News

LVL Wellbeing Receives $10 Million Investment To Scale Operations

The company will use the funds to develop new product features and incorporate Arabic language across the entire platform.

Published

12 months ago

August 3, 2023

Nour Nasir

LVL Wellbeing

UAE-based startup LVL Wellbeing, a corporate wellbeing platform that aims to help individuals and corporate teams achieve a healthier work/life balance, has successfully closed a funding round led by MG Wellness Holding, a subsidiary of the Abu Dhabi-based Multiply Group.

The $10 million investment from MG Wellness Holding will enable the startup to incorporate HealthierU into its operations, which is already a subsidiary of Multiply Group.

HealthierU is a marketplace-style platform that connects users with wellness consultants worldwide, offering online 1-to-1 sessions. So far, the app’s ecosystem has yielded incredible results, notably a significant reduction in the risks associated with chronic diseases for many of its users.

lvl wellbeing team photo

CEO of LVL Wellbeing, Gary Blowers, is optimistic about the latest development: “This investment will enable us to continue to grow LVL Wellbeing into the market-leading workplace wellbeing platform [and deliver] a range of exciting new features”.

Referencing HealthierU, the CEO added: “The integration of HealthierU into the LVL Wellbeing ecosystem will enable us to combine forces to offer the most comprehensive preventative health and wellbeing services to our members and clients, starting with further growth in the UAE and then expanding our focus regionally, and then globally”.

The LVL Wellbeing app has a wide range of features, including on-demand video content and curated live sessions designed to support members on their journeys toward improved wellness. In addition, LVL Wellbeing’s corporate clients can access real-time data, enabling them to make informed decisions and understand the ROI of their investments.

Also Read: The Largest Data Breaches In The Middle East

As well as the online space, LVL Wellbeing’s service will soon be available directly in corporate settings, with flagship studios soon to be opened in the Standard Chartered Tower and Palm Jumeirah in Dubai, along with ProSeed in Abu Dhabi.

LVL Wellbeing’s latest investment round comes after a series of business wins, including a partnership that will see the company expanding in Dubai, Abu Dhabi, Riyadh, and Halifax, Canada.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.