Manafa collects USD28M in Series A investment to expand its growth

(MENAFN) Manafa Capital, the initial authorized crowdfunding platform in Saudi Arabia, declared the finalization of its Series A round of SR106 million (USD28 million) on Wednesday, directed by Riyadh-located project capital company STV and Wa’ed Ventures, the project capital arm of Saudi Arabian Oil Co.

Established 4 years ago (2018), the firm supplies debt and equity funding to small and medium enterprises via a crowdfunding model that holds institutional and individual financiers scouting for SME funding prospects.

Approved by the Saudi Central Bank and the Capital Market Authority, the firm has invested in more than 180 SMEs as well as facilitated SR1.5 billion via its platforms, amounting to out to higher than 100,000 retail and institutional investors.

“Manafa is planning to launch a new set of products that tackle quick access to financing and capital and empowers SMEs to fuel their growth,” as stated by Abdulaziz Al-Adwani, founder and chief executive of Manafa Capital, in a press release.

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