Averos, a Saudi Arabian startup based out of Makkah, raised an undisclosed Pre-Series A funding round from Saudi Aramco’s Wa’ed Ventures, the investor told MAGNiTT. This funding round came almost 3 years after its seed round, which it raised from UAE-based MultiLinks in August 2016. Wa’ed Ventures was the only participating investor in the recent funding round.
Founded in 2015 by Yusuf Sabadia, Shaharyar Ali Anis, Dr. Saleh Basalamah, and Dr. Anas Basalamah, Averos is a B2B startup that provides innovative tracking and analytics solutions to its customers, among which companies in logistics, travel, retail, and security.
With its unique technological solutions, Averos provides companies and their customers with full and real-time situation awareness of their environment, their customers, their staff and their valuable assets. Its products include sensors, scanners, and its software platform, improving its customers’ operational efficiency and their market positioning.
Since its inception, the startup has managed to gain market traction and managed to prove the viability of its business model. With its recently raised Pre-Series A round, the company aims to expand in multiple areas, both geographically and product-wise.
Besides expanding further into the Real-Time Location System (RTLS) and Location Based Systems (LBS) market globally, Averos aims to enter the Internet of Things (IoT) market, where it can leverage its core technology in providing sensor-based computing and communication solutions.
With the investment, Wa’ed Ventures has made 2 investments in Saudi-based startups this year, aiding to the growth of the local ecosystem, which has already seen an 80% increase in the number of deals from 2017 to 2018, according to MAGNiTT data. This year, the Kingdom is already on track to surpass the number of deals in 2018.