MAGNiTT is pleased to announce the closing of our SEED round at USD 1million.
I would like to thank all of those who have supported and contributed to the MAGNiTT platforms growth. It has been a journey of pivots to get to a product that can add data and transparency to the MENA region.
I would like to thank our board of advisors of Sharif El-Badawi, Christos Mastoras, Sara Alemzadeh, Steve Haley and JJ De La Torre who have been instrumental in helping shape the MAGNiTT proposition. I would also like to take this opportunity to thank all of those who have worked with us over the years to build the capabilities of the platform.
We are pleased to have our SEED investors, lead by 500 Startups, along with MEVP, KISP Ventures, Financial Horizon Group and iNET bring in a new chapter of growth of the MAGNiTT platform. I would also like to welcome all the strategic Angel Investors who have particiapted to help articulate our vision for the region and beyond.
Today we also announce the launch of our new platform which will act as the basis of growth as we further look to support our clients and users from across the region.
Dubai, United Arab Emirates: Monday 26th March 2018
MAGNiTT.com, the largest investment data platform for investors, entrepreneurs and corporates in the Middle East, has announced that it has successfully raised close to USD 1 million in funding from both international and Gulf based investors. The funds raised will be used to accelerate MAGNiTT’s platform development and its growth, both regionally as well as across emerging markets.
MAGNiTT differentiates itself from other players by providing users with a rich data platform on a subscription model and by allowing start-ups and investors to connect directly. Based out of Dubai, the platform is the largest online community for startups across the MENA region.
MAGNiTT’s founder, Philip Bahoshy, commented, “As a start-up ourselves, we are delighted with the strong support we have received from the ecosystem for our SEED round. The funds raised will allow us to accelerate our growth, by further enhancing our platform to better serve our existing markets in the first instance, and consequently extending our geographical reach by expanding outside the region where we look to solve similar pain points.”
The investment round was led by 500 Startups, the most active VC in the region by number of investments, along with other regional VCs and angel investors including Middle East Venture Partners, KISP Ventures, Financial Horizon Group and iNet.
Sharif El-Badawi, Partner at 500 Startups said, “At the heart of understanding an industry or building a nascent, fast evolving ecosystem, is knowing who the actors are and the activity taking place. Accurate data and objective transparency for startups, investors and enablers was almost non-existent before MAGNiTT. Now it is the defacto source for researchers and reporters within and outside the MENA region. At 500, we value data and transparency tremendously and it was clear to us that backing MAGNiTT made good business sense all around.”
Walid Mansour, Partner & Chief Investment Officer at Middle East Venture Partners, commented, "For us, as a MENA-focused venture capital firm that invests in the early and growth stages of innovative companies run by talented entrepreneurs, MAGNiTT is a strategic investment on several levels. Firstly, the platform brings much needed reliable and trustworthy information and analysis to our ecosystem. Secondly, we feel that Philip's vision for MAGNiTT, to foster and help accelerate entrepreneurship in MENA, is aligned with our vision and will help many other start-ups successfully secure funding and in turn be part of the transformation of our region."
MAGNiTT ‘s findings reveal that founder isolation across the region, and similarly across emerging markets, is a major pain point. To address this, the platform connects entrepreneurs directly with ecosystem stakeholders including funders, mentors, support services such as lawyers, and also talent. Startups can apply for funding directly to VCs and angel networks using their MAGNiTT profile.
Bahoshy added, “For start-up founders across the region, raising funding remains one of the biggest challenges. It is an extremely time-consuming process, and yet it is a key enabler for growth for entrepreneurs. A funding round can take anywhere between 3 months to over a year to close. By creating a data driven startup platform with a focus on access to analytics, our aim is to help accelerate that process. Data remains at the core of investment decisions and this trend will continue to dramatically impact the startup and investor ecosystem over the next few years.”
Having released over 20+ reports since inception, a core focus of the MAGNiTT platform is education through data driven analysis for its subscribers. The platform currently hosts 5,500 start-ups, over 12,000 users including 300+ individual investors and 150+ funding institutions, be VCs or Angel Investors.
Coinciding with the funding announcement, MAGNiTT has just released its new website, with enhanced user profiles, investment tracking notifications, research and analytics tools and a startup job portal for startups and VC portfolio companies. The company is also growing its technology team by onboarding new tech experts.
MAGNiTT, founded by Philip Bahoshy, is the largest investment data platform for the MENA startup ecosystem, be investors, entrepreneurs and corporates. Based out of Dubai, UAE, MAGNiTT connects entrepreneurs directly with ecosystem stakeholders including funders, mentors, support services, and talent. Startups can apply for funding directly to VCs and angel networks using their MAGNiTT profile. Simultaneously Investors, Corporates, Mentors and Service providers are able to review information on over 5,500 startups including funding history. MAGNiTT has a data driven approach to educating users on the funding landscape through analytical reporting and data dissemination.
For more information about MAGNiTT http://www.magnitt.com
About Philip Bahoshy, CEO & Founder:
Philip Bahoshy is the founder and CEO of MAGNiTT, is the largest investment data platform for the MENA startup ecosystem, be investors, entrepreneurs and corporates. Raised in the UK with Iraqi origins, Philip obtained an MBA from INSEAD in 2013 and a BSc in Economics from the London School of Economics. During his time in Dubai, Philip worked at Oliver Wyman in the Financial Services practice for three years, followed by nearly three years at Barclays Wealth working as Chief of Staff to the CEO advising on strategic initiatives. Philip has lived in the UAE for more than eight years and is passionate about developing the MENA startup ecosystem.