January 9, 2024
erad raises $2.4 million pre-Seed round
- Saudi Arabia-based fintech erad, has raised a $2.4 million pre-Seed funding round, backed by UAE-based Nuwa Capital and VentureSouq, as well as Saudi Arabia VC Khwarizmi Ventures, with additional private investment from regional angel investors.
- Founded in 2022 by Salem Abu-Hammour, Faris Yaghmour and Youssef Said, erad is a data-driven platform that provides non-dilutive growth capital for online businesses in the Middle East. The platform evaluates the marketing, sales, and accounting activity of online businesses with the applicant’s existing track record and potential capability to scale determining its eligibility for funding. Funding offers are made within 48 hours, after which capital is deployed.
- The new funds will contribute to enhancing erad’s platform and driving its expansion into different markets across the region.
