Faith Capital invests in Bahraini AI startup Inagrab's SEED round as it sets its sights on expansion in MENA countries
KUWAIT CITY, 18 April 2019 — Faith Capital announced their recent participation in the seed round of the Bahraini start-up Inagrab. Inagrab’s core product Dalooni, helps businesses by connecting them to a sales force that promotes products for a commission. Faith Capital along with Bahrain Development Bank, 500 startups and Flat6labs will be an integral factor in the scaling and growth of Inagrab.
Since its inception in 2017, Inagrab has been a platform that helps retail businesses scale their operations with the help of A.I and data. Dalooni, a 2-sided product, allows business to create an account and post opportunities for “sellers” (independent individuals) to sell to their network with a commission on the sale. Businesses in turn are able to leverage word-of-mouth marketing and monetize offline channels. With this, local startups and international businesses are able to scale faster. Dalooni is a fresh take on the age-old classifieds business model. Through gamification they are able to foster healthy competition between sellers; which allows businesses to define their customer acquisition costs.
In addition to benefiting businesses and individuals, communities can take advantage of the new and exciting opportunities created through the platform. As their slogan highlights, everybody wins with Dalooni.
“We embarked on a journey to bridge a very obvious gap and offer a solution that will both be beneficial for the Business owner and the individual (specifically the many in need of another source of income). That was proven by our quick growth since inception of Dalooni, and we believe it’s time to grow outside the current borders into neighboring countries,” says Hussain Haji, the Founder and CEO of Inagrab. “We are honored to be Faith Capital’s first investment in Bahrain and we are humbled by having so many investors believe in our vision.”
“Faith Capital continues to focus its efforts on backing MENA founders in the GCC region by making its first investment in Bahrain,” states Mohammed Jaffar, Deputy Chairman and CEO of Faith Capital. He adds, “Dalooni has set its sights on expansion so soon after launching and we are thrilled to be a part of this journey.”
“Classifieds have done phenomenally well in this part of the world and we’ve finally found an entrepreneur offering a new gamified spin on this evolving space,” says Abdulaziz Al Loughani Managing Partner at Faith Capital.
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