UAE start-up Distichain closes in on funding deals for international expansion

UAE start-up Distichain closes in on funding deals for international expansion

UAE-based B2B e-commerce platform Distichain is close to striking deals with venture capital firms (VCs) and larger angel investors to raise capital for its international expansion plans, its top executive has told Arabian Business.

The start-up, which provides public and private enterprises with tailor-made marketplaces, is also looking to ramp up its staffing levels to 50 at its UAE offices over the next 18-month period, as well as hiring overseas.

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“We are currently raising a funding round which has attracted great interest from multiple investors, both larger Angel investors and also from VCs,” Haisam Jamal, co-founder and CEO of Distichain, told Arabian Business in an exclusive interview.

“Hopefully we can seal it in the near future,” Jamal revealed, without disclosing the amount of funding being sought.

Jamal, pictured below with Lynn Itani, also declined to name the VCs and angel investors, apparently because of non-disclosure norms.

Distichain, which has recently revealed its expansion into the US and Australia, proposes to deploy the new funds to finance these and other expansion plans in the pipeline.

The UAE start-up's new fundraising plans come hot on the heels of it receiving grants from MetLife Foundation as