Saudi tech firm Master Works secures $40 million in funding

Saudi tech company Master Works has secured $40 million in funding to accelerate its growth and help it prepare for an IPO in the kingdom in the coming months.

The company has secured backing from Merak Capital, an investment firm focused on technology companies and is licensed by the Kingdom’s Capital Market Authority, Master Works said in a statement.

“This transaction reflects our company’s exceptional journey over the past few years, where we have been able to develop our four product and service lines, as well as expand our customer base, while strengthening our relationships with key players in the technology sector. information, locally and globally,” said Hani Al-Lehaibi, Founder of Master Works.

Founded in 2010 by Mr. Al-Lehaibi and Bandar Al-Amri, Master Works offers products and services in technological fields such as data management, artificial intelligence, data strategy, API management, development software and robotic process automation. The company is headquartered in Riyadh with offices in Egypt, UAE, Jordan and India.

She recently developed new software products such as Digital PMO (P+), Digital SMO (S+), Baseer and Diwan to help her business grow.

“Having Merak Capital as a partner reflects our absolute intention to meet the aspirations of investors, and it will play a key role in helping us achieve the growth path we want as we help more clients, and the kingdom, accelerate this. digital transformation,” Mr. Al-Lehaibi said.

Saudi Arabia, the largest economy in the Arab world, is investing in technology as it tries to diversify away from hydrocarbons. In February, the kingdom unveiled more than $6.4 billion in investments in future technologies.

These include the official launch of Saudi Aramco Venture’s $1 billion Prosperity7 fund and Neom Tech and Digital Company’s $1 billion investment in future and other technologies, according to the recent announcement.

“It was great to witness the incredible development Master Works has achieved over the past decade and how it has managed to become one of Saudi Arabia’s leading data and transformation technology companies. digital,” said Othman Alhokail, partner at Merak Capital.

Merak Capital intends to support Master Works in its aim to go public in Saudi Arabia, the statement said.

Master Works has served over 140 clients in the kingdom’s government and private sectors, with support from over 20 global technology providers.

Updated: 01 March 2022, 21:02