erad raises USD 2.4mln to scale alternative growth financing platform for Middle East online businesses
- Date: 19-Sep-2022
- Source: Zawya
- Sector:Technology
- Country:Saudi Arabia
erad raises USD 2.4mln to scale alternative growth financing platform for Middle East online businesses
Pre-seed round backed by Nuwa Capital, Khwarizmi Ventures, VentureSouq, and a group of angel investors
One of the first Saudi-headquartered start-ups to be accepted into the Y Combinator accelerator
25 regional companies onboarded to the erad platform within the first three months of testing
Dubai, UAE: erad, the alternative growth financing platform for online businesses across the Middle East, today announced that it has raised USD 2.4 million in capital. The pre-seed funding round was backed by UAE-based Nuwa Capital and VentureSouq, as well as Saudi Arabian venture capital firm, Khwarizmi Ventures, with additional private investment from prominent regional angel investors.
Co-founded by Salem Abu-Hammour, Faris Yaghmour and Youssef Said, erad’s secure, data-driven platform evaluates the marketing, sales, and accounting activity of promising online businesses. The applicant’s existing track record and potential capability to scale determine its eligibility for funding. Funding offers are made within 48 hours, after which capital is deployed instantly. Online payments are facilitated by erad to allow for operational ease and a seamless user experience.
Salem Abu-Hammour, Co-Founder & CEO of erad, said: “erad was created to provide online businesses with an alternative solution to bank loans or equity investment, and in turn support the growth of the Middle East’s digital