Hayi succeeds in securing an investment round with the support of Plus VC
Plus Venture Capital, a bold investment company, has announced its success in securing an initial funding round for the UAE-based app, Hayi, with participation from investors in the Middle East region.
Plus Venture Capital revealed that its support for the Hayi app, as a digital platform facilitating communication among residents of Dubai, enhances community engagement.
The app aids in locating lost pets, in addition to facilitating buying, selling, and organizing events in Dubai.
In early August 2021, two expatriate youths, Chris Darnell and Renie Morgan, succeeded in digitizing neighborhoods in the UAE and various parts of the Middle East and North Africa with their launch of the “Hayi” app.
This social networking app aims to create stronger and more interconnected communities, offering a prominent solution to the social impacts of the COVID-19 pandemic in 2020.
The Hayi app aligns with the vision of the UAE government, as it initiates the transition to a smart city starting from smart neighborhoods.
The app aspires to become the largest and most reliable social network for neighborhoods in the Middle East and North Africa.
Two years ago, the app had already reached 6,000 users across 20 areas in Dubai
On the other hand, Plus Venture Capital is a leading venture capital firm investing in technology startups in the Middle East and North Africa since 2010.
The company has a strategy targeting between 100 to 120 initial investments to diversify risks, with an average of $200,000 for the initial stage, reaching up to $2 million.
The initial allocations for investments are divided equally between 50% for initial investment and 50% for follow-up, with the possibility of increasing allocations for subsequent funds by 70% depending on the total investment size.
Plus Venture Capital has already achieved 200 successful investments, totaling $60 million in funding, along with the assistance of 20 experienced advisors in investment and finance across 18 countries in the Middle East and North Africa region.
