Wrappup, an app that solves time wasting meetings by recording and flagging the important moments, has closed a seed round of $800,000.
The round, led by Beco Capital, also includes 500 Startups, Arzan VC, Dubai Silicon Oasis, Hala Fadel, Dubai Angel Investors, Odin Financial Advisors, and Womena.
In a statement released today, founder and CEO Rami Salman said that an investment from Beco is more than just a stamp of approval. “It’s confirmation that Dubai can be a launching pad for exporting innovation.”
According to Wrappup, $37 billion is wasted each year on unproductive meetings in the US alone.
“Teams use minutes of meeting to help productivity, but sharing minutes is a tedious and archaic job,” Salman said. “Wrappup solves this by using what we call smart voice recording, surfacing actionable business data through an easy to use app. We’re excited to improve people’s work lives.”
In an interview with Wamda earlier this year Salman pointed out how much goes unrecorded in meetings. “The most natural way you know how to communicate, which is speech…why aren’t we leveraging that? We’re not telepathic [and] we don’t only communicate through visuals.”
In the statement, Beco cofounder and manager partner Amir Farha said “Wrappup is a great example of an excellent and well-rounded team from the MENA region, identifying and creating a solution that has global applications.”
It is just over a year since the founders, which also include Ayush Chordia and Rishav Jalan, met at AngelHack Dubai. This is their first round of funding.
The investment marks Beco’s tenth investment in the MENA region.