Elimination raise $2.4 million before seed round
- Saudi Arabia-based Fintech8 has raised a $2.4 million funding round, backed by UAE-based Nuwa Capital VentureSouq, as well as Saudi Arabia-based VC Khwarizmi Ventures, with additional private investment from regional angel investors.
- Founded in 2022 by Salem Abu Hammour, Faris Yaghmour, and Youssef Saeed, it is a data-driven platform that provides undiluted growth capital for online businesses in the Middle East. The platform assesses the marketing, sales, and accounting activity of an online business with an applicant’s existing track record and potential ability to broaden their funding eligibility determination. Offers of financing are submitted within 48 hours, after which the capital is distributed.
- The new funds will contribute to strengthening the ITS platform and driving its expansion into various markets across the region.
Today, the alternative growth financing platform for online businesses in the Middle East region announced that it has raised $2.4 million in capital. The preliminary funding round was backed by UAE-based Nuwa Capital VentureSouq and Saudi venture capital firm Khwarizmi Ventures, with additional private investment from prominent regional angel investors.
Co-founded by Salem Abu Hammour, Faris Yaghmour and Youssef Saeed, it is a secure, data-driven electronic platform for evaluating the marketing, sales and accounting activity of promising online businesses. An applicant’s current record and potential ability to expand determines their eligibility for funding. Offers of financing are made within 48 hours, after which the capital is distributed immediately. Online payments are facilitated by annihilation to allow ease of operation and a smooth user experience.
Salem Abu Hammour, co-founder and CEO of IDEAS, said: “Ezyd was created to provide online businesses with an alternative solution to bank loans or equity investment, thus supporting the growth of the digital economy in the Middle East. We have seen an emerging online segment in The region, particularly in e-commerce, which needed a customized financial solution to cover user acquisition and inventory costs but did not have a source of funding to match. What sets us apart is that we delve into business-relevant data, and don’t stop at the company’s assets and financial position.”
Since launching the closed beta program in May 2022, Easy has successfully participated in the Saudi Fintech Program and was one of the first Saudi startups to be accepted into the Y Combinator program. So far, it has founded more than 25 startups on its platform.
Faris Yagmore, co-founder and COO of Annihilation, commented, “When we set out to build Annihilation, we were building this on our personal experience having struggled to fund an e-commerce business in the past. We understood the pain points first-hand and knew what was needed in the solution. The market response to annihilation has been amazing – it validates what we’re developing, and working closely with startups already using our platform has allowed us to improve our proposal.”
The funds raised in the pre-incorporation round from Decis will further enhance the platform and drive the company’s expansion into various markets across the region.
EB is headquartered in Saudi Arabia and is part of the regulatory hedge fund of the Central Bank of Bahrain.