Series A

Seed

Debt Financing

Series B

Kuwait

Dakhil Al Dakhil

Ali Al Fulaij

Hamad Al Sheikh Musaed

Mohamad Tareq Al Thaqeb

If you're ready to take your business to the next level with Rasameel Investment Company, we want to hear your pitch.

Investment in Startup

Learn about Rasameel Investment Company's funding strategy and portfolio success. Explore their detailed profiles on Lucidity Insights.

Rasameel Investment Company

Rasameel Investment Company creates sustainable and scalable business based on income generating assets for local and international clients. Rasameel uses networking and technology to access unique opportunities and provide access to investing for clients and prospects.

New York

Wahed Invest

Finance

Wahed Invest is a financial technology and services company that delivers a ethics-driven investment platform. Wahed Invest allows its users to invest in global stocks, market stocks, sukuk, and real estates.

Dubai

COFE App

Apps

E-Commerce

Food Delivery

Food and Beverage

Foodtech

Online Coffee Market Place, Mobile App, Food & Delivery, On-Demand Delivery, Coffee Delivery App

PE Round

Eat App

Restaurants

SaaS

Software

Mobile

Reservations

Eat App, founded by Nezar Kadhem and David Feuillard in 2015, is an industry-leading restaurant reservation and table management platform. Eat App provides cloud-based applications to restaurants for increasing efficiency and revenue through real-time restaurant reservations, automation, guest data management, and CRM.

Baims

Education

EdTech

E-Learning

Baims is an ed-tech start-up that allows top academic instructors to teach and students to study anytime and anywhere at a fraction of today's cost. Our courses and platform are specifically focused and organized based on each university's curriculum, catering down to the specific question students would expect to get on their own class exams.

What you would get with Baims:

Full Access during the term to:
1- Fully Recorded HD content tailored based on each university's curriculum and past papers.
2- Free and paid live sessions with your courses tutor.
3- A fully solved study note for each chapter, and an unsolved note for practice.
4- Access to a chat group with the instructor, who is available to help at any time of day during the term.

Sihaty

Healthcare

IT & Communication

Healthtech

Hospitals and Health Care

Health Care

mHealth

Personal Health

Sihaty is an integrated virtual health system.

Sihaty is rethinking the way healthcare is done.

Sihaty brings together the best technology with the best human resources for health under its unique digital umbrella.

Sihaty's secure advanced telehealth platform connects you to an ecosystem of carefully selected, trusted, quality providers focused on your well-being.

Sihaty services include primary, urgent, and preventive care, chronic disease management, mental health, and women's and men's health.

Sihaty offers the following advantages to you and to your family:

1. Our on-demand service allows you to see a family physician immediately for most minor emergencies including:
            +	Cough and cold
            +	Fever
            +	Anxiety
            +	Skin problems
            +	Prescription renewals
            +	Lab test reviews

2. Our appointment-based service lets you schedule consultations with and receive evidence-based guidance from experts in medicine, surgery, mental health, nutrition, and rehabilitation.

3. Our convenient delivery service brings medications and laboratory tests to your home.

4. Our technology allows your medical records to remain safe and in your hands.

5. Our integrations allow for remote patient monitoring with the most innovative medical devices for better early detection and chronic disease management.

So why go through the hassle and risk of driving in traffic or waiting in busy waiting rooms when most health services can safely be managed through online consultations?

At Sihaty, we believe in a safe, convenient, and holistic approach to your health. So, come along and join our healthcare revolution.

MyHome

Mobile Apps

Mobile App

Food

MyHome, the app for all of your needs, functions as a Kuwait-based mobile application that connects users to service providers and vendors. The application has a diverse products and services offering ranging from AC Maintenance and Cleaning to Groceries and Car Washes.

Beirut

Nadeera

Sustainable

Waste Management

Environment

Nadeera is a social enterprise that provides resident-centric, technology-enabled waste management solutions.

BnchrPlus

Automotive

Customer Experience

BnchrPlus is a car maintenance company that provide reliable and convenient services at customer location.

<ul>
	<li>The latest funding round makes COFE App one of the leading coffee marketplace in the USD 44 Billion MENA Market</li>
	<li>eWTP Arabia Capital (&ldquo;eWTPA&rdquo;) is an investment platform and a growth stage venture fund, anchored by the sovereign wealth fund of Saudi Arabia, Public Investment Fund (PIF) and eWTP Capital.</li>
	<li>Last year, the company announced a partnership with the Saudi Coffee Company (SCC), a PIF-backed initiative with a mandate to invest SAR 1.2 billion (USD 319 million) in the national coffee sector by 2030.</li>
</ul>

COFE, MENA&rsquo;s premiere online coffee marketplace has announced the successful completion of its Series B funding round, raising USD 15 million in investment capital. Coming onboard as the lead investor is WAED Ventures, the USD 500 million Saudi-focused VC Capital Fund wholly owned by Aramco.&nbsp;

The Series B round also brings on board eWTP Arabia Capital, who have received significant funding support from the Public Investment Fund (PIF) and the Electronic World Trading Platform (eWTP) Capital initiated by Alibaba Group in the Middle East Region. eWTP Arabia Capital was founded by Jerry Li, who is a 20+ year veteran of China&rsquo;s internet and digital industries. Li brings a deep understanding of China&rsquo;s technology ecosystems and a broad network of Chinese top entrepreneurs. Additionally, Al Imtiaz Investment Group, COFE&rsquo;s largest investor by contribution, and KISP Ventures (KFH Capital), and Rasameel Investment Company, a Kuwait-based wealth management fund have participated in the round, reaffirming their confidence in COFE&rsquo;s growth potential.

Leading innovation in the regional coffee industry, COFE has been transforming the way users reach their daily dose of caffeine. Since its inception in 2018, the platform has become an integral player in the USD 44 billion MENA coffee market. Furthermore, the Global Coffee Market is also forecasted to expand at a CAGR of 7.5% between 2022-2027. The funds raised by COFE in its Series B1 round will focus on the brand&rsquo;s e-commerce offering, furthering the company&rsquo;s ambition to become a complete coffee solution provider. With strides made towards strengthening its position in the regional market, COFE is ready to expand internationally in the near future.&nbsp;

Having entered the Saudi market in 2020, COFE has seen wide-spread acceptance from users in the Kingdom and was listed as one of the Top 10 Most Downloaded Food Delivery and Restaurant Apps (2021) in the kingdom in a survey conducted by the Communication &amp; Information Technology Commission (CITC) of Saudi Arabia. Most recently, the brand has also announced its partnership with the Saudi Coffee Company (SCC), established by the PIF company with a mandate to develop the Saudi coffee industry, investing SAR 1.2&nbsp;billion (USD 319 million) in the national coffee sector over the next 10 years. This focus on the coffee industry in the Kingdom has attracted the interest of Saudi based investors, including WAED Ventures, the lead investor in the Series B round.&nbsp;

Commenting on the investment, Fahad Alidi, Managing Director at Wa&rsquo;ed Ventures said: &ldquo;our mission is to advance sustainable innovation within emerging tech segments in the Kingdom. The founding team at COFE app, supported by its cutting-edge platform, will disrupt a multi-billion-dollar market fueled by a nation-wide initiative supporting its growth for years to come. We look forward to backing COFE&rsquo;s growth as it continues to lead the digitalization of farm-to-cup consumerism across the region.&rdquo;

Commenting on their investment in COFE App, Jerry Li, Founder and Managing Partner of eWTP Arabia Capital, said: &ldquo;We partner with like-minded entrepreneurs and support the growth of promising businesses in the GCC region. We believe our investment, combined with strategic assistance, will provide COFE with resources to scale and grow. Our investment is a testament to our commitment to promote innovation in the region. We are excited about COFE&rsquo;s vision in digitizing the coffee industry, which would be a multi-billion market with enormous untapped potentials.&rdquo;&nbsp;

Al-Imtiaz&nbsp;Investment Group, a leading investment group based in Kuwait and listed on the Boursa Kuwait (formerly the Kuwait Stock Exchange), is COFE&rsquo;s largest investor by contribution. Having invested USD 10 million in the previous round and committed to further support the company, Al-Imtiaz invested USD 1 million in this Series B round, taking its total investment in COFE to USD 11 million. Commenting on its participation in the current round,&nbsp;Al Imtiaz Investment Group Executive Vice President, Saad Al-Bader&nbsp;said, &ldquo;The leadership and team of COFE have worked diligently over the years to achieve key milestones that have had clear contributions in propelling the regional coffee industry.&nbsp; We believe that COFE is ready to scale internationally into new markets and to further strengthen its market position and service offerings.&rdquo;

On the occasion of COFE accomplishing a major milestone in its journey,&nbsp;Founder &amp; CEO, Ali Al Ebrahim said,&nbsp;&ldquo;COFE&rsquo;s story has been one of resilience. We have had some great opportunities, but not without its challenges that have needed innovative maneuvering. However, we have persevered in our ambition to create a fertile breeding ground for the growth of the entire coffee ecosystem, especially in the region. At COFE, we have always sought to grow all our partners, investors, and the industry with us. I would like to take this opportunity to thank our investors for continuing to trust in us, and the team for always putting their best foot forward. None of this would have been possible without the hardwork and trust of everyone that has continued to take this journey with us, especially our users.&rdquo;

It is no surprise that investments in the coffee market have been on the rise worldwide, given the industry&rsquo;s untapped potential. Recent prime examples include Peet&rsquo;s Coffee IPO that raised &euro;2.3bn through IPO at the height of the pandemic. Coca-Cola&rsquo;s 2019 USD 5.1 billion acquisition of the British coffee chain Costa Coffee, giving Coca-Cola a significant market share in the coffee industry, as well as Starbucks and Nestle&rsquo;s USD 7.15 billion deal for ready-to-drink coffee in 2018. The Global Coffee Market is anticipated to reach USD 652.31 Billion by 2027, creating a significant window of opportunity for the upcoming future for a coffee-centric business like COFE App.

<hr />
About COFE 
COFE App is an online coffee-centric marketplace conceptualised for coffee communities across the world. A state-of-the-art application that provides quick access to a wide range of international coffee franchises and artisanal coffee brands through multiple premium services and features on one platform.

Founded by Ali Al-Ebrahim in November 2018, COFE App currently operates in Kuwait, KSA, UAE, and Egypt, with international expansion in the pipeline. The platform, which placed among the top five start-ups in the tech innovation category at the London Coffee Shop Innovation Expo, has grown from strength to strength since its official launch in November 2018, and completed a Series-B funding round in April 2021, raising $10 million.

COFE App is available on App Store and Google Play store.&nbsp;

COFE raises $15 million in Series B funding round led by Saudi’s Waed Ventures & eWTP Arabia Capital, led by Chinese Founder, Jerry Li

UAE-based Nadeera has raised $200,000, from Bahrain-based Hope Ventures and Kuwait-based Rasameel Investments, represented by its CEO, Mr. Dakhil Al-Dakhil. The fundraise took place through Beban TV show.

&nbsp;

Founded by Rabih El Chaar, Nadeera is a social enterprise that offers digitally enabled solutions for solid waste management.

&nbsp;

With this investment, it aims to strategically accelerate its market entry into the GCC so as to facilitate waste management in a tech-driven manner, said Rabih El Chaar, Founder and CEO of&nbsp;Nadeera in a statement carried on Zawya.

&nbsp;

In the Beban TV show, entrepreneurs pitch their businesses to a panel of investors from the region and stand a chance to raise investment and find business opportunities. A new episode of&nbsp;the show&nbsp;will be broadcasted every Wednesday of this month. The next episode will air on March 01, 2023.

&nbsp;

Alongside Mr. Dakhil Al Dakhil&mdash;CEO of Rasameel&mdash;the panel of investors in episode 8 of the show featured online food delivery platform ﻿Jahez﻿, represented by Mr. Abdulaziz Alhouti, its Chief Investment Officer, and Mr. Abdulla Almutawa, founder and CEO of restaurant marketing platform, Cari.

&nbsp;

Hope Ventures is the investment arm of Hope Fund and the producers of the Beban show. It invests in Bahraini businesses.

UAE-BASED NADEERA RAISES $200,000 THROUGH BEBAN TV SHOW

Kuwait-based healthtech Sihaty has received $1.3 million in a pre-Series A round from Rasameel Investments, The Taken Seat Fund, Doha Tech Angels, alongside a number of leading regional angel programs, it told&nbsp;MENAbytes&nbsp;today.&nbsp;

<a href="https://sihaty.com/" target="_blank">Sihaty</a>&nbsp;was founded The Taken Seat, a regional venture builder, in 2019. The platform enables users in Kuwait and Saudi to consult doctors online. The doctors can use Sihaty&rsquo;s products to speak to patients, save their medical records and history, and prescribe medicines, which are delivered to patients in 24 hours. The mobile app of the Kuwaiti startup has received over 200,000 downloads since its launch in 2020.&nbsp;&nbsp;

The startup also aims to fill the gap in quality primary care services and care coordination critical to good health.

&ldquo;For too long, our nations have focused on a sick care model. This is expensive, fragmented, low-yield, and it completely ignores the healthy majority. As a result, we have not paid enough attention to primary care and prevention, the priority interventions for health systems,&rdquo; said Dr. Nadeem Alduaij, co-founder and CEO of Sihaty in a statement. He added, &ldquo;Despite our obsession with building bigger and better hospitals, our region holds the alarming record of having the fastest growing chronic disease mortality rate in the world. A paradigm shift is long overdue and we already know what the solutions are. Technology has the power to scale and enhance their impact.&rdquo;

With the help of the latest funds, Sihaty will be introducing the feature of having an assigned family doctor for all its users to help families manage chronic conditions effortlessly.&nbsp;Sihaty will also create a service for mental health conditions, particularly because mental health issues continue to be stigmatized and undermined in the region. Aside from Kuwait and Saudi Arabia, the team hopes to expand this platform across the Gulf region.

Marwan Mahmoud, co-founder at DTA, said, &ldquo;Doha Tech Angels is excited to be part of Sihaty as an investor. We see great potential in Sihaty and in the vision of the founders. As an angel investment group from Qatar, we look for meaningful investment opportunities in health tech that address important regional challenges.&rdquo;

Dakhil Al Dakhil, EVP for Alternative Investments at Rasameel Investments, said, &ldquo;The Taken Seat founders are making a reputation for themselves as serial entrepreneurs. They manage to leverage their expertise and put together a world-class team capable of exceeding expectations in their go-to-market strategy. And that is precisely what we are experiencing them doing with Sihaty.&rdquo;

With the COVID-19 health crisis, people have been taking more measures than ever to ensure that they are in good health. Digital healthcare platforms like Sihaty make access to healthcare easier than ever, enabling people to maintain and improve their current health.

They offer much more flexibility and comfort compared to the hassle of having to find a good doctor and spend hours in the waiting room anticipating an appointment. Such platforms are particularly beneficial for those with chronic conditions who are in need of regular check-ups, medication, and tests.

Kuwait’s Sihaty raises $1.3 million to expand its online healthcare platform

Baims, an EdTech startup in Saudi Arabia, Kuwait, Jordan, Bahrain, and Turkey, raised $4 million in its Series A funding round led by AK Holding with participation from Al-Wazzan Educational Group, Rasameel Investment House and other investors.

&ldquo;We are thrilled to have the support of our investors, who share our vision of providing accessible and affordable education to students across MENA. Baims is short for Big Aims. It was chosen because it is characteristic of young people, especially university students, who have their whole life and possibilities ahead of them and have big aims for the future,&rdquo; Yousef Al-Husaini, CEO of Baims, said.

Baims plans to use the funds from this Series A funding round to accelerate the development of its innovative platform, increase its marketing efforts, and develop new educational content and services.

Baims&rsquo; mission is to provide accessible and affordable education to university and high school students across MENA, regardless of their background or financial situation. The&nbsp;<a href="https://app.baims.com/" target="_blank">platform</a>&nbsp;allows top instructors to teach and students to study anytime and anywhere at a fraction of today&rsquo;s cost, making high-quality education accessible to everyone.

Baims, Kuwait’s EdTech startup, raises $4m in Series A funding round

<ul>
	<li>Kuwait-based edtech Baims has raised $2.2 million in pre-Series A funding round, led by Rasameel Investment House.</li>
	<li>Founded in 2017 by Yousef Alhusaini and Bader AlRasheed, Baims offers tailored online courses for university students in the GCC countries.</li>
	<li>The new funding will allow Baims to grow within its existing markets and the Middle East region, as well as create more dynamic content and expand the provision of more courses for university and high school students.</li>
</ul>

Press release:

Edtech platform Baims has raised $2.2 million in pre-Series A funding round. The round was led by Rasameel Investment house.

Founded in late 2017 by Yousef Alhusaini and Bader AlRasheed, Baims, which stands for Big Aims, offers online tailored recorded courses for university students in Saudi Arabia, Kuwait, Bahrain and Jordan. The courses that aim to digitise the offline tutoring experience allow students to learn at their own pace. All the courses come in the form of video lectures, notes, live sessions and quizzes that can be accessed on Baims web or mobile app.

Yousef and Bader started Baims when they were engineering students at the university and the initial focus of the platform was on engineering courses based on the university curriculum but later expanded their offering to include courses for different other subjects and levels.

The instructors that are part of Baims network include &lsquo;top-tier&rsquo; professors, engineers, and tutors. The startup uses a revenue-share model for its instructors who provide the content tailored to each subject&rsquo;s curriculum. As of 2022, the startup has created more than 2,900+ recorded courses and 55,000+ lectures covering more than 20 universities. Baims sales grew x7 from its previous investment round back in mid-2020.

Yousef Alhusaini, Baims Co-Founder &amp; CEO said, &ldquo;The higher education market in MENA is still undervalued and there is so much room to improve and grow. We are looking to offer the best academic courses during university &amp; skills-based courses post-graduation. Our students spend more than 40+ minutes daily on Baims and we are looking to increase that by providing the best academic content from top instructors.&rdquo;

Dakhil Al-Dakhil, SEO of Rasameel, commented that &ldquo;We are always on the lookout for local opportunities that not only provide a transformative business plan but also carry with it a fascinating story and energetic entrepreneurs who are capable of delivering a successful ending to that story. We found in Baims those fundamental elements where the business is built over a need derived from the founders&#39; own experience.&quot;

Baims has expressed an interest in growing within its existing markets and the Middle East region. It also plans on creating a more dynamic and complete experience by creating new content and expanding the provision of more courses for university and high school students. Investing more in technology is one of the platform&#39;s biggest competencies, as it launched a new version of the application in 2021 with more than 11 new features to facilitate the user experience and provide the latest technology to the platform&#39;s students and teachers.

Kuwaiti edtech Baims raises $2.2 million pre-Series A round

<ul>
	<li>Kuwait-based automotive startup Bnchr+ has raised its Seed round for an undisclosed amount, backed by ZGI partner Brilliant Labs in partnership with Rasameel Investment Company through their joint Brilliant Starts fund.&nbsp;</li>
	<li>Founded in 2018 by Ali Alhaddad and Faisal Alibrahim, Bnchr+ offers after-sales servicing, such as changing parts, refilling fluids, fine-tuning, checking, and programming, through an on-the-go geolocalised platform.</li>
	<li>Bnchr+ will use the newly acquired funds to further develop its platform and support its scaling operations as it services the Kuwaiti market.</li>
</ul>

Press release:

Upon graduation from the 6th edition of the accelerator programme Zain Great Idea, the Kuwait-based Tech startup and automotive maintenance platform Bnchr+ has successfully raised its Seed round. The fundraise was backed by ZGI partner Brilliant Labs in partnership with Rasameel Investment Company through their joint Brilliant Starts fund.&nbsp;

Founded in 2018, The Kuwait-based startup set forth to disrupt automotive after-sale servicing by introducing their on-the-go geolocalised servicing platform. Users can choose from a wide range of car care services from changing parts and refilling fluids, to fine-tuning, checking, and programming and instantly book it to their location.&nbsp;

As observed in our Q3 2021 EVM Transport &amp; Logistics Venture Investment Report, the T&amp;L sector in MENA has raised 30% more funds by Q3 2021 than in the full year 2020. Driving this growth was UAE-based T&amp;L startups in the lead of capital deployed, where Lyve Global, Trukkin, Fenix, and Udrive had raised more than 40 per cent of total capital deployed in Mena by the third quarter of the year. Most remarkably, however, was a solid base of Early-Stage deals (&lt;$500,000) where early-stage transactions recorded 35 per cent of all T&amp;L deals closed across Mena. Amongst these deals, where certain investor interests in the automotive subsector, backing technologies in car service, rental, and purchase. In 2021 YTD, at least 10 rounds backed the automotive industry in Mena with major rounds closed by car marketplace Seez and car care platform Odiggo, both based in the UAE. Other early-stage rounds were close by on-demand car servicing platforms including Garaji and MySyara, and p2p car rental platform ESARCar.

BNCHR+ was one of the very first startups amongst its ZGI cohort to raise funds, where this latest investment comes as a market validation after they raised programme partner interest which translated into their Seed round. Founded by Ali Alhaddad and co-founder Faisal Alibrahim the round puts the startup at a post-money valuation of $3 million+.&nbsp;

It is worth noting that BNCHR+ played a very important role during Coronavirus (COVID-19) pandemic, by providing on-the-spot car services in Kuwait. It offered its clients a very special home service after acquiring a permit to do so during the lockdown by the Ministry of Interior. BNCHR+ employees and technicians have succeeded in providing excellent maintenance service to car owners throughout Kuwait, and that was one of the main pillars of success for the company.

Being a prominent participant in this year&rsquo;s ZGI edition, the Kuwait-based tech startup secured investment from people who believed in their vision of delivering high-level, forward-looking insights on hundreds of thousands of car owners across Kuwait. The startup will be using its newly acquired funds to further develop its platform and support its scaling operations as it services the Kuwait market.

Kuwait's Bnchr+ raises Seed round

<ul>
	<li>Kuwait-based on-demand startup MyHome has raised $1.75 million in a bridge funding round, led by Rasameel Investment Company, as well as early investors and the startup&rsquo;s co-founders.</li>
	<li>
	Founded in 2018 by Abdullah Marafi, Mohammed Alawadhi and Bader Altukhaim, MyHome offers an on-demand home services platform that connects users with local technicians, service providers, and suppliers.
	</li>
	<li>
	MyHome currently operates in Kuwait and two Saudi Arabian cities; Riyadh and Dammam. It&nbsp;plans to utilise its newly acquired funds for further expansion into other cities within Saudi Arabia such as Jeddah, Mecca, and Al-Medina, as well as into the UAE over the next 12 months, and other GCC countries over the next 24 months.
	</li>
</ul>

Press release:

The Kuwait-based on-demand home services platform MyHome has successfully raised $1.75 million in its latest funding round valuing the company at $12.5 million. The Bridge round, leading to their Series A in 2022, was led in participation with Rasameel Investment Company, as well as early investors in the platform and co-founders Abdullah Marafi, Mohammed Alawadhi, and Bader Altukhaim.

Launched in 2018, the MyHome app is a home services platform that connects users with local technicians, service providers, and suppliers. The e-servicing startup has over 30 different service categories, that range from AC Maintenance and Hourly Cleaning, to Car Wash and Pet services. Based on our MENA H1 2021 Venture Investment Report, the Home Services sector observed a 153% growth of VC Funding in MENA in the second quarter of 2021 as compared to Q2 2020.&nbsp;

Through its unique UX/UI, Myhome set forth to disturb the home servicing industry and solve major pain points in transparency and efficiency. Through the Myhome app, users benefit from pre-pricing services for transparency, and an in-app warranty with a differentiated experience depending on the category of service.

Co-founder Abdullah Marafi commented on this opportunity &ldquo;Home services is a very fragmented and unorganised market where prices are not clear, quality is hard to assure and services are hard to standardise. Also, the market is mostly offline, which is a very big opportunity for us, since the market is slowly shifting online and MyHome is well-positioned to capture this demand.&rdquo; The user experience is of utmost value, Marafi continues: &ldquo;We plan to implement technologies that will allow for more automation in our operations, which will allow MyHome to operate more efficiently at scale, which in turn will improve margins. Over the coming years, by expanding into new markets, increasing our service offerings, and investing in new features, we aim to be a market leader in online home services.&quot;

Currently operating in Kuwait and in two Saudi Arabian cities; Riyadh and Dammam. The startup plans to utilise its newly acquired funds for further regional expansion.&nbsp;MyHome is aiming to expand into other cities within Saudi Arabia such as Jeddah, Mecca, and Al-Medina, as well as into the UAE, over the next 12 months, and other GCC countries over the next 24 months. This Bridge round comes as a market validation and a scaling opportunity for MyHome.

MyHome raises $1.75 million bridge round

We&#39;re proud to announce the conclusion of our&nbsp;Series B round bringing the&nbsp;total raised to&nbsp;&nbsp;$11 million.&nbsp;

The funds will be used mainly to fuel&nbsp;<a href="https://restaurant.eatapp.co/">Eat App</a>&rsquo;s global expansion as in-person dining fully recovers. Our growth as a reservation and table management system has accelerated rapidly post-pandemic, up 350% from 2021, and now serves customers in&nbsp;63 countries globally. In addition, the funds will also be used for product development focused around helping restaurants and hospitality operators digitize, manage and optimize the guest experience.

&ldquo;Looking back, the pandemic impacted Eat App greatly. Whilst it caused a drop in revenue, it was also one of the largest accelerators of the business. Restaurants were forced to implement digital tools and we were able to help them adapt and re-open. Today, we are doubling down on building a product-led restaurant management solution to become the leader in that category globally,&rdquo; says CEO and co-founder, Nezar Kadhem.

<img alt="Nezar and David Eat App" src="https://restaurant.eatapp.co/hubfs/Nezar%20and%20David-png.webp" style="height:559px; width:800px" />

&nbsp;

This round included participation from MEVP, 500 Startups, Derayah VC, Dallah Albaraka, Ali Zaid Al Quraishi &amp; Brothers Company, Rasameel Investment Company, with participation from existing investors.&nbsp;

<a href="https://restaurant.eatapp.co/">Eat App</a>&nbsp;had previously raised $5 million at the start of the pandemic in February 2020. Fueled by the recovery in the restaurant business, Eat App has now secured an additional $6 million to capitalize on the post-pandemic adoption of digital tools in the hospitality industry.&nbsp;

Till date, Eat App has raised a total of US$13m.

&ldquo;We are very impressed with Eat App&rsquo;s guest data and reservation technology, as well as its resiliency and growth through the pandemic,&rdquo; says Hasan Haider, one of Eat App&rsquo;s board members. &ldquo;Eat App is uniquely positioned to expand globally, and we are excited to partner with the team to support their next phase of growth.&rdquo;&nbsp;

Eat App concludes $11 million Series B fundraising to continue global expansion

Eat App, a global leading restaurant reservations platform based in Dubai, has today announced the conclusion of its $11 million series B round.

UAE’s Eat App raises $11 million Series B round

New York-based fintech startup&nbsp;<a href="https://wahedinvest.com/" target="_blank">Wahed</a>&nbsp;(meaning &ldquo;One&rdquo; in Arabic) describes itself as a digital Islamic investment platform and as the world&rsquo;s first &ldquo;halal robo adviser.&rdquo; It has now closed a $25 million investment round led by Saudi Aramco Entrepreneurship Ventures (also known as Wa&rsquo;ed Ventures), a venture capital investment arm of oil giant Saudi Aramco.

Existing investors BECO and CueBall Capital participated, as well as Dubai Cultiv8 and Rasameel. The funds will be used to expand internationally, including developing the company&rsquo;s subsidiary in Saudi Arabia. The platform is currently running in the U.S. and U.K., and has more than 100,000 clients globally. It plans to grow in the largest Muslim markets, including Indonesia, Nigeria, India and the CIS. The three-year-old company has already received a license to operate in Saudi Arabia, and aims to get regulatory approval in 20 countries.

According to Crunchbase, Wahed has raised a total of $40 million in funding since its 2015 founding by Junaid Wahedna.

&nbsp;

Last October, Wahed launched in Malaysia after the Malaysian Securities Commission awarded the company the country&rsquo;s first Islamic Robo Advisory license. The firm is also considering listing its Islamic ETF on the Saudi stock exchange.

Ethical investment and Islamic finance is growing in popularity in Muslim countries so long as it is in line with Islamic ethics, so Wahed looks set to benefit.

Commenting on the investment, Junaid Wahedna, CEO of Wahed, said: &ldquo;We&rsquo;re excited to have the support of Aramco Ventures as we foray into the Saudi market. We consider Aramco a strategic long-term partner in both the Kingdom and the rest of the world.&rdquo;

Wassim Basrawi, managing director at Wa&rsquo;ed Ventures, said: &ldquo;We believe in Wahed&rsquo;s mission to provide ethical investing. The company has taken the lead in delivering investment services to one of the world&rsquo;s fastest-growing sectors &mdash; Islamic Finance. Wahed is also, in the true spirit of fintech, helping to broaden the investment landscape. This latest funding round will enable Wahed to make Saudi their regional MENA hub and contribute towards a fast-growing fintech ecosystem.&rdquo;

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Rasameel Investment Company

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We Invest in Startups in the Following Stages

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