Seed

Series B

Series A

Pre-Seed

Others

Series C

Pre-IPO

Africa

Rest of World

Riyadh

Abdulaziz Alomran

Basmah Alsinaidi

Turki Alyahya

If you're ready to make an impact with your business, we want to hear your pitch.

Investment in Startup

Find detailed insights on IMPACT46: funding sectors, portfolio trends, and more. Explore Lucidity Insights.

IMPACT46

Fintech

Retail & Wholesale

Mobility

Transportation

Healthcare

Foodtech

Art-Media-Entertainment

Digital & ICT

Software Dev/Test

IMPACT46 is an asset management and advisory firm established in 2019, focused on alternative investment opportunities.

Tamara

E-Commerce

Payments

Tamara offers a buy now, pay later platform that enables customers to pay in installments.

Debt Financing

Lendo

Finance

Lending

Lendo is a fintech startup that provides a range of financing products and offers a peer-to-peer lending platform with a core focus on SMEs' debt finance.

Rasan

Insurance Technology

Digitalization

Banking Technology

Internet Marketplace Platforms

Rasan is a leading fintech company that provides innovative solutions in the insurance and banking technology sectors, enabling individuals and businesses to carry out their financial transactions with ease.

Nana Direct

Grocery

Delivery

Grocery shopping and delivery platform that offers grocery and other home essentials delivery.

Floward

Flowers

Marketplace

Floward is an online flowers and gifts eCommerce solution sourced from local and international brands with same-day delivery schedules.

Playhera

Gaming & E-Sports

Playhera is a gaming and esports platform that connects stakeholders across the industry, allowing them to compete, promote, recruit, and monetize worldwide.

Syarah

Automotive

Syarah specializes in online car sales, offering assistance with purchases and financing options in Saudi Arabia and the region.

Zid زد

eRetail enablement company that enables any retailer or merchant to move from traditional retail to modern retail.

Cairo

Homzmart

Homzmart is an online end-to-end platform that sells home furniture, home décor, lighting, and home supplies.

Jahez

Deliveries

Food Delivery

IT Services

IT Consulting

Jahez is a Saudi Arabian online food delivery platform that connects customers with a wide range of restaurants and food vendors across the country.

Mala'a Technologies

Financial Services

Mobile Apps

Predictive Analytics

Mala'a Technologies is a leading fintech company that offers a range of data-driven financial products and services for individuals and institutions with its financial app.

Dubai

Augmented Reality

Social Network

Digital Media

Virtual Reality

VUZ is a social app that allows users to stream and experience XR and the Metaverse.

Tameeni

Insurance

Tameeni is an insurance company that offers car insurance and health insurance.

elmenus

Elmenus is an online food discovery platform that provides its users with digitized restaurant menus from food carts to hotel restaurants.

Nejree

Fashion

Lifestyle

Nejree is an online shopping platform that offers a personalized shopping experience to customers with a wide range of products and categories that cater to all demographic groups.

Merit Incentives

Technology

Merit Incentives is a global engagement technology and solutions company that helps businesses boost customer and employee engagement through its innovative enterprise solutions.

Cipher

Cybersecurity

Cyber Security

Cipher was founded with the objective to simplify the perception of complexity surrounding cybersecurity problems and solutions. 

With well over 20 years of cybersecurity experiences The Cipher’s Founders and Our Senior Team of cybersecurity experts realized that a new, innovative, and game changing perspective was needed in the way Security Vendors implement Digital Security for their clients. A simpler and more efficient way.

Trukkin

Logistic & Storage

Trukkin is leading techno-logistics platform providing world-class cloud-based intelligent operations and services that unite shippers, transporters, brokers and drivers through one seamless, integrated interface.

ZenHR

Information Technology

Software

ZenHR is a cloud-based Human Resources Management System (HRMS) that is specifically designed to serve everyone from SME to Enterprise customers in the MENA market. ZenHR is completely localized to the MENA market, including all labor laws, expat regulations, and social security & tax laws.

ZenHR helps HR departments and employees reach astate of Zen by offering state of the art cloud-based HR software solutions that provide value across all stages of HR from the 'Acquire' stage to the 'Retire' stage.

Telgani

Leading car rental platform in which customers can quickly and easily rent car at a very competitive price.

Hala

Hala is a prominent fintech company that seeks to transform financial services and develop the future bank for small and medium-sized enterprises (SMEs).

Dawul

Dawul is a platform that allows investors to share details of the financial status of their portfolios with other investors.

Raqamyah Platform

Raqamyah Platform is a regulated peer to peer (P2P) financing platform by Saudi Arabian Monetary Authority (SAMA).

Speero

Speero is the largest marketplace for car parts and services in Saudi Arabia, with a mission to accompany car owners in maintaining their vehicles, while helping repair shops and part vendors move their operations online and boost their businesses. Speero is the ultimate one-stop shop for all car owners.

Bonat

Support & Management Services

Customer engagement solution that provides advanced tools to help in managing businesses.

DataLexing

Analytics

No-Code Apps

Productivity

DataLexing is a productivity platform that provides an all-in-one solution for businesses looking to streamline their data management with insights, apps, notifications, forms, and sheets.

Spades

Hospitality

Food and Beverages

Spades is a web-based solution that allows guests at restaurants to scan a unique QR code at each and every table to view the menu, go through their bill, split it in real-time with their friends if they desire to, tip the staff, and pay using their preferred payment method all in 10 seconds and in 2 taps. With Spades, customers never wait, tables are turned faster, staff earns more tips, and all transactions are synced with the restaurant POS making it a seamless experience.

Cognna

Computer

Security

Cognna, a leading cybersecurity startup, is on a mission to simplify cybersecurity with their innovative platform to empower users by providing effective tools to detect, prevent, and resolve threats effortlessly.

Jeddah

Taffi

Taffi offers on demand personal styling & shopping services.

Sanad Cash

Sanad Cash helps employees relieve financial stress by getting them instant access to their salaries between paychecks.

The Chefz

The Chefz operates as a gourmet food and sweets delivery platform. The Chefz allows users to order food and sweets from ‘top elite restaurants, bakeries, and chocolate stores’ in Riyadh, using its mobile app (available for both Android and iOS).

Torod

Smart solutions for shipping and managing online store shipments

Raseed

Funding

Crowdfunding

Invoice Financing

Investment Platform

Stock Exchange

Stock Market

Raseed is a fintech platform that aims to  make investing easy, simple, and affordable for users in the region with a focus on providing secure access to US financial markets.

Shuttle

Logistics & Storage

AI/IoT

Digital Logistics platform with IoT based Smart Lockers distributed in cities forming a stop station for a mass transit for moving parcels.

Spoilz

Digital Entertainment

Entertainment

Gaming

Publishing

Redefining Gaming. Every. Single. Day. We're not just a game company; we're a playground for creativity, innovation, and pure joy. At Spoilz, we're on a mission to inspire, entertain, and reward our community—every tap, every level, every win is a step towards happiness and success. 🌟

Sanar

Healthtech

Hospitals and Health Care

Telemedicine

Sanar is a leading online healthcare company in Saudi Arabia, dedicated to providing high-quality medical services and products to its patients.

Muscat

Al Matar Group

Travel

Tourism

Al Matar Group provides individuals and businesses with technical travel solutions.

Postpay

California

Bondai

Leisure

Saudi-based Retail enablement company, Zid has successfully raised $50 million (~188 million SAR) in a Series B funding led by IMPACT46 with participation from new investors: Aramco venture capital arm (Waed Ventures) and Endeavour Catalyst. Previous investors: Global Ventures, Elm Company, Arzan and MSA also participated. 

This is the third round of investment Zid has received since the business was founded in 2017, and follows a Series A investment round of $7 million in March 2021. 

The proceeds will be used by Zid to expand into new markets in Saudi Arabia and in the region, conquer new retail verticals, plus digitise and automate more innovative solutions to modernise the retail sector.

Zid has continued its growth in both acquiring new merchants and in transactions. Milestones include doubling its revenues from subscriptions and transactions and a 50% increase in orders made via Zid’s merchants by over 7 million lifetime consumers. Zid’s merchant network now reaches over 7,500 stores across 19 different categories, from small to large merchants in the retail sector.

Zid started by enabling retailers to sell and grow their own online channels. Now, Zid is expanding into a new mission - “modernize the retail sector”. The company’s goal is to up game the retail sector by offering and enabling business owners and retailers with tools and products that will improve the efficiency of their operations and grow their bottom line. 

The company rolled out products and solutions to enable Zid retailers in shipping (ZidShip) and payment (ZidPay), achieving significant growth and adoption of their products. Zid's intention is to expand the offering of these products to cover: financing retailers and cross-border shipping. 

Commenting on Zid’s growth, Co-founder and CEO of Zid, Sultan AlAsmi, said: “We appreciate the continuous belief and trust that our investors have put into the company, the leadership, and the team. We are focused on being the regional optimum solution for each economy we operate in, having proved it in Saudi Arabia.”

Mazen AlDarrab, Zid’s Co-founder and Chief Growth Officer, added: “Zid and its team showed the ability in the past years to turn challenges into solutions that can enable retailers and partners to grow. We will be continuing in the same direction with the aim to modernize the retail sector in the region”

Abdulaziz AlOmran, the Managing Partner at IMPACT46, commented on the investment: “Zid is building a community by enabling merchants to master online presence with a full-fledged e-commerce infrastructure equipped with sophisticated features. The deep connection with merchants is what makes a difference in strengthening this community. Excited to lead the round and welcome Zid to IMPACT46’s family, we see amazing founders that balance each other while pushing the team forward to new frontiers."

Zid raises $50 million Series B round led by IMPACT46

Saudi Arabia-based productivity platform DataLexing, has raised $3 million in a Seed round led by Sadu Capital, with participation from Impact46 and other, unnamed investors.
Founded in 2018 by Rayan Alfaheid and Abdulelah Alganas, DataLexing helps organisations and individuals acquire data without relying on technical personnel, by bringing insights, apps, notifications, forms, and sheets together in one place.
The funding will be used to expand its GCC-wide operations and leverage DataLexing’s development.
Press release:

The advanced All-in-One Data-Driven Productivity Platform DataLexing has raised $3 million in a Seed Round led by Sadu Capital, with participation from Impact46 and other investors. The objective of the funding is to expand its GCC-wide operations and extend the Research & Development of DataLexing.

Founded in 2018 by Rayan Alfaheid and Dr Abdulelah Alganas, DataLexing is an All-in-One Data-Driven productivity platform that brings Insights, Apps, Notifications, Forms, and Sheets together in one place. DataLexing platform helps organizations and individuals get the right data at the right time without relying on technical personnel.

To simplify getting the right data at the right time, the users start from prebuilt productivity templates and correlate them with current business apps to have a single source of truth. As a result, more than 1,000 questions get asked per day using the DataLexing platform without needing a data expert. In addition, opening a dialogue with your data provides an unparalleled experience, unlike waiting weeks to get the answers from the data analyst.

Salem Washeely, Managing Director at Sadu Capital, commented on the investment: "The link between data and centralized reporting usually goes through different applications, platforms, data engineers, and multiple integrations. That wastes business users' time and effort to produce a report on time and even with questionable accuracy. However, DataLexing managed to bridge the gap that clients locally and globally require to cut through this hustle. We are proud to invest in this incredible team geared to solve this massive global pain."

Rayan Alfaheid, the CEO & Co-Founder of DataLexing, commented, "At DataLexing, our mission is to empower everyone to get the right data at the right time by themself. I'm very proud to see our platform positively impacting 10 countries and more than 50 organizations, varying from startups to government agencies, at an early stage in DataLexing life."

Dr Abdulelah Alganas, the CTO & Co-Founder of DataLexing, commented, "Being a Startup brought us closer to our clients, where we walked miles in their shoes. That infused customer-centricity into the fabric of DataLexing. A customer-centric approach is the cornerstone of our development framework where the user is at the heart of technology."

DataLexing raises $3 million seed round led by Sadu Capital

Furniture and home goods e-commerce platform Homzmart has closed one of the past year's biggest funding rounds for a Middle Eastern and North Africa start-up, raising $23 million, its chief executive said.

The company, launched in 2020, will use the new funding to expand services, especially logistics, and fill gaps that appear in supply chains, co-founder and CEO Mahmoud Ibrahim said in an interview with Reuters.

The latest pre series B round funding round, which included participation from Riyadh-based technology venture capital fund STV, Impact46, Outliers Venture Capital, Rise Capital and Nuwa Capital, brings its total funding to about $40 million.

It raised $15 million in an earlier round that closed in the second quarter of last year, after an initial round in which it raised about $2.5 million.

Homzmart started by connecting brands and manufacturers with customers in the Arab world's most populous country. But it found gaps in supply chains that prompted it to create a logistics arm, and now has about 100 trucks.

It also in March acquired Berlin-based home interior design firm MockUp Studio, which uses artificial intelligence to make designs.

Earlier this year the company's activities expanded to Saudi Arabia, and Ibrahim said it had achieved solid growth there. "The percentage of activity in the Kingdom is now between 25% and 30% of the total volume of Homzmart business," he said in the interview on Sunday.

The company says it serves 25 million houses in Egypt and Saudi Arabia, with more than 150,000 products on the platform.

Homzmart has not yet achieved profitability but Ibrahim said it is still focused on expansion and building market share "through lazer-focused profitability milestones".

Investment in MENA start-up Homzmart rises to $40 million after latest round

In most parts of Africa and the Middle East, a consumer journey and experience in buying furniture is not fun. A typical shopping process would entail looking for the best price and quality and asking for recommendations and checking offline stores, one after another.

It is rare to find one-stop shops, especially large offline ones, that can adequately cater to the needs of consumers in the MENA region. Home goods and furniture marketplaces have launched in the last three years around the region to meet this need. Egypt’s Homzmart is one such, and today the company is announcing it has closed its $15 million Series A investment.

The company was founded in 2019 by Mahmoud Ibrahim and Ibrahim Mohamed, but it didn’t launch until the first quarter of 2020. This round of financing follows a $1.3 million seed investment raised in February last year. According to the company, this brings the total amount raised to $17.2 million. 

China’s MSA Capital, one of the investors in Homzmart’s seed round, co-led this Series A investment alongside Nuwa Capital. Other participating investors include EQ2 Ventures, Impact46, Outliers Venture Capital and Rise Capital.

The furniture industry in Egypt has been historically characterized by poor accessibility for consumers. Homzmart’s marketplace collects designs, price ranges and other details of its retailers’ products and solves high distribution costs for them by providing access to consumers who have flexible financing options. In addition, Homzmart said it incorporates AI to optimize content for retailers and intelligent tools to help customers with their purchasing decisions.

“As a marketplace, we stand between the supply and demand. So we connect furniture and home goods suppliers with consumers,” CEO Mahmoud Ibrahim told TechCrunch in an interview. “It’s almost like a big hassle to buy furniture in Africa and the Middle East. And I think it’s a pain all over the world when it comes to having a place that you can shop all your needs when it comes to home products.”

Over the last 12 months, Homzmart claims to have grown 30x in sales. It also showcases more than 55,000 products from thousands of brands and merchants. The online marketplace is tapping into the rapidly expanding $80 billion industry where 14 million customers in the region search online for furniture monthly.

When Homzmart kicked off its hard launch and raised its seed round, it was right at the start of the pandemic. Ibrahim said the company was uncertain that it would survive due to anticipated behavioral changes in consumer spending. But the opposite happened. Customers in Egypt grew to like the product, resulting in more sales like most marketplaces and e-commerce platforms witnessed this past year.

“At the beginning, we were very worried and not sure how customers would react to buying furniture during the pandemic in the Middle East online. So we’re actually amazed by the traction as it seemed like the region was waiting for something like this to happen.”

The growth experienced within the pandemic was one reason MSA Capital decided to double down on the startup. As stated by Ben Harburg, the firm’s general partner, “The pandemic exposed the extreme vulnerabilities and inefficiencies of the Middle East’s archaic offline retail ecosystem, logistics and supply chain. Into the void stepped Homzmart as the next-generation, digitally enabled online marketplace and optimized logistics provider for large-item retail addressing both consumer and enterprise customers.”

Another reason behind the investment, the firm said, is the vast experience of both founders in e-commerce and fulfillment. Mahmoud was the VP of Operations for Jumia Egypt before becoming the Group COO of Daraz, a Southeast Asian company acquired by Alibaba in 2018. Mohamed is also a Jumia alumnus and was part of the logistics development and expansion team in Egypt. 

Although their experience with different verticals in everyday commerce in Jumia and Daraz was invaluable, the founders chose to launch in the niche furniture market instead of building a similar model as their former employers. “We decided this was a really good vertical that we needed to focus on and hold ourselves accountable to digitizing in the region,” Mahmoud said about developing the niche product.

Homzmart’s first year in business was all about understanding supply and demand. The next couple of years is a strategy to expand across the MENA region, helping fulfill demand from a young and fast-growing consumer middle class.

“Whatever we did in Egypt, we need to do across the region. Homzmart isn’t looking to be just an Egyptian platform, rather a regional platform,” the CEO said.

The company has strategically launched operations close to Damietta City, Egypt, to focus on this regional market opportunity. The city is known to be one of the largest furniture manufacturing hubs in the Middle East and thus allows Homzmart to streamline the region’s vertical industry supply chain. An integral part of this supply chain is handling logistics and the movement of products from merchants to buyers. The company said a sizable tranche of investments would be used for this effort.

What’s next for the company when logistics is handled?

“I’ll say the thing that keeps me awake at night is the fact that our business is growing very fast. And we need to make sure that we’re building the right institutional infrastructure for that business, to make sure that after two or three years, we’re building like a very solid, multibillion dollar business,” Mahmoud remarked.

Egyptian furniture marketplace Homzmart lands $15M Series A for MENA expansion

Raqamyah Platform, a Saudi based Peer-to-Peer (P2P) SME lending platform (approved by SAMA Regulatory Sandbox), secured seed funding from Impact46.

As a FinTech company, Raqamyah uses innovative technology to connect small businesses seeking fast, affordable finance with lenders who could help fund their growth. By lending directly to businesses through Raqamyah, lenders earn attractive returns while businesses get fast, easy access to funding at competitive rates to grow, create jobs, and drive the economy forward. Raqamyah’s mission is to empower small businesses to thrive by simplifying and expediting their funding needs.

Raqamyah is one of the first Saudi companies approved by SAMA to offer P2P lending including invoice, inventory, and term finance. With its first lending opportunity fully funded through the Platform, Raqamyah is gearing up to publish its subsequent opportunities in the coming days. The startup is led by Ammar Bakheet and a team of experienced bankers with more than 25 years experience in the financial sector (credit, investment and marketing). “Innovating the traditional SMEs lending by making the whole borrowing and lending experience digital and adopting new technologies to improve credit assessment is the team’s passion” noted Ammar Bakheet, the Managing Partner at Raqamyah.

Impact46 Seed Fund, a newly established fund based in Riyadh, Saudi Arabia investing in early stage startups. The fund focuses on supporting local disruptive technologies across sectors and seeks to play the role of a catalyst to help prepare them for the next stage. With a team of diverse expertise in the entrepreneurship ecosystem, from angel investing, working with incubators, accelerators, and being entrepreneurs themselves, the team believes in a value add approach to their investments.

“Looking at disruptive technologies, FinTech is on the top of the list in terms of sectors. Saudi Arabia has one of the most advanced infrastructure to support creative solutions, and the new regulations supporting those solutions and allowing for a safe test environment will play a driving role in growing the market” noted Abdulaziz Al Omran, a managing partner at Impact46.

P2P SME lending Platform, Raqamyah, raises Seed funding from Impact46

Saudi-based fintech peer-to-peer (P2P) lending platform, Raqamyah, has secured a $2.3 million investment round led by Impact46 with participation from Vision Ventures, Mad’a Investment, Alyusur Company, Fadeed Investment and several angel investors.

Founded by Ammar Bakheet, Raqamyah operates as part of the Central Bank’s SAMA Sandbox to connect qualified companies seeking different types of financing products with individual and institutional lenders looking for alternative investment with higher murabaha returns.

The new funding will enable the company to meet SAMA’s full licence requirements, invest in technology and talent and facilitate easier access to alternative investment opportunities for investors.

Raqamyah has been growing at a monthly double-digit rate with more than 40 fully-funded loans in one year. It was also the first P2P platform to introduce an automatic lending feature where lenders can choose to set automatic investment options based on their lending criteria.

During the Covid-19 lockdown, the platform expanded from lending to micro enterprises only to small and medium enterprises. It launched a point of sale (POS) lending service in partnership with Skyband, the first POS loan posted in January 2021 was oversubscribed by SAR 2 Million and was fully funded by the automatic lending tool.

Furthermore, the company plans to enhance the credit assessment process by reducing origination cost and improving borrowers’ experience through technology.

According to Bakheet, P2P lending is one of the fastest growing areas in fintech and it is at its early stages in terms of innovation and disruption.

"Prospects of growth for the company considering developments in the fintech scene in Saudi are exciting. We have great faith in Ammar and his team to pave the way in this front,” said Basmah Alsinaidi from Impact46.

“SMEs are one of the main pillars of any economy and the region is no different. SMEs need funding to expand and prosper and Raqamyah is here to support SMEs in their growth journey. We believe Raqamyah’s team is well equipped to lead this space,” said Kais Al Essa, founding partner and CEO of Vision Ventures.

Raqamyah raises $2.3 million investment

Taffi, an AI-empowered fashion marketplace, announced its latest funding round of $2M+ Seed financing led by Impact46 & Al-Rashed group (ARG). In addition, the round also includes prominent angel investors from WomenSpark, Sultan Al-Hokair, founder of the fashion retail company Eyad Mashaat and Abhishek Sharma, and Jamil Ahmad, founders of the apparel manufacturing marketplace Fashinza. 

Taffi is the AI-empowered fashion marketplace platform enabling fashion stylists to manage their clients online in a hyper-efficient manner with the tools and built-in scale to serve many more clients than they could have without Taffi. The platform allows clients to acquire new customers easily, showcase their online portfolio to new audiences, and broaden their global reach. For brands and clothing providers, Taffi is a robust global market that provides deeper connections and a better understanding of their customers in ways that current e-commerce or local retailers could not offer today.

Taffi is creating opportunities for over 28 million women in the Middle East. They are homemakers, fashion enthusiasts, and very interested in styling as a source of income from the comfort of their homes. 

“This latest funding round allows us to continue our mission to bring global fashion styles to consumers in the most intimate and personalized manner. Today, e-commerce still has many challenges. From discovering styles to the right fit for you or the moment, the current e-commerce experience is still not the shopping experience we know modern technology can deliver” said Shahad Geoffrey, the Founder and CEO of Taffi. Moreover, the logistics and operations to achieve this experience are still tricky for regional retailers today, but the world is no longer a regional marketplace. Customers today demand global access and purchase opportunities and, at the same time, want it deeply personalized. 

Taffi has already started to connect customers, clothing providers, and individuals across the style, fashion, and merchandise ecosystem to deliver a global, on-demand personalized style marketplace in the EMEA region. Seeing the traction here in Saudi Arabia has been exciting, but most importantly, our platform is helping people and businesses from at least three different segments; shoppers, stylists, and clothing. This opportunity is what is the most rewarding for us here at Taffi. 

“Whether our customer wants access to the latest local Paris fashion, from Dubai, or the trending Tokyo street fashion, on the streets of Cairo. Taffi’s mission is not simply about delivering clothes; it’s about opening new possibilities by empowering our customers with no constraints on how they could look, what they can access, and, more importantly, how they can feel about themselves every day. Our technology and platform are built to deliver this connection. But, of course, clothes are a crucial component” Added Pradeep Bisht, Co-Founder, and CTO. “So getting support from these key strategic investors, who share our vision of e-commerce, is an important next step in making it a reality for everyone.”

“Fashion is one of the largest segments of e-commerce in our region. With such a big market and potential, there come challenges and gaps for all stakeholders of this ecosystem. Taffi is uniquely positioning itself to complete the loop between consumers, fashion brands, and fashion stylists. This segment has yet to be tapped in our region, and we believe Taffi's team, led by Shahad Geoffrey, is well equipped with the right mindset and background to address this segment.” Commented Mohammed Alnasyan from Impact46

Taffi will deploy the latest funding into the growth of the technology platform, continued nurturing and scale of the stylist community, and build on the excellence of their customer experience and continued customer growth.

“As the world continues to become more connected and more personal, Taffi aims to be the leader in not just clothes, but that platform that creates meaningful connections between people, brands, and styles across the globe, united by fashion” said Shahad.

Fashion marketplace Taffi raises $2 million Seed round

There’s no denying that the Middle East is growing fast and its restaurant scene is growing even faster. Dining in the UAE means exploring one of the most diverse, vibrant, and delicious food destinations on the planet. Restaurants are increasingly turning to Spades to keep up with dynamic demand while providing a seamless checkout experience for dine-in customers to pay their bills. 

Spades was founded by Mehdi Chraibi, Adnan Haque, and Sameer Poonja after successful careers building digital products used by millions of users at VISA, Emirates Airline, Oracle, Millicom, and Rocket Internet. The team is backed by executives with leadership roles at global Payment Service Providers (Adyen, VISA & MasterCard), Cloud Kitchens, and multiple Hospitality Houses in the Middle East. Their oversubscribed angel round of $2.5M also included prominent European business angels, such as Thibaud Elzière (Founder, Fotolia & eFounders), Eduardo Ronzano (Founder, KelDoc & Managing Partner, Secret Fund), and Yan Hascoet, Othmane Bouhlal, Omar Benmoussa - the Founders of Chauffeur Privé - Kapten (acquired by Free Now), which was closed with early investments from global & regional VCs such as Nordstar and Impact46.

The fintech payment startup has already signed over 150 restaurants in its first 12 weeks and launched with major brands in UAE such as NOLA, Couqley, Alaca, and The Sum of Us. The company is growing fast and recruiting multiple roles across the board this year to cope with its expansion in the GCC and beyond.

How it works:

Spades allows guests to easily pay their bill by scanning a code or tapping to pay, without any downloads or registration, translating into shorter wait times. Trustworthy, and reliable, the platform provides the fastest and most secure payment solution that integrates seamlessly into all major POS systems, making refunds and reconciliation just a click away. 

Partner restaurants have already reported doubling their staff tips, turning tables faster, saving trees, and improving guest service. With a solution that caters to both restaurants and customers, Spades is set to revolutionize F&B in the region with just a quick scan and a couple of taps!

Customer journey: 

A simple tap to pay or  QR code scan allows diners to conveniently and securely clear bills at partner restaurants. The solution also allows diners to split the total bill with friends and add their own tip individually for staff, while paying using their method of choice. Customers can receive a digital receipt for their records and also review their experience. Through its partnerships, the platform integrates seamlessly with all major POS systems making transactions, refunds, and reconciliation just a click away. 

Human-centric approach:

While other like-minded rival technologies create a disconnect between customers and restaurants, Spades has a human-centric approach to challenge the status quo by increasing engagement throughout. The actual order is still placed in person with the wait staff which has been designed to ensure customers continue to get a chance to interact with their server and seek the right dine-in experience, an issue widely encountered by other online ordering platforms. The automated end-to-end payment integration with any Point of Sale removes all manual errors and simplifies daily reconciliation. By bringing payment to the table, customers can now choose traditional forms of payment or use Spades directly from their phone. 

Co-founder of Spades, Adnan Haque said, “With Spades, we have created a seamless payment portal that is fast, secure, and convenient. Our goal is to give back time to customers and restaurants, and create a perfect "phy-gital" harmony that helps achieve an exceptional dine-in experience.”

Investment Associate at Impact46, Saud Alsahaf said, "F&B is an important industry in the local market, and Spades is offering a powerful digital solution to improve the experience for all stakeholders in the value chain. We look forward to making Spades the standard for restaurant payment."

Co-founder and Managing Director of NOLA Social House & Eatery, Alex Economides said, “Since starting with Spades we’ve noticed our staff having more time to engage with guests at the end of their dine-in visit. Rather than running around at peak hours printing bills and collecting payments. Exceptional service has always been one of the WOW factors at Nola, so with Spades’ efficient and convenient payment method we see a perfect fit.”

Spades launches in UAE after raising $2.5 million

Saudi Arabia-based fintech Malaa Technologies, has raised $1.7 million in its Seed round with participation from Impact46, Khawarizmi ventures, Venture Souq, WealthWell, and several angel investors.
Founded in 2020 by Ali Alorainy and Faisal Alqarni, Malaa facilitates access to expense management and promotes a culture of savings in communities.
The fintech recently obtained a permit from the Saudi Central Bank regulator (SAMA) to operate open banking activities.
Press release:

Saudi financial technology startup Malaa Technologies has raised SAR6.4 million ($1.7 million) in its Seed round with participation from Impact46, Khawarizmi ventures, Venture Souq, WealthWell, and a number of angel investors.

Established back in November 2020, the startup was founded by Ali Alorainy and Faisal Alqarni who both come with diverse experiences in finance and technology. Malaa recently announced obtaining SAMA’s permit to operate open banking activities with the aim to help individuals make better financial decisions through cutting edge technologies in big data and artificial intelligence

Abdulaziz Alturki, MD of Khawarizmi Ventures, said “Malaa team is a great example of aspiring entrepreneurs who took a bold step as the first fintech company to launch its services on top of Open Banking. Malaa will contribute to facilitating access to expense management and promoting a culture of savings in communities. We are pleased to have joined their journey in achieving their mission of raising financial awareness and personal financial management”

Mohammed Alnasyan, from impact46 team, adds: “There is an increase in financial awareness driven by changing consumer behaviour globally and a number of government initiatives locally. Along with the Open Banking Policy, the need for personnel tools to manage and take effect of this major shift in the financial sector is evident. Malaa has a unique approach to addressing this shift with its solutions from financial management, investment, and especially lending. We have a long history with Malaa's founders and we have always been impressed by their ambition and resilience. We are believers in Malaa team and vision and are happy to support their journey"

VentureSouq General Partner stated that “Our FinTech thesis includes personal finance management where we think there is significant whitespace in the MENA region and we are excited about Malaa’s solutions-based approach starting with savings for millennials and Gen Z users as a tool to make better borrowing and investing decisions. We are thrilled to be joining Ali and Faisal on their journey.”

Malaa Technologies raises $1.7 million Seed round

Riyad-based social trading platform Dawul announced on Tuesday that it has raised $5 million in a seed round led by RAED Ventures with participation from Impact46, Seedra Ventures, Derayah Venture and Sukna Ventures.

Dawul platform is the leading platform specialized in social trading. Established in 2020, it acquired a permit from the Saudi Capital Market Authority to conduct financial technology experiments by the end of the same year, and  was officially launched in July 2021. Dawul is built to help beginner investors keep looking for automated ways to execute trades or, what’s even better, follow professional traders and their portfolios and investment strategies. This way, they can obtain details of the traders’ operations directly and in real time.

Dawul also introduced the “investment funds” product, which allows users to view the data of investment funds in the Saudi market, and to see all updates and analysis related to their own preferred funds. All this is through alerts and notifications that are sent periodically to help beginners in making decisions regarding the buying and selling of stocks, and the building of their investment portfolios in a transparent and safe manner.

Dawul plans to take advantage of this investment round by expanding its offers of social trading-related products, as well as expanding its network in the Middle East and North Africa. The platform aims to target the American and British market with its services,  while focusing its efforts on recruiting talent in the fintech industry.

“We are excited to move forward with this fund and we expect to be the first choice for traders in the region based on our value, upgrading the investor experience, and improving transparency in the financial sector,” said Mr. Mansour Al-Harbi, Founder and CEO of Dawul, in response to this funding round.

Co-founder of RAED Ventures Mr. Talal Alasmari commented on this funding round: “There are enormous opportunities behind the concept of social trading which have not yet been applied in the region. We are pleased to be investing in Dawul platform which is the first to introduce this concept to the Saudi market through a safe and transparent platform, and with the support of the Capital Market Authority to raise awareness among investors. We believe in the ability of the Dawul team to expand and serve  the whole MENA region.”

“The initiatives from public and private sectors on the importance of investment, along with the people’s awareness of the value of investments, there is a gap of knowledge in the investment field and its risk. Dawul’s fills the gap by empowering experts in the investment field to share their experience. We bet on the vast experience of Mansour Al-Harbi driving the social trading platform Dawul forward” Mohammed Alnasyan from Impact46 commented on the investment.

Saudi’s Social Trading Platform Dawul raises $5 Million in seed round with participation from Impact46

The leading online car marketplace Syarah, secured $20 million (SAR75 million) for its Series B investment round co-led by Impact46 and Elm company. The investment round aims to broaden the platform’s offering, improve the quality of the services and expand to new markets across the region. The investment round included participation from Budget (United International Transportation Co.), Vision Ventures, and Yousef Al-Rashidi, the founder of Haraj.

Founded back in 2015 by Salah Sharef and Fayez Al-Anazi, a team with deep experience in the automotive and e-commerce industries, their collective experience is a reflection of the growth the platform has achieved. Syarah is redefining how cars are being bought in the automotive industry in Saudi Arabia, providing consumers with a convenient and hassle-free experience for buying cars online and having the cars delivered to their doorstep. Seeing the adoption of technology and the high demand for buying cars online, in 2019, Syarah has expanded its offering by selling used cars online in addition to new cars. Each used car sold online comes with a free car inspection report, a five-day money-back guarantee, and a one-year warranty. Through the platform, Syarah provides its users with a wide selection of more than 2,300 new and used cars available for sale online.

"Syarah’s technology-focused model has been a huge fuel to the growth of the platform exceeding SAR300 million in sales and a rapid growth rate within a very short period. As the platform continues to improve its services in the local market, Syarah is planning to expand its operation in the Mena region,” said Fayez Al-Anazi, the co-founder of Syarah.

Syarah plans to use the recently acquired fund to further shape its offering towards users' needs, provide complementary and wide options of services and strengthen its activities by establishing its own distribution centres in Saudi Arabia. The warehouse represents a milestone in Syarah’s development efforts, where it aims to increase its stock to more than 1,000 used cars that have gone through an in-house inspection and reconditioning phase and are available to collect from the platform.

Salah Sharef, CEO and co-founder of Syarah commented: "We have successfully sold more than 6,000 cars online so far, and with this new investment, we intend to significantly grow our inventory and sales over the next few months."

Majid Alarifi, the Vice President of Marketing At Elm, said: “Elm investment is in line with the company strategy in building a strong base and supporting the ecosystem locally, creating a promising future for a startup in different sectors. Elm follow-on investment in Syarah reflects the platform's ability to continue achieving remarkable events and driving Syarah further."

"The platform is targeting a largely fragmented market in the Kingdom and it has created an opportunity within by providing digital solutions that cater to the consumer trends and facilitates the process of buying cars online. We’re proud to continue the journey with Syarah led by Salah and Fayez in expanding their footprint to new markets،" said Abdulaziz Al-Omran, Managing Partner of Impact46.

Syarah raises $20 million in Series B round

Riyadh-based online car marketplace Syarah has raised fresh funds from Impact46, it announced in a statement today to MENAbytes. The startup did not disclose the size of the investment but said that its a bridge to Series B and includes the participation of an angel investor too. It had previously raised $2 million in a Series A from BECO Capital, Raed Ventures and Vision Ventures in 2018 and an undisclosed amount of investment from Elm in 2019.

Founded in 2015 by Salah Sharef and Fayez Alanazi, Syarah that had started as a car listing website is now one of the largest online auto marketplaces in Saudi, helping both individuals and dealers buy and sell used and new cars, through its website and mobile apps. The platform also provides users with Mojaz car history reports for used cars and facilitates car financing.

Their latest offering, Syarah Online which is available as a dedicated platform, allows users to buy new and used cars completely online and have them delivered to their doorstep without having to contact anyone or visit the showroom. It also offers different complimentary services including selling warranties and extended warranties for cars, selling insurance, and roadside service (AAA).

The Saudi startup claims to have sold more than 1800 cars since last year and has around 300 dealers from all across the Kingdom active on its platform. According to the publicly available data, their website receives half a million visitors every month.

Salah Sharef, the co-founder and CEO of the startup, said, “Syarah Online is on a mission to disrupt and reshape the way cars are bought and sold in the region. Our new partnership with Impact46 will help us greatly towards achieving this goal. It will help us to improve our product offering and to better serve our users with a wider range of services.”

Kholoud Almohammadi from the Impact46, said, “Saudi Arabia is the largest automotive market in MENA accounting for ~40% of total car sales [of the region]. Syarah is well positioned to take the market not only by being one of the very first movers but also by uniquely utilizing their expertise to hone the opportunities in this underserved space.”

Fayez Alanazi, co-founder and CMO of Syarah, said, “The partnership will open up new opportunities for innovation for Syarah, and this will help in creating new services for facilitating car buy and selling in the kingdom. It will also help the Syarah team to continue enhancing it’s existing services, and to better execute future plans for improving the user experience and improving the quality of service and safety in the market.”

Syarah plans to use the investment to increase its sales, expand to new cities in the Kingdom, increase the inventory of used cars, and integrate with financial institutions to offer auto financing leases.

Saudi’s Syarah raises fresh funds to expand its online car marketplace

UAE-based Merit Incentives, a customer and employee engagement platform, has raised $5 million in a Series A round led by Saudi’s Impact46 along with Tech Invest Com, Arzan VC, Hambro Perks Oryx and several regional angel investors. 
Founded in 2016 by Julie Barbier-Leblan, Merit Incentives began as a B2C gifting solution and has expanded to offer B2B engagement tools and technologies.
It now operates its own rewards network of 5,000 partner brands across 100+ countries, with 500+ retailers and merchants in the GCC. Its clients including Riyad Bank, Vodafone, Mubadala and Amazon and claims to have 20 million end-users globally.
Merit Incentives plans to use this funding to grow its team into new territories and invest in its technology.
The company has offices in Saudi Arabia, Kuwait, Egypt, Jordan and UK, along with a technology lab and development team located in Pakistan. Merit expects to triple its research and development resources across offices by the end of 2022.
Press release:

Merit Incentives, a leading developer of innovative customer and employee engagement solutions announced a $5 Million Series A investment round, led by Riyadh-based venture capital fund Impact46 along with Tech Invest Com, Arzan VC, Hambro Perks Oryx and several regional angel investors. 

What started as a B2C gifting solution has expanded to become one of the most engaging technology and consulting firms specialized in developing the latest B2B engagement tools and technologies. Currently, Merit offers its B2B2C services to a diverse portfolio of large enterprises, including Riyad Bank, Vodafone, Mubadala, Adidas and Amazon.

Merit Incentives’ products include Rewardsby, a Software as a service (SaaS) loyalty and rewards marketplace made up of nine distinctive engaging redemption modules, and GiftCardsby - the most advanced SaaS digital gift card platform on the market, enabling instant sales and redemptions from retailers.

Julie Barbier-Leblan, CEO and Founder of Merit Incentives said: “We are thrilled to have received strong support from such prominent investment firms. While we had the option of securing international investors our ambition has always been to raise funds from within the region, as this is where our business first launched. We believe in the Middle East’s fast-growing market which allows us to serve our international clients’ needs with agility and efficiency.” 

The engagement startup operates its own rewards network of 5,000 partner brands across 100+ countries, with 500+ retailers and merchants in the GCC alone, making it a firm that delivers on its promise of ‘thinking globally, acting locally’. In a sign of Merit Incentives’ bright future ahead, it recently surpassed a landmark milestone of 20 million end-users globally

“We are amid a new era where users require unique yet meaningful experiences with companies they like and trust. It has now become imperative for businesses to engage directly with their customers, and internally with their employees, to create a constant dialogue and emotional bond at every touch point. We believe that the key to success is for leaders and managers to be able to align customer and employee engagement to support their vision, using SaaS technologies, and strong digital content, and Merit Incentives is uniquely positioned to accomplish just that,” Barbier-Leblan continued. 

“With the team led by Julie and talented individuals from various backgrounds in tech, banking, & retail. Merit is set to tackle a great opportunity within the business engagement technology sector. The company has been able to expand within the GCC with a global mindset while maintaining a good grasp of the local enterprise and SME market.” said Basmah Al Sinaidi, partner at Impact46.

Merit Incentives plans to use this funding for the growth of their team into new territories, and further investment in technology, building on the existing artificial intelligence and machine learning capabilities of its solutions. 

In addition to its headquarters in Dubai, the company has offices in Saudi Arabia, Kuwait, Egypt, Jordan and UK, along with a technology lab and development team located in Pakistan. With a strong focus on in-house development, Merit expects to triple its research and development resources across offices by the end of 2022.

Merit Incentives announces $5 million Series A round led by Impact46

OhSaudi-based fashion ecommerce platform Nejree has raised $15 million in a Series A led by Impact46’s growth fund, it announced in a statement today. The round takes Nejree’s total financing to over $19 million. The Riyadh-headquartered startup had raised $4 million in a Pre-Series A round in December 2019.

Founded in 2018 by Ibrahim Al Mogren, Nejree started as an online retailer for sneakers but now also sells apparel. The web and mobile-based platform features products for men, women, and kids, from leading international brands, including Adidas, Nike, Lacoste, Puma, Under Armour, Rebook, Converse, and many more.

Its latest offering, Nejree Closet, enables customers to try the products at their homes before they buy them. The service that’s being termed as try-now-buy-later (TNBL) by the Saudi platform is available for free for customers and aims to make the purchase decision easier. The customers can add products on Nejree to their try-on cart and have them delivered to their homes so they can try and choose the products they would like to purchase.

It addresses most of the concerns of customers associated with online shopping of apparel and shoes; including fit-size issues, and feel-look-quality of the products. It has basically taken the best things from the offline shopping experience and has packaged them into its online offering.

Nejree claims that it is the first online platform to have introduced such an option at scale. Since the launch of the new offering three months ago, Nejree Closet has shipped 100,000 products for try-on, stated the startup in a statement, adding that it has seen a growth of over 50 percent in average order value and conversation rate during this period.

Ibrahim Al Mogren, the founder and CEO of Nejree, in a statement, explained, “We have released five different versions of app updates in less than 60 days to deliver Nejree Closet experience at scale. A whole ecosystem is very critical for the success of this service, we are investing tremendously in the whole in-house supply chain and infrastructure from logistics, operations, real-time updates & automation. He also argued that it would take a lot of money and awareness for the concept to get to mass adoption but eventually, the whole industry will move towards TNBL model.

The latest funds will be used to fuel the growth of Nejree Closet. The startup will also use the investment to introduce new categories and brands, and launch new markets, “We are extremely happy to have obtained the trust & support from Impact46, a leading VC in the region, which will bring more expertise & value,” noted the CEO in a statement.

Abdulrahman Almodaimigh, a Managing Partner at Impact46, said, “Nejree is tackling a great challenge in the ecommerce space, addressing customer pain points with the ordering online experience through Nejree Closet’s TNBL. With the right framework, innovative technology, and the team behind Nejree, the platform is set to play a driving role in growing the market.”

Saudi’s Nejree raises $15 million Series A for its try-before-you-buy fashion ecommerce platform

Shuttle, the digital logistics/ smart locker platform utilising IoT to optimise the logistic operation cycle by offering self-service lockers as the pick-up and drop-off points for packages, announced the closing of a SAR3.75 million ($1 million) Bridge to Seed round led by Impact46 with participation from strategic investors in the region. 

Shuttle was introduced in 2020 by Mohammed Alhassan, upgrading the traditional locker experience with a smart locker driven by leading-edge technology enhancing the logistics space as a whole. Smart locker is a tool for items to be safely stored, exchanged by different parties & backed by a software component that allows interaction to happen automatically. Through Shuttle’s software and its smart locker, end-users can authenticate, pay & receive packages with a fully automated process. 

Mohammed Alhassan, Founder of Shuttle Added: “LaaS (Locker as a Service) will be a game-changer in the e-commerce & digital logistics space as its the optimal solution for the business and the end-user. We are grateful to our clients and partners' trust for our unique IP & LaaS, this fund will further help us to improve & IoT infrastructure as well as cover more areas upon our partnerships requests.”

Shuttles’ smart locker is a unique approach to be adopted as it solves three major pain points: first delivery failures, re-scheduling deliveries, and the uncertainty to collect the package within a timeframe. With this solution, the courier can deliver multiple packages in one place, limiting the door-to-door delivery approach, and it’s a win to the customer as it cuts the delivery costs.

Shuttle currently has 90 lockers distributed across 9 main cities including Riyadh, Jeddah & Dammam, and soon to cover Saudi. The lockers are placed in +80 facilities utilizing LaaS “Locker as a service” model across hotels, commercial buildings & petrol stations serving more than 300 customers in multiple industries such as the laundry sector, auto safe storage services in malls, and car rental for key handling.

The locker placements can bring value to the facilities by directing individuals to visit the place in order to pick up the order. LaaS “Locker as a service” is a smart way to be adopted, as it brings benefits to all parties involved in its use and it is set to achieve more within the logistics cycle.

“With the rapid growth of the eCommerce industry, last-mile delivery solutions are crucial to support this industry's potential. The LaaS solution that Shuttle provides solves many pain points for last-mile including: failed deliveries, returns, and delivery prices. Shuttle's team led by Mohammed Alhassan demonstrates a comprehensive knowledge and know-how in this space that we believe will make smart lockers part of our everyday life as consumers.” Mohammed Alnasyan from Impact46 commented on the investment.

Riyadh-based Shuttle raises $1 million led by Impact46

This investment is the first and largest of its kind in the region’s InsurTech sector
Significant investment by Impact46, a CMA authorised asset manager, evidences the potential for growth and differentiation in the InsurTech sector
This investment fuels Rasan's evolution and the growth of Tameeni, simplifying digital innovations and advancing sector’s sustainable growth
Since 2017, Tameeni has attracted eight million users and serves close to 25,000 leads every day
Tameeni operates in line with Vision 2030 in that it drives service development and insurance sector advancement
Riyadh, Saudi Arabia: Rasan, the technology company powering Tameeni – the first InsurTech platform in Saudi Arabia – closes an investment of 90 million SAR led by venture capitalist firm Impact46, signalling rising confidence in the diversification of Saudi's economy. This financing round marks the first growth stage for Kingdom’s InsurTech sector.

Rasan, as a tech company, simplifies user experiences and drives operational digitalisation, value-chain transformation and collaboration across the Saudi and regional markets. The company provides technical solutions to insurance brokerage and financial services sector, under which comes the recent teaming up with major Saudi banks whereby Rasan’s Treza platform will  support bank’s lease-to-own team for vehicles.

Tameeni offers an instant policy by enabling retail customers to compare insurance prices and coverage, then select and pay for their policy of choice all in one place. The three-step online journey takes just two minutes to complete and is warranted by full backend integration with insurers and related service providers. The result is substantial time-saving for users as well as significant process simplification and operational cost reduction for insurers.

Tameeni provides comprehensive, third party and other types of vehicle coverage though its system integration layer with over 20 insurance partners. Through a similar setup with health insurers, Tameeni also offers health coverage to employees of small and medium-sized enterprises. Overall, Tameeni has approx. eight million users and serves close to 25,000 leads daily.

Impact46 is a leading Saudi-based firm focused on the Kingdom’s most exciting investment opportunities and cutting-edge start-up companies. This investment will advance the development and rollout of new technology products, increase the differentiation of Rasan’s InsurTech portfolio, including Tameeni and Treza, and unlock the value of whitespaces across the insurance sector as a whole.

Moayad Alfallaj, Chief Executive Officer of Rasan, said: "Saudi’s Vision 2030 heralds an unprecedented period of economic transformation and prosperity. Rasan is poised to support that by advancing the digitalisation of the insurance and financial sectors. This investment from Impact46 is a major milestone on our growth journey, signalling confidence in our research and innovation, and further strengthening our capabilities to build and scale multi-sided platforms as well as improving the customer experience and expanding into new geographical regions."

Abdulaziz Alomran, Managing Partner at Impact46, said: "Rasan is firmly strengthening its leading position in the digital technology field. It focuses on InsurTech to enable the sector acquire international stature in experience excellence across both segments, namely companies and end-users. We see a tidal wave of opportunities building up in that space, and Rasan is best-equipped to ride the new trend across our region."

Rasan for Information Technology closes its investment round

The logistics and supply chain startup Trukkin has secured an investment of 26 Million SAR for it’s Series A round. The round was led by Saudi based Emkan Capital with participation from Impact46 Seed Fund, Taya Group and other strategic investors.

Founded in 2017 by former Barclays banker Janardan Dalmia, Trukkin is a leading aggregator that digitizes the process of matching shippers with truckers to bring about transparency, reliability and efficiency to the logistics industry. Trukkin also works towards building fintech solutions for payments, insurance, and financial services. These solutions lay the groundwork for more financial inclusion for the unbanked and increase much needed transparency and efficiency for suppliers.

“I’m very proud of the team and the growth we’ve achieved over the course of the last year as we expanded into Pakistan and grew revenues despite the difficult environment presented by COVID. We are excited to close the round with strategic investors like Emkan Capital and Impact46, it confirms our vision of creating a world-class regional aggregation platform to enable logistics for the shippers and transporters.” Commented Janardan Dalmia, Founder and CEO of Trukkin.

Since their highly successful launch in Pakistan, Trukkin has continued to invest in technology and expand its services to newer markets while deepening their presence further in Saudi Arabia and the United Arab Emirates.

Ghassan Aloshban, GP at Emkan Capital, said: “Trukkin has exhibited incredibly efficient use of capital and we’re very impressed with what they’ve been able to achieve in such a short time frame. It’s core team with over 200+ years of combined industry experience have showcased their expertise in not only navigating but driving growth during the pandemic. We look forward to supporting Trukkin, in serving hundreds of corporate clients and individual shippers as they aggressively look for expansion and growth in reach, capability and business volume”.

“Looking into Saudia Arabia’s geographic location, it demonstrates a large local and regional traffic of logistics movement reflecting the fragmented sector that still operates in a traditional way and lacking the innovative/ digital solution. Trukkin platform is in the right position to regulate the industry and simplify the supply chain with its digital services. Trukkin plays a vital role in enabling a group of independent truck drivers to increase their efficiency at a lower cost to clients.” Added Abdulrahman Al-Modaimeegh Managing partner from Impact46.

“We see enormous growth potential in the logistics industry in the MENAP (Middle East and Pakistan) region, the size of the market is considerable at over US$50 billion. Currently, local fragmented players dominate the market in the region, and we are working to be an enabler that brings this fragmented market together on an integrated, world-class platform to showcase collective growth”. Janardan Dalmia commented on the platform’s future plans.

Trukkin has grown 3x since the onset of the pandemic and scaled into Pakistan midyear in 2020 becoming the first mover and the leading logistics platform in Pakistan while growing its business in the UAE and KSA and serving 12 countries in the broader Middle Eastern region.

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