Saudi Arabia-based B2B electronics marketplace Azom, has raised a $9.5 million (SAR 36 million) Series A funding round from Assr AlJawal, with participation from other individual investors.
Founded in 2018, Azom designs, develops and sells electronics and computer software. The company started off by launching the 'Azom Desert 2' phone to target the middle market, offering it at competitive prices. It also developed its user interface under the name of “Ibrahim UI”.
The company leverages technologies like artificial intelligence algorithms in its operations and designing its new products such as Azom Care – a service that the startup plans to launch soon.
“Our goals are big but well thought out and rational, and we look forward to achieving them with our partners. Technology should not be expensive, and we will strive to reach a society that we can build together. We will continue to invest in research and development until our work is clearly reflected on the Saudi society and economy,” said Mohamad Almunajem, CEO of Azom.
Azom will use the funds to fuel its expansion as well as enhance its product offering.
“This investment is the starting point for a new concept in the world of communications and information technology. We will work hard to ensure that the entire chain is managed by Saudi companies, starting from the manufacture and ending with the seller and the consumer,” said Mohamed El-Arini, head of Assr AlJawal Group.