Fundbot, a startup streamlining corporate lending and payments, secured $1.5 million in seed funding. The round was spearheaded by MENA-based VC Hambro Perks Oryx Fund and supported by Aditum Investment Management Limited, Flat6Labs, Middle East Venture Partners (MEVP), and PlusVC.
The company aims for MENA expansion, starting with the UAE and Saudi Arabia and extending to Oman, Bahrain, and Egypt.
Fundbot’s automated solution targets cash flow issues faced by startups. It provides an embedded, end-to-end solution enhancing supply chain finance efficiency, benefiting banks, FinTechs, and B2B marketplaces.
“We are thrilled to have the support of these seasoned investors whose role goes beyond capital infusion to facilitating introductions to potential partners and clients, which contributes significantly to our scalability and market connectivity,” said Fundbot CEO Karl Abou Zeid. “The region is home to 19 million SMEs, three quarters suffering from delayed payments, amounting to a regional cashflow gap of $250 billion.
“Fundbot’s embedded supply-chain financing solution can support both large and small enterprises and contribute to sustained economic growth throughout the region,” he added.
