The Clap Manafa, an emerging Saudi fintech company, raised SAR 106mn ($28mn) through a Series A investment round led by STV and Wa’ed Ventures, the venture capital investment arm in startups wholly owned by Aramco (2222).
What Manafa, which operates in debt and equity crowdfunding, is looking to speed up its growth through this round after financing more than 180 SMEs, with a total value of approximately SAR 1.5bn since its establishment in 2018.
So What Manafa has contributed to bridging the financing gap between companies and investors by providing financial solutions that suit their needs in various sectors.
This allows companies to easily and efficiently access qualified investors, such as financial institutions, individual investors, and investment funds.
Now What Aramco established Wa’ed Ventures in 2013 with a value of $200mn to invest in fast-growing technology startups.
Today, the fund manages a portfolio of more than 50 startups, supporting them through venture capital investment and access to partner services.