Saudi-based Mohtwize raises $500K from Wa’ed
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Saudi-based Podcast Tech developer Mohtwize has successfully raised $500K in its latest funding round led by Wa'ed, the entrepreneurship arm of Aramco. Founded in 2018 by former podcaster Khalid Alkenaa, Mohtwize aims to empower audio content creators through podcast training and sponsorship opportunities. Through innovative Tech solutions disrupting the AD generation in heard content, creating a more sustainable business model for podcasts, a fast-growing medium in the Kingdom that already attracts 5.1 million regular listeners a week.
Aramco has built an extensive portfolio in spotting early-stage Tech innovations across industries, the latest being podcast platform Mohtwize and online gift platform JOI Gifts. Traversing industries like Aerospace with FalconViz, Artificial Intelligence with NearMotion, and crowd-sourced marketing with Shiftah, Aramco has built a promising portfolio of early-stage funding rounds through its entrepreneurship arm Wa'ed, while still maintaining an interest in larger rounds like Red Sea Farms or IR4Lab.
Mohtwize started from the founder’s own pain points with his former podcast Fsool Mohtwize, which drew listeners but not financial support. Soon after, Founder Khalid Alkeena developed Mohtwize, a sophisticated content delivery platform that bridges the gap between content creators and advertisers, enabling advertisers to select podcasts that can push their brands to target audiences based on unique metrics. In doing so, Mohtwize also acts as a financial enabler for creators, providing podcasters with advertising income to develop programming. “Mohtwize is a smart way to monetize the podcast sector, and our platform is helping this sector grow and flourish in Saudi Arabia and the MENA region,” Mr. Alkenaa highlighted “We are grateful to Wa’ed for helping Mohtwize take this fast-growing medium to a new level of financial sustainability and success.”
Mohtwize plans to use the investment from Wa’ed Ventures to further develop its software solution, expand its team and further develop content on their platform aggregating 2M downloads monthly. With Wa’ed’s backing, Mohtwize plans to launch a technology solution that will allow corporate sponsors to place ads in archived podcasts. Mohtwize’s new function will allow podcasters to monetize older podcasts and gives companies the ability to leverage the full portfolios of more than 100 podcast shows.
The decision to invest in Mohtwize aligns with Wa’ed’s mission to promote Saudi-based start-ups advancing the growth of the local digital economy, said Fahad Alidi, Wa’ed Managing Director “Mohtwize’s unique platform is helping monetize Saudi Arabia’s podcasting sector and its sustainable financial model is supporting more content.” he concluded.
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