News

RemotePass Secures $5.5M Series A Funding, Led By 212VC

The company will use the funds to drive market expansion, improve its already award-winning app, and unlock a new phase of product innovation.

Published

5 months ago

March 6, 2024

Nour Nasir

RemotePass

RemotePass, a platform aiding companies in remote workforce management, has acquired $5.5 million in a recent Series A funding round.

The round was spearheaded by 212 VC, with contributors from the US, Europe, and the Middle East, such as Endeavor Catalyst, Oraseya Capital, Khwarizmi Ventures, Flyer One Ventures, Access Bridge Ventures, A15, and Swiss Founders Fund. With the cash injection, RemotePass’s total raised funds now exceed $10 million, adding to previous investments from BECO Capital, Wamda Capital, Plug & Play, and Flat6Labs.

“Witnessing RemotePass’s remarkable product growth and stellar customer service since early 2023 solidified our belief in their visionary team & business model [which] positions them as game-changers in the UAE & KSA, hubs poised for global dominance,” said Ali Hikmet Karabey, Managing Director for lead investor 212 VC.

Established by Kamal Reggad and Karim Nadi, RemotePass caters to various sectors and clients, ranging from startups to major corporations like Spotify, Logitech, and Paymentology. The platform facilitates onboarding, management, and workforce payment in countries where companies lack local legal representation. RemotePass also allows the hiring of full-time employees and contractors across 150+ nations.

“Our platform helps democratize access to global opportunities, leveling the playing field for skilled individuals and enabling them to compete in a global job marketplace. This funding fuels our mission to empower countless lives and help global teams succeed,” explained Kamal Reggad, CEO and Co-Founder of RemotePass.

Also Read: Top 10 Best Freelance Platforms In The Middle East

Amidst the evolving global remote work trend, RemotePass has positioned itself as a leader, notably making significant gains in the MENA region. The platform is accompanied by a comprehensive “super app” delivering financial services and tailored benefits for remote workers, including varied payout options, a USD debit card, and access to premium health insurance.

Initially conceived in 2019 as a SaaS platform for business travel, RemotePass’s founders, being remote work advocates, transitioned to address the challenges of remote team management, particularly in emerging markets. The pivot, catalyzed by the COVID-19 pandemic, enabled substantial growth for the company, with a remarkable 35% month-over-month increase in the first two years, predominantly propelled by client referrals.

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.