Resal Secures $9 Million to Fuel Growth in Saudi Arabia

Resal Secures $9 Million to Fuel Growth in Saudi Arabia

Resal, a pioneering Saudi Arabian e-gifting platform, has successfully secured a $9 million Series A funding round. Importantly, Merak Capital led this round, along with participation from strategic investors. As a result, this investment will propel Resal’s mission to create a comprehensive digital ecosystem for rewards, loyalty programs, and alternative payments.

A Robust Platform for Merchants and Consumers

In 2016, industry veterans Abdullah Alfarhan and Hatem Kameli founded Resal, developing a robust platform that empowers merchants to engage with customers through loyalty programs and digital cards. In addition, consumers can manage and redeem rewards on a centralized platform. Thus, the platform creates a win-win situation for both merchants and consumers.

Strategic Investment Fuels Expansion

Moreover, this capital infusion will enable Resal to accelerate its growth trajectory. Specifically, the company plans to expand its product offerings and strengthen its technology infrastructure to reach a wider audience and deepen its market penetration. Consequently, Resal is poised to make a significant impact in the digital payments sector.

A Vision for the Future

Resal’s founders and leadership team envision a compelling future for digital payments. With the support of strategic investors, they aim to establish the company as a dominant player in the region’s rapidly evolving fintech landscape. Therefore, Resal is set to capitalize on emerging opportunities in this dynamic market.

Driving Innovation and Growth

Resal demonstrates its commitment to innovation by creating a platform that seamlessly connects merchants, companies, and individuals. By leveraging technology to address the evolving needs of consumers and businesses, Resal is shaping the future of digital payments. As such, the company continues to drive both innovation and growth in the fintech industry.

Egypt’s Qardy Secures Seven-Figure Pre-Seed Investment

Egypt’s Qardy Secures Seven-Figure Pre-Seed Investment

Egypt-based fintech Qardy has secured a seven-figure pre-seed round of investment. Notably, White Field Ventures, Vastly Valuable Ventures, and several angel investors participated. This funding highlights the strong confidence in Qardy’s innovative approach and its growth potential.

Qardy :Innovative Digital Lending Platform

Founded in 2022 by Abdelaziz Abdel Nabi, Asser Yehia, and Tamer El-Manasterly, Qardy is transforming digital lending in Egypt and the MENA region. Specifically, it is the first digital lending marketplace dedicated to micro, small, and medium-sized enterprises (MSMEs). Consequently, Qardy provides essential financing solutions that help MSMEs scale and grow.

Expanding Qardy Platform Capabilities

Moreover, the new investment will significantly enhance Qardy’s platform and enable service expansion across the MENA region. Since its soft launch in late 2022, Qardy has made substantial progress. For instance, it has attracted over 1,000 corporate clients and executed loan transactions exceeding 550 million Egyptian pounds (about $12 million). Therefore, Qardy is making a significant impact.

Tailored Financial Solutions for MSMEs

Qardy’s technology offers a range of tailored financial programs. These programs support MSMEs with their working capital and expansion needs. By connecting businesses with a broad network of financial institutions—including banks, leasing companies, factoring firms, and microfinance organizations—Qardy effectively facilitates essential funding.

Investor Support and Future Plans

Tamer El-Manasterly, COO of Qardy, expressed excitement about this milestone: “We are thrilled to reach this point. The support from our investors has been crucial. As a result, this investment will allow us to enhance our services and expand in Saudi Arabia and the region.”

Backing from 500 Global and White Field Ventures

500 Global has also expressed strong support for Qardy’s mission. Amal Dokhan, Managing Partner at 500 Global, commented, “We are excited to support Qardy. Their work empowers businesses with accessible financial solutions. Indeed, we believe in their potential to drive positive change.”

Similarly, White Field Ventures has shown enthusiasm. Kapil Agrawal, Managing Director, stated, “We are pleased to support Qardy’s vision. Their execution capabilities and commitment to customer solutions align perfectly with our investment goals. Consequently, we look forward to their expansion into Saudi Arabia and beyond.”

Reputation for Excellence

With a strong focus on transparency and efficiency, Qardy has quickly built a reputation for excellence in financial services. As the company continues to innovate and expand, it remains dedicated to revolutionizing financial service delivery and driving MSME growth across the MENA region.

Ogram Secures New Funding Round to Drive Expansion in KSA

Ogram Secures New Funding Round to Drive Expansion in KSA

Ogram, an HRtech company from the UAE, has raised significant funding for its expansion into Saudi Arabia. The round, led by Oraseya Capital—the venture capital arm of the Dubai Integrated Economic Zones Authority (DIEZ)—also includes Aditum Investment Management and Everywhere VC. Notably, this investment marks a crucial step in Ogram’s growth.

Ogram’s Rapid Growth and Global Expansion

Founded in 2017 by Karim Kouatly and Shafiq Khartabil, Ogram provides a digital staffing marketplace. This platform enables businesses to book and manage on-demand staff efficiently. In 2022, Ogram raised $3 million in a Series A round. This round was led by Modus Capital, Aditum Investment Management, Dtec Ventures, and DAAL VC.

Moreover, Ogram launched in Greece in 2023 and has achieved impressive results. The company experienced triple-digit growth in shifts per month. Furthermore, Ogram has delivered over three million flexible work hours, consistently maintaining over 90% fulfillment rates in both the UAE and Greece.

Focus on Saudi Arabia and Future Prospects

Looking ahead, the new funding will drive Ogram’s expansion into Saudi Arabia. This market shows a high demand for flexible staffing, particularly in retail and hospitality. Consequently, Ogram anticipates over 150% growth in man hours for 2024.

Shafiq Khartabil, Co-founder & CEO, commented, “We’re excited about this support. It will help us expand into KSA and achieve profitability this year.”

In addition, Julien Plouzeau, Senior Partner at Oraseya Capital, remarked, “Ogram’s success in the UAE and Greece highlights their ability to scale. Therefore, we are confident they will replicate this success in KSA and are thrilled to support their growth.”

Looking Ahead: Series B and M&A Activities

As Ogram prepares for its Series B funding round and potential M&A activities in Q4, the company will continue focusing on expanding its footprint. Their mission remains to enhance workers’ lives through flexible staffing solutions.

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Alsaree3 Food Delivery App Secures Funding for Regional Growth

Alsaree3 Food Delivery App Secures Funding for Regional Growth

Iraqi food and last-mile delivery app Alsaree3 has secured a significant seven-figure Series A investment to fuel its growth and empower the country’s startup ecosystem. This marks a major milestone for both the company and the Iraqi tech scene.

Capitalizing on Craving:

Fueled by the surging demand for convenient food delivery in Iraq, Alsaree3 will leverage this fresh capital injection to expand its reach, enhance its services, and solidify its leadership position in the Iraqi food delivery market.

Strategic Investment Boosts Alsaree3 Iraqi Tech:

The funding round, led by Euphrates Ventures with participation from prominent investors like Snoonu and Iraq Venture Partners (IVP), highlights the growing confidence in Iraqi startups. Significantly, Snoonu, a major Qatari e-commerce player, joins the round, forming a strategic alliance. This partnership will combine Alsaree3’s local expertise with Snoonu’s advanced logistics technology, creating a powerful force in the regional market.

Rising Tide Lifts All Boats:

This investment underscores the immense potential of the Iraqi startup scene, attracting regional powerhouses like Snoonu. In turn, Alsaree3’s success will have a positive ripple effect across the Iraqi startup scene. Mohammed Khudairi, IVP General Partner, emphasizes their commitment: “We’re behind Alsaree3, a high-potential Iraqi startup, and will support their journey.” Their success paves the way for a new era of innovation in the country.

Industry Experts Applaud:

  • Bassam Al-Ateia, Alsaree3 Founder, expresses his enthusiasm: “Partnering with a leader like Snoonu, while retaining existing investors’ trust, benefits everyone. This investment will significantly impact the Iraqi startup ecosystem.”
  • Hamad Mubarak Al-Hajri, Snoonu Founder & CEO, adds: “We’re proud to support Alsaree3 and the Iraqi startup ecosystem. Together, we see immense growth potential for an Iraqi company to thrive regionally.”
  • Geoffrey Batt of Euphrates Ventures remarks: “Alsaree3 is a true Iraqi success story. This round signifies not just investment, but a valuable technology exchange between Snoonu and Alsaree3.”

Alsaree3’s journey underscores the remarkable potential of the Iraqi tech sector. With this significant funding, Alsaree3 is poised to revolutionize food delivery in Iraq and inspire a new wave of innovation in the region.