Mala Raises $7 Million in Pre-Seed Investment Round to Support Startups in Saudi Arabia
The Saudi startup platform “Mala” has raised $7 million in a Pre-Seed investment round led by “Venture Souq,” with participation from notable investors such as “M Capital,” “BECO Capital,” “Access Bridge Ventures,” “Palm Ventures,” “Shorouq Partners,” “Wad Investment,” and the “DGV” fund.
“Mala” is preparing for its official launch in the Kingdom during the last quarter of this year, planning to use the invested funds to hire top talents and develop its technology.
The platform aims to enhance its market position through strategic partnerships with suppliers and buyers, contributing to sustainable growth for the company.
“Mala” seeks to address the challenges suppliers face in providing sufficient credit to buyers across various sectors.
Musaab Hakami, the founder and CEO of the platform, stated that traditional methods heavily rely on personal relationships, making it difficult for many suppliers to offer appropriate credit.
“Mala” leverages data-driven insights to analyze risks, allowing suppliers to receive immediate payments, while buyers benefit from credit terms tailored to their actual needs.
Founded in 2024 by Musaab Hakami , “Mala” aims to provide integrated solutions in the field of procurement and commercial credit management for B2B sectors.
The platform seeks to empower small and medium-sized enterprises (SMEs) in the Kingdom by providing flexible credit terms and immediate liquidity for suppliers, contributing to enhancing the local business environment and supporting economic growth.
Growth in the private sector in Saudi Arabia is a key component of the Kingdom’s Vision 2030, which aims to diversify the economy and enhance innovation.
“Mala” contributes to achieving this vision by offering innovative solutions that support SMEs, thereby strengthening their competitiveness and growth in the market.
The platform assists startups in navigating early-stage investments. With the increasing demand for digital financial services and innovative solutions, the platform is well-positioned to capitalize on these opportunities.
Support from investors is also a positive indicator of their confidence in “Mala’s” business model and its ability to succeed in the future.
“Mala” also aims to build a network of partnerships with various companies and suppliers to achieve its goals. Collaborating with other financial and technological institutions will help the platform improve its services and expand its market impact.
Moreover, strengthening relationships with customers and suppliers will play a crucial role in “Mala’s” success and its ability to meet market needs.
It is expected that “Mala” will play a pivotal role in enhancing the purchasing and commercial credit experience, contributing to supporting comprehensive economic growth in the country.