Saudi-based Funding Souq raises $2.5mln in seed round

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RIYADH: Saudi-based Funding Souq has raised $2.5 million in a seed funding round, with contributions from existing and angel investors, Forbes reported.

The latest round brought the crowdfunding platform’s total funding to $2.82 million.

With the newly acquired fund, Funding Souq plans to expand its operation and grow its debt investor partnership with family offices and banks to focus on Shariah-compliant financing.

It also aims to launch new products. “We are currently working on an exciting small and medium enterprises’ product which is in stealth mode that will bring us closer to our vision of empowering SMEs in the Middle East and beyond,” Forbes reported citing the CEO Martin Jaouni.

Funding Souq was founded in 2020 to connect investors with established SMEs who need to borrow between $20,000 to $150,000.

“I am solving a problem that I experienced myself as an investor,” Jaouni said.