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Softbank, Sanabil Inject $125 Million in SMEs

Softbank, Sanabil Inject $125 Million in SMEs

Thursday, 16 September, 2021 - 10:45
Unifonic said it will continue its growth after the recent investment to expand internationally (Asharq Al-Awsat)

Saudi Arabia-based engagement platform Unifonic announced its half a billion Saudi riyal ($125 million) Series B funding round, led by SoftBank Vision Fund 2 and Sanabil Investments.

Less than three years after raising the largest Series A funding round in the Middle East at the time, Unifonic has quadrupled in size.

Unifonic plans to continue this growth trajectory and will be accelerating product development and hiring to expand into new markets around the globe whilst bolstering its leading market share across the Middle East.

“At Unifonic our mission has always been to empower organizations to engage and communicate seamlessly with their customers," highlighted Ahmed Hamdan, founder and CEO at Unifonic.

"Our team is our anchor and together we aim to continue this journey and serve our clients in the best ways possible.”

Managing Partner for SoftBank Investment Advisers Faisal Rehman said, “Our investment team on the ground in Riyadh has followed Unifonic for some time and we have witnessed first-hand the company’s progress in establishing significant market leadership in the Kingdom of Saudi Arabia."

"We look forward to supporting the Unifonic team in scaling the platform across the Middle East and other emerging markets.”

A spokesperson for Sanabil Investments added: “Unifonic is poised to play a significant role in accelerating digital transformation initiatives for public and private enterprise in the Middle East. And so, we wanted to be a part of their journey, resulting in one of our largest investments in high growth, a high-impact technology company in Saudi Arabia."

"We believe we can play a significant part in strengthening their strategic position and supporting their future international growth while aligning with the country’s vision of fostering innovation.”

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