Capital Quest | Saudi Arabia’s Elevates and Arad, UAE’s Nifty Souq get early stage funding

Saudi Arabia-based recruitment platform Elevates has completed a $10.5 million Series A round co-led by Global Ventures and Waid Ventures, and is joined by Jasur Ventures.

Elevatus was founded in 2019 by Yara Burgan, Yacoub Zureikat and Yanal Kashou. It enables companies to centralize key recruitment functions in one place, tackle their recruitment challenges and recruit talent.

With this capital injection, the HR-tech provider aims to accelerate its expansion and expand its market share. It will also broaden its reach by entering new markets and investing in product innovation.

The startup says it has 150 blue-chip brands among its customers. These include Samsung, RE/MAX, Omantel, Arab Bank, Dr. Suleiman Al-Habib Medical Group, Virgin Mobile, King Abdullah University of Science and Technology and STC Academy.

The company also says that it has integrated its technology with tech majors such as SAP, Oracle, Zoom, Slack, DocuSign, Google Meet, Glassdoor, and Ind.

Nifty Sookie

UAE-based NFT marketplace Nifty Souq has secured $1.5 million in seed investment from Palm Ventures, Falak Investment Hub and FIITJEE Fund along with angel investors.

Founded in 2021 by Talal Afghani and Nabil Al Sayed, Nifty Souq is a marketplace and auction platform for creating, selling and buying NFTs. It aims to build a bridge between artists, musicians, sports clubs and brands on the blockchain.

The startup said the seed funding would help with its expansion plans and the money would also be used for technology development.


Saudi Arabia-based fintech firm Ered has raised $2.4 million in a pre-seed funding round.

The alternative growth financing platform was backed by UAE-based Nuva Capital and VentureSook. Saudi Arabian VC firm Khwarizmi Ventures as well as regional angel investors stepped in.

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Arad says its data-driven platform evaluates the marketing, sales and accounting activity of promising online businesses. An applicant’s current track record and potential to scale determines his or her eligibility for funding.

The company was founded by Salem Abu-Hamour, Faris Yaghmour and Yusuf Said.


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