Reachware, a Saudi-based company, secured $3 million in seed funding during its participation in Fintech24 in Riyadh. The funding round was led by Sadu Capital, with participation from Sanabil 500 and Elm Company.
Founded in 2021 by Hamza Abu Sitta and Maisara Mishal, Reachware specializes in integration and automation solutions for cloud systems. Their services include ERP and CRM system integration, inventory management, and process automation to minimize errors and streamline routine tasks like data entry and reporting.
Hamza Abu Sitta, co-founder and CEO, emphasized the significance of this funding, stating, This investment is a critical step towards achieving our goals. It validates our market potential and strengthens our role as innovators. With this investment, we can expand our operations and accelerate our plans.
Salem Washaili, Managing Director at Sadu Capital, highlighted the importance of system integration in the digital transformation era. He believes Reachware is well-positioned to dominate the market in the Middle East and North Africa due to the founders’ extensive experience in the field.
Majed Bin Saad Al-Arifi, spokesperson and Executive Vice President of Marketing at Elm, expressed optimism about the future of startups in the region. He reiterated Elm’s commitment to positively impacting the entrepreneurial ecosystem and supporting startup growth and success.
Al-Arifi also mentioned Elm’s efforts to add value through integration with its wide range of products and services and leveraging its relationships with various public sector institutions. He emphasized their trust in projects that align with their services and benefit from their extensive expertise in diverse tech sectors.
Since its inception three years ago, Reachware has attracted over 300 clients from various sectors, including retail, manufacturing, financial services, hospitality, and e-commerce. The company has collaborated with major tech firms and regional institutions, enabling integration with more than 200 systems.
The new funding will be used to expand operations, develop new products, and enhance sales and marketing efforts in the GCC market. The company plans to hire talent, explore AI and machine learning technologies to improve operations, and enhance its partnership program.
