UAE’s Construction Tech Startup, Procurified, has raised $ 1.1M in its SEED round led by Aditum Investment Management, with participation from US-based Signal Peak Ventures, Al Hathboor Group, Empede Capital, and strategic Angels. Procurified connects Buyers to their vendors to automate a very manual excel and PDF reliant process of project bidding.
The Enterprise Software sector in MENA has risen to new heights over the past year driven by the Mega Round recorded by KSA’s Unifonic. As seen in our State of Startup Funding – H1 2022 Emerging Venture Markets FREE Report, the SaaS space has observed more than 100% YoY growth in VC funding over 2022. With 32% more deals than the year before, venture capital investment in MENA supported AI, automation, data analytics, and B2B solutions across industries. It was major funding rounds backing the likes of AI-powered Software solutions provider Mozn, and transformational technology solutions provider Elevatus Inc. that put MENA’s SaaS space as a pivotal part of the market propositions, shedding light on the importance of developing regional Deep Technologies.
The platform is aimed at helping automate quoting for sellers, reviews for buyers, and insights for makers. Lachlan Hughes of Aditum commented on the investment, “We are thrilled to partner with the great team at Procurified. Rupert and Marc are solving a very challenging problem in a big market. The Founders’ insight into these challenges is reflected in their product design and business model with a hyper focus on reducing friction for customers to adopt and a very short ‘time to value’ from adoption.”
Procurified will be utilizing the funds to further its growth and building their team. “We are delighted to have closed our seed round with really great Investors. Our priority now is to establish an awesome team so we are hiring for key roles in product, engineering and sales. We are excited about our ambitious growth trajectory, with our Series A Round in the next 12-18 months,” concluded Rupert Tait, co-founder.
