Saudi Arabia’s Elevatus and erad, UAE’s NIFTY Souq get early-stage funding

 Saudi Arabia’s Elevatus and erad, UAE’s NIFTY Souq get early-stage funding

Saudi Arabia-based recruitment platform Elevatus has completed a $10.5 million Series A round, co-led by Global Ventures and Wa’ed Ventures, and joined by Jasoor Ventures.

Elevatus was founded in 2019 by Yara Burgan, Yacoub Zureikat, and Yanal Kashou. It enables companies to centralise core recruitment functions in one place, tackle their hiring 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 counts as many as 150 blue-chip brands among its clients. These include Samsung, RE/MAX, Omantel, Arab Bank, Dr. Suleiman Al-Habib Medical Group, Virgin Mobile, King Abdullah University of Science & Technology, and STC Academy.

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


NIFTY Souq, a UAE-based NFT marketplace, has secured $1.5 million in seed investment from Palm Ventures, Falak Investment Hub and Fitzy Fund alongside angel investors.

Founded in 2021 by Talal Afghani and Nabil AlSayed, 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 that the seed funding will help its expansion plans and that the money will also be used for tech development.


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

The alternative growth financing platform was backed by UAE-based Nuwa Capital and VentureSouq. Saudi Arabian VC firm Khwarizmi Ventures as well as regional angel investors also pitched in.

Erad says its data-driven platform evaluates the marketing, sales, and accounting activity of promising online businesses. The applicant’s existing track record and potential capability to scale determine its eligibility for funding.

The company was founded by Salem Abu-Hammour, Faris Yaghmour, and Youssef Said.

Aman Malik

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