By Neil King
Financial comparison website attracted million dollar investment from Hummingbird Ventures, allowing it to scale across the region
Dubai-based financial comparison website Souqalmal.com is set for rapid growth across the region, after successfully attracting $1.2m from Hummingbird Ventures in its second round of funding.
The website, launched by CEO Ambareen Musa in 2012, will use the newly acquired funds for the long-term growth of the company, including expanding the team and strengthening the brand name.
The website, which serves the UAE, Saudi Arabia and Kuwait, allows users to compare a range of products and services, including credit cards, education, Islamic finance, and insurance, and plans to introduce new sections such as SME banking products, and financing.
Musa said: “We’re extremely thrilled to be receiving our second and first institutional round of funding. Hummingbird Ventures are of fantastic value to the business, not only from a financial standpoint, but other forms of support such as proper guidance and advice.
“One of the major challenges we face is finding good talent and Hummingbird Ventures is very active and involved with helping us build a solid team.
“Now that we have successfully raised the funds, we intend to make bold investment into operations and marketing to prove that the business truly is scalable.”
Basem Salfiti, partner at Hummingbird Ventures, said: “This is our first capital investment in a GCC company. We have an enormous amount of faith in the business model, but ultimately it was our belief in the founder and the team that prompted our confidence of investing.
“We feel the business has a sustainable platform to experience significant growth over the coming years, and we’re very excited about its potential.
“There are multiple factors that will help drive the business to new heights, including growth of online in the region, significant growth of personal finance, geographic expansion across the GCC and Arab world and the introduction of new products and verticals on the website.”