Nama Ventures backs KSA-based ORO
The Saudi-based Tech startup and on-demand car servicing provider ORO has successfully gained the backing of Nama Ventures in its Pre-SEED funding round to service business across the kingdom with the highest level of quality and care.
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Saudi-based Tech startup and automobile on-demand services provider ORO has successfully raised an undisclosed amount in Pre-SEED funding backed by Nama Ventures.
Founded by Abdullah Almuribh, Eng. Ziad Almotlaq, and Qutaibah Essa ORO services businesses residing in the city of Riyadh. ORO has well-equipped mobile vans, skilled technicians, and a powerful app available on IOS and Android for scheduling routine maintenance online. As a gamechanger in the automobile maintenance industry, The company leverages innovative methods to swiftly and efficiently meet its business customer’s needs, providing excellent service with customer satisfaction as a top priority.
When it comes to the Automotive, Transport, and Mobility solutions sector across Emerging Venture Markets, opportunity for competition remains prime as new market entrants raise funds over the past years. With sizable investments last year backing car and car-part marketplaces Seez (UAE), and Odiggo (EGY), the sector in Saudi Arabia was championed by digital car part marketplace Speero and Car marketplace Syarah. Ride-sharing also took off in Saudi Arabia and the UAE with a peer-to-peer angle championed by Saudi-based Ejaro raising its Pre-SEED last year from BIM Ventures, and an accessible dispatched fleet by Udrive raising its $5M Bridge round only last week. As recorded in our MENA 2022 Venture Investment Report, these two top geographies have been in close proximity in VC investment; following great efforts from investors and public initiatives, the Saudi VC ecosystem was able to bridge the deal gap with the UAE from a 40 deal difference in 2020 to just 16 in 2021 after observing an exceptional 54% deal growth in 2021 Year-over-Year.
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Oil and filter change is a routine process that needs constant attention but is usually dismissed for the time & effort consumption. For this reason, ORO introduced a seamless platform where users can schedule routine maintenance of their cars. With an on-demand service, the Saudi team of maintenance experts comes equipped with high-quality tools, car supplies, and mobile vans to serve their customers. “Fortunately, I am armed with an enthusiastic team to make ORO the most trusted automobile maintenance service provider in Saudi Arabia by providing quality services that meet customers' needs efficiently and effectively,” says Co-founder Abdullah Almuribh. “ I’ve been wanting to address this problem for a long time now, but now that we have the right team members, each focused on their area of expertise, we have a great shot at succeeding at ORO.”
This Pre-SEED investment comes as market validation for the KSA-based startup as they’ll be able to use its newly acquired funds to further support its market offering and expansion efforts. Mohammed Alzubi, founder and managing partner at Nama Ventures highlighted, “When we met with Abdullah and Ziyad, we were really taken back by how much detail they know about the space they are solving for, after all, Abdullah’s family business was in the same space ORO is trying to disrupt, and when he joined hands with Ziyad in operations and Qutaibah in tech, we saw the ideal team that can disrupt the car maintenance space, starting with one oil change at a time” Mohammed Alzubi concludes with high hopes for the Saudi-based team, “The pain of having your car serviced for a routine oil change is something I live with on a regular basis, is the oil being used genuine? Are the filters of the right quality? Will I have time after work to go change the oil? etc.. These are the questions that ORO addresses, they come straight to your place of business and service your oil change in a very seamless manner. We are beyond thrilled to back this amazing Saudi tech startup.”
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