Tameed Crowdfunding Platform Raises 56.75 Million Saudi Riyals in Investment Round
Tameed, an Islamic-compliant crowdfunding platform, has announced the successful completion of its Series A funding round, raising $15 million (56.75 million Saudi Riyals). The funding round was led by Al-Ramih Investment Group. Tameed intends to use these funds to accelerate its growth and meet the increasing demand for its Sharia-compliant financial products.
Tameed offers investment and crowdfunding services for companies that receive projects and purchase orders (Tameedat) from government entities and large corporations, all in accordance with Islamic Sharia principles. The investment round aims to enhance the platform’s ability to meet the growing demand for its services, providing financing for projects and purchase orders while supporting small and medium-sized enterprises with financial products and services to improve their performance and participate in large-scale projects in Saudi Arabia. Customers benefit from a quick digital financing process, with a response time of no more than 3 business days according to this new funding round.
Mohammed Al-Omir, CEO and founding partner of Tameed, stated that the Saudi economy is experiencing a promising period, and the platform is dedicated to keeping up with this growth by offering innovative products to its clients.
In terms of expansion and development, the platform has introduced a guarantee financing service for projects to serve a wider range of beneficiaries, enabling small and medium-sized companies to effectively participate in large projects.
On the other hand, Abdullah Al-Ramih, Chairman of Al-Ramih Investment Group, emphasized that this investment round holds great promise for the group, and they look forward to seeing the platform achieve sustainable growth, increasing investment and financing opportunities. This is in response to the urgent need for contractors and companies to have smooth access to liquidity.
Mohammed Al-Alsheikh, co-founder of Tameed, highlighted the importance of the small and medium-sized enterprise (SME) sector that obtains projects and purchase orders. The platform has also launched an automated investment service to facilitate investment for individuals who do not have the time to track opportunities themselves. It is expected that this investment round will contribute to enhancing the platform’s growth, expanding its range of services to meet market needs, and providing the latest technologies and products to investors and finance seekers.
