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UAE-based Alaan, a spend management platform has raised $4.5 million in pre-series A funding, backed by Presight Capital, Y Combinator, and angel investors. Together with the $2.5 million seed round last year, Alaan to date has raised a total of $7 million in equity.
Founded by former McKinsey employees Parthi Duraisamy and Karun Kurien, Alaan, which has signed up more than 100 businesses in the UAE, is planning to use the new funds for expansion across the GCC. Alongside international growth, Alaan plans to enhance its product, with new features including automated invoice payments to domestic and international suppliers, the company said in a statement on Tuesday.
(Writing by Brinda Darasha; editing by Seban Scaria)
