KSA-based NearMotion secures follow-on investment
NearMotion, a Saudi Arabia-based digital mapping and indoor navigation startup has received a follow-on investment from Wa’ed, the entrepreneurship arm of Aramco, to drive the company’s global expansion.
Founded in 2016 by Faisal Alferdos, NearMotion provides mobile navigation tools that allow airports, hospitals, shopping malls, museums, theme parks and event stadiums to interact with thousands of visitors on the go, providing real-time information and services.
Faisal Alferdos, NearMotion Founder and CEO, remarked "This second vote of confidence from Wa’ed is very welcome and comes at a good time for NearMotion. We are seeing growing demand for our services regionally and this will help us take our business global.”
Wassim Basrawi, Wa’ed managing director, added “We initially invested in NearMotion because its technology was unique and game-changing, and its success in the GCC has shown this,” Basrawi said. “With this second investment, we aim to help globalize this exciting Saudi success story.”
With the investment NearMotion can provide its technology platform to more clients in the Gulf, and transport its regional success to the global stage.
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