Compareit4me.com closed $3m deal with STC Ventures, Wamda Capital and DSOA
Compareit4me.com recently closed a deal worth $3 million. Funding was conducted by VC arm of Saudi Telecom- STC Ventures, with Wamda Capital’s support, which is headed up by Fadi Ghandour- founder of Aramex, along with Dubai Silicon Oasis Authority (DSOA) that completes the investment group.
Compareit4me.com is Dubai based Finance Comparison website that help users to find and compare financial products. These financial products include personal loans, credit cards and bank accounts. Right now it is operating its functions in Bahrain, Kuwait, Qatar and UAE. It has also engaged countries like Egypt, Lebanon and Saudi Arabia under the name amwalak.com in, which is serving the same purpose.
Compareit4me is the largest finance comparison site in the region. It is planning to utilize that fund for its brand expansion with its launch in at least three more countries by the end of current year.
CEO of compareit4me Group, Jon Richards said, “We are delighted to have such an amazing lineup of investors join the company. They are some of the most influential VCs in the Middle East and each will bring more than just money to the table. All three are strategically important to us; STC will support our KSA expansion, Dubai Silicon Oasis gives us local support and access to untapped sectors, and Wamda brings a wealth of regional know-how, networks and experience. All three are seasoned, value-add VC investors and have a successful track record in helping tech startups scale in the region, which will undoubtedly help us hugely accelerate our current growth.”
STC Ventures is an independently managed venture capital fund backed by Saudi Telecom, the largest telecommunications company in MENA. Dubai Silicon Oasis Authority is a wholly-owned entity of the Dubai Government, which operates as a free zone technology park. Wamda Capital was founded by Fadi Ghandour, founder of Aramex. It is a leading regional Venture Capital Firm focused on deploying growth capital in the Middle East and North Africa’s leading entrepreneur led technology companies.
Aramex is a leading global provider of comprehensive logistics and transportation solutions. Established in 1982 as an express operator, the company rapidly evolved into a global brand recognized for its customized services and innovative multi-product offering. In January 1997, Aramex became the first Arab-based international company to trade its shares on the NASDAQ stock exchange. After five years of successful trading, Aramex returned to private ownership in February 2002 and continued to expand and excel as a privately owned company, establishing global alliances and gaining stronger brand recognition.
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