News

Procural Has Secured $1.2 Million In Seed Investment

The Bahrain-based startup is set to scale and expand the reach of its innovative platform.

Published

1 year ago

March 2, 2023

procural has secured $1.2 million in seed investment

Procural is an AI-driven procurement service that matches B2B vendors and buyers using advanced algorithms and data. The platform offers a cloud-based infrastructure, customizable workflows, automated purchase orders, and real-time budget tracking.

Now, the Bahrain-based startup has secured a seed investment of 1.2 million USD from Flagship Holding and BenchMatrix in a bid to accelerate product development and boost market growth.

“We found a gap in the market and have developed a secure, scalable solution that can be accessed from anywhere. By streamlining the purchasing process, businesses can save time and money while ensuring compliance with their procurement policies. This investment is a validation of our platform’s credibility and potential, and we’re excited to work with Flagship Holding and BenchMatrix to take Procural to the next level,” says Uzair Usman, the chief executive and co-founder of Procural.

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With an extensive suite of data-driven analytical features, Procural helps businesses to manage procurement, track spending, and identify opportunities for cost savings and improvements in process efficiency. The platform helps to digitize the entire procurement process flow, from request to fulfilment, increasing their clients’ sourcing outreach.

With the new funding, Procural will expand its team, improve the platform’s feature set, and accelerate growth, helping the company to become the go-to procurement solution for businesses looking to streamline their workflows.

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

2 days 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.