News

Tumodo Secures $35 Million To Transform MENA Business Travel

The B2B travel platform combines data science, user-friendly design, and world-class service to bring businesses and employees the best travel experiences.

Published

6 months ago

January 18, 2024

Nour Nasir

tumodo secures $35 million to transform mena business travel

Tumodo, an innovative business travel platform founded in 2023, has announced the successful completion of a $35 million pre-seed funding round, co-led by prominent angel investors focused on the MENA region.

The substantial injection of capital will serve as a catalyst for Tumodo’s expansion in the UAE market, continued product development, and the exploration of new partnership prospects. Additionally, the company has ambitious plans to extend its reach across 25 countries worldwide by 2026.

Tumodo offers businesses a streamlined solution to book flights and accommodation for hundreds of employees in under two minutes. Notably, the platform provides complete transparency, free from hidden fees, allowing businesses to manage expenses with greater precision. The company is also working on an AI feature to simplify trip planning, offering seamless integration with corporate HR systems.

Stan Klyuy, Tumodo’s Chief Commercial Officer, explained, “[Tumodo’s] mission is to contribute to the MENA business travel market, ensuring not only its rapid recovery but also positioning it as a leader in technological innovation. We facilitate the establishment of efficient business processes, optimize travel expense management, and bolster employee productivity while ensuring compliance with travel policies. On average, our clients achieve a remarkable 35% reduction in their business travel expenses”.

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Tumodo has already gained the trust of over 100 businesses in the MENA region, boasting connectivity to major distribution channels, global hotel chains, and collaborations with over 400 airlines. In addition, Tumodo’s support specialists are available to assist in trip organization, helping to meet travel objectives while maximizing return on investment.

According to the World Travel & Tourism Council, even during the pandemic, business travel expenditures surpassed leisure travel spending. During 2021-2022, the growth rate of the business travel market exceeded that of leisure travel by 1-10% in many regions, reaching nearly 15% in the Middle East market.

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.