ArabyAds, an advertising technology company in the MENA region, said it has raised $30 million in Pre-Series B funding round from investment platform AfricInvest.

ArabyAds, which helps advertisers in customer acquisition, retention, and monetization, will use the financing to expand its footprint and further invest it to accelerate growth, according to a statement issued on Tuesday.

The transaction marks the eighth investment for AfricInvest’s Maghreb Private Equity Fund IV, which provides growth capital to small and mid-cap companies to expand regionally and across the African continent, spurring productivity growth and sustainable job creation.

(Writing by Brinda Darasha; editing by Seban Scaria)