a UAE-based technology investment and development group formed by Abdallah Abu Sheikh, a pioneering serial entrepreneur in the Middle East and Africa’s (MEA) tech startup ecosystem.
Under Abu Sheikh’s leadership, the Astra Group is taking strides to become one of the largest consumer technology groups in the region by building the world’s first ultra platform and ecosystem. The platform will provide seamless connectivity between consumers and businesses, enabling users to effortlessly access services related to the home, eCommerce, and fintech all within one place, three times faster than through competing platforms. Astra’s mission is to enrich people’s lives by making communication and e-commerce more seamless, connected, and natural than ever before.
Through Astra Group’s investments and acquisitions, Abu Sheikh aims to create the largest and most interconnected digital space for consumers. To this end, Astra Group is supporting the growth of the MENA region’s wider tech ecosystem by investing up to USD $500 million (AED 1.8 billion) in disruptive tech companies.