Growth Avenue Investment Company, a subsidiary of Maharah Human Resources Company, acquired 20% equity in Riyadh-based SororApp on 29 December 2022.

Established in 2020, the platform aims to offer on-demand home services in several sectors across Saudi Arabia through authorised service providers, according to a press release.

Abbass Safadieh, Co-Founder and CEO of SororApp, indicated that the on-demand home services industry is a promising and emerging sector with an estimated value of SAR 10 billion.

Furthermore, Safadieh noted that they will use the funding to enhance the user experience and enable service providers to benefit more from SororApp's technological infrastructure during the coming period.

They also seek to enlarge the range of services available in different regions across the Kingdom in order to meet the increasing needs for on-demand home services.

Meanwhile, SororApp secures around 200 services to clients through over 500 accredited service providers in the Gulf nation.

In 2022, Growth Avenue held a 41.36% stake in Care Shield Holding Company at a value of SAR 307.11 million.

Source:Mubasher

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