Latest news with #COTUVentures
Zawya
7 days ago
- Business
- Zawya
Rekaz closes $5mln seed to expand AI-driven tools in GCC region
Riyadh - Saudi SaaS startup Rekaz has raised $5 million in seed funding to scale its operating system for service-based businesses, such as gyms, salons, and mobile providers. The funding round was led by COTU Ventures, with participation from Impact46, Shorooq Partners, Numrah Capital, and angel investors, according to a press release. The company will use the investment to expand product development, enhance AI capabilities, and grow its presence across the GCC and wider markets. More than 7,000 businesses used Rekaz to process 1 million appointments and subscriptions, reflecting strong traction among single-location operators and growing multi-branch businesses. Abdulrahman Alomran, CEO and Co-founder of Rekaz, said: 'Our mission is to do for service SMBs what Shopify did for e-commerce. Most service businesses are still operating through scattered tools, spreadsheets, and manual work. We are building the infrastructure they've been missing.' Rekaz integrates purpose-built internal system with AI-powered insights and personalized onboarding flows that adapt to each business type. This enables merchants to get started quickly and run more efficiently, with less friction and fewer moving parts. Amir Farha, General Partner at COTU Ventures, stated: 'Rekaz is solving a massive and overlooked problem. Service businesses are the economic backbone of the region, and they've been left behind by traditional software. Abdulrahman and Abdulaziz are building the right platform at the right time.'
Wamda
08-07-2025
- Business
- Wamda
Rekaz closes $5 million seed to expand AI-driven SMB platform
Saudi Arabia-based SaaS startup Rekaz has raised $5 million in seed funding to expand its operating system for service businesses. The round was led by COTU Ventures, with participation from Impact46, Shorooq Partners, Numrah Capital, and angel investors. Founded by Abdulrahman Alomran and Abdulaziz Alkharashi in 2017, Rekaz offers an all-in-one platform for service-based SMBs—including gyms, salons, clinics, and home service providers—covering scheduling, payments, subscriptions, and customer engagement. The new capital will be used to deepen product development, enhance AI capabilities, and expand across GCC markets. Press release: Rekaz, the Saudi-based software platform transforming how service businesses operate, has raised $5 million in seed funding to scale its product and expand across the region. The round was led by COTU Ventures, with participation from Impact46, Shorooq, Numrah Capital and angel investors Rekaz offers an end-to-end system for service-based businesses such as gyms, salons, and mobile providers. From scheduling and subscriptions to payments and client management, Rekaz replaces fragmented workflows and manual coordination with a streamlined, intelligent platform. Businesses can also launch their own branded booking websites and mobile apps to grow online. Over 7,000 businesses have used Rekaz to process more than 1 million appointments and subscriptions, showing strong traction among single-location operators and growing multi-branch businesses. 'Our mission is to do for service SMBs what Shopify did for e-commerce,' said Abdulrahman Alomran, CEO and co-founder of Rekaz. 'Most service businesses are still operating through scattered tools, spreadsheets, and manual work. We're building the infrastructure they've been missing.' Rekaz combines a purpose-built internal system with AI-powered insights and personalised onboarding flows that adapt to each business type. This approach allows merchants to get started quickly and run more efficiently, with less friction and fewer moving parts. 'Rekaz is solving a massive and overlooked problem,' said Amir Farha, General Partner at COTU Ventures. 'Service businesses are the economic backbone of the region, and they've been left behind by traditional software. Abdulrahman and Abdulaziz are building the right platform at the right time.' 'We've designed Rekaz to be flexible, intelligent, and deeply aligned with how service businesses actually work,' added Abdulaziz Alkharashi, CTO and co-founder. 'Rekaz is a game-changer for the service economy in MENA — bringing digitisation, operational efficiency, and data-driven growth to thousands of businesses that have historically been left behind,' said Yousef Albabtain, Partner at Shorooq. 'We believe Rekaz has the potential to become the foundational layer for service-based SMBs across the region.' The company will use the funding to deepen product development, enhance AI capabilities, and grow its presence across the GCC and wider markets.
Zawya
08-07-2025
- Business
- Zawya
Rekaz raises $5mln to do for Service businesses what Shopify did for e-commerce
Riyadh, Saudi Arabia — Rekaz, the Saudi-based software platform transforming how service businesses operate, has raised $5 million in seed funding to scale its product and expand across the region. The round was led by COTU Ventures, with participation from Impact46, Shorooq, Numrah Capital and angel investors Rekaz offers an end-to-end system for service-based businesses such as gyms, salons, and mobile providers. From scheduling and subscriptions to payments and client management, Rekaz replaces fragmented workflows and manual coordination with a streamlined, intelligent platform. Businesses can also launch their own branded booking websites and mobile apps to grow online. Over 7,000 businesses have used Rekaz to process more than 1 million appointments and subscriptions, showing strong traction among single-location operators and growing multi-branch businesses. 'Our mission is to do for service SMBs what Shopify did for e-commerce,' said Abdulrahman Alomran, CEO and co-founder of Rekaz. 'Most service businesses are still operating through scattered tools, spreadsheets, and manual work. We're building the infrastructure they've been missing.' Rekaz combines a purpose-built internal system with AI-powered insights and personalized onboarding flows that adapt to each business type. This approach allows merchants to get started quickly and run more efficiently, with less friction and fewer moving parts. 'Rekaz is solving a massive and overlooked problem,' said Amir Farha, General Partner at COTU Ventures. 'Service businesses are the economic backbone of the region, and they've been left behind by traditional software. Abdulrahman and Abdulaziz are building the right platform at the right time.' 'We've designed Rekaz to be flexible, intelligent, and deeply aligned with how service businesses actually work,' added Abdulaziz Alkharashi, CTO and co-founder. 'Rekaz is a game-changer for the service economy in MENA — bringing digitization, operational efficiency, and data-driven growth to thousands of businesses that have historically been left behind,' said Yousef Albabtain, Partner at Shorooq. 'We believe Rekaz has the potential to become the foundational layer for service-based SMBs across the region.' The company will use the funding to deepen product development, enhance AI capabilities, and grow its presence across the GCC and wider markets. About Rekaz Rekaz is a Saudi-based software company building the all-in-one operating system for service-based businesses. Designed for industries like wellness, beauty, fitness, and home services, Rekaz enables businesses to manage bookings, payments, subscriptions, client engagement, and online storefronts through a single integrated platform. Rekaz empowers SMBs to grow both internally and externally with ease and confidence. Learn more at [ About COTU Ventures COTU Ventures is a seed-stage venture capital firm on a mission to transform the culture of venture capital in the Middle East. COTU stands for Champions Of The Underdog, and the firm prides itself on backing extraordinary founders at the loneliest, earliest stages of their journeys. With a deep belief in founder potential, COTU leads with trust, speed, and meaningful partnership. The firm typically invests from pre-seed to seed with deep focus on product-market fit, and provides strategic support in fundraising, product, and hiring. COTU only partners with companies where it can offer serious conviction and long-term value. Learn more at [ About Shorooq Shorooq is a multi-dimensional investment firm backing the most innovative technology companies across the MENA region and beyond. Founded in 2017, the firm has built deep sectoral expertise in fintech, platforms, software, and deep tech, and has backed category leaders such as Pure Harvest, Tamara, Sarwa, Lean Technologies, TruKKer, and Mozn. Shorooq is committed to building long-term, founder-first partnerships with a local presence across the UAE, Saudi Arabia, Egypt, and Korea. The firm believes in driving structural transformation in underserved sectors through deep collaboration and conviction. Learn more at [ Tarek Fouad Chief Marketing Officer, Shorooq Email: tfouad@ Shorooq Press: press@
Fintech News ME
02-06-2025
- Business
- Fintech News ME
Stitch Raises $10M to Improve Financial Infrastructure in MENA
Stitch, a Saudi Arabia-based platform for launching and scaling financial products, has announced the close of a US$10 million seed funding round. The round was led by Arbor Ventures, COTU Ventures, Raed Ventures, and SVC, with participation from family offices and industry figures including Marqeta founder Jason Gardner and Abdulmalik AlSheikh, known for his role in establishing the mada and Sadad payment networks in Saudi Arabia. The funding will support Stitch's efforts to expand its team and enhance its technology platform, which aims to simplify the development and launch of financial services. Demand for integrated financial infrastructure is increasing across both the Middle East and global markets. The global banking and financial services industry is projected to grow from US$91.42 billion in 2024 to US$221.39 billion by 2033, at a compound annual growth rate of 10.3 percent. In Saudi Arabia, banking sector assets have reached US$1.12 trillion (SAR 4.22 trillion), while digital payments grew by 75 percent between 2019 and 2021. Point-of-sale transactions in the country totalled US$177.69 billion (SAR 667 billion) in the 2024 financial year. Despite this growth, many businesses in the region continue to face challenges in building financial products due to outdated systems and complex regulations. Stitch aims to address this with a unified, API-driven platform. Currently serving clients in Saudi Arabia and the UAE, the company has also expanded into East Africa, beginning with Kenya. Mohamed Oueida, Founder and Chief Executive Officer of Stitch, said: 'Businesses are forced to navigate outdated legacy systems and complex regulatory frameworks, making things slow, expensive, and mostly painful. It does not have to be this way. Stitch exists to change this. Institutions should be able to focus on what matters and have a platform that can mould around their creativity. We are generally looking to make this process a lot more enjoyable for our partners.' Stitch's platform enables clients to develop and launch financial services more efficiently, with the company claiming product deployment times can be reduced by up to 80 percent. Clients include Lulu Exchange, Alamoudi Exchange, Foodics, Dar Al Tamleek, Raya Financing, and Tanmeya Capital, all of whom are using the platform to offer customised financial solutions. Founded in 2022, Stitch has brought together talent from institutions such as FIS, Geidea, Rain Financial, NPCI India, and Al Rajhi Bank, with a focus on long-term innovation in banking and payments.
CairoScene
29-05-2025
- Business
- CairoScene
Stitch Raises $10M to Expand Fintech Services in Emerging Markets
The Saudi-based fintech will use the funding to expand into high-growth regions including East Africa. May 29, 2025 Saudi-based fintech infrastructure provider Stitch has raised $10 million in an extension of its Series A funding round. The round was led by investors Arbor Ventures, COTU Ventures, Raed Ventures, and SVC. Founded in 2022, Stitch offers APIs that allow businesses to build and scale financial products, including tools for account linking, payment initiation, identity verification, and financial data access. Launched initially for Saudi Arabia and the UAE, Stitch has attracted interested in East Africa in countries such as Kenya, and plans to use the new funds to further develop its end-to-end payments suite and expand into additional markets across Africa and the Middle East. According to the company, this latest investment will support its geographic expansion, product development, and hiring efforts, with a particular focus on improving user onboarding and payment reliability in underserved markets.
