Saudi-based Averos raises Pre-series A round

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Source: MAGNiTT

Averos, a Saudi Arabian startup based out of Makkah, raised an undisclosed Pre-Series A funding round from Saudi Aramco’s Wa’ed Ventures, the investor told MAGNiTT. This funding round came almost 3 years after its seed round, which it raised from UAE-based MultiLinks in August 2016. Wa’ed Ventures was the only participating investor in the recent funding round.

Founded in 2015 by Yusuf Sabadia, Shaharyar Ali Anis, Dr. Saleh Basalamah, and Dr. Anas Basalamah, Averos is a B2B startup that provides innovative tracking and analytics solutions to its customers, among which companies in logistics, travel, retail, and security.

With its unique technological solutions, Averos provides companies and their customers with full and real-time situation awareness of their environment, their customers, their staff and their valuable assets. Its products include sensors, scanners, and its software platform, improving its customers’ operational efficiency and their market positioning. 

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