Smart Thobe Tailor, Thobi raises $650K Seed funding round
Thobi, a “smart thobe tailor” offering completely remote services to its customers has raised a $650K (SAR 2.5M) Seed funding round, led by ABN Ventures.
• The company leverages its proprietary technology to analyze pictures and extract clothing measurements to enable the manufacturing and delivery of bespoke thobes.
• In the first half of 2020, Thobi was able to deliver over 1000 thobes to customers across 47 cities, towns, and villages in the Kingdom.
• Thobi's proprietary technology is a result of more than 3 years of research and development, leveraging advanced image processing, and artificial intelligence methods to gain a high degree of measurement accuracy.
Co-Founder and CEO, Khalid Abanami said, “With consumers increasingly in need of a value proposition driven by convenience, especially in a post-COVID-19 world, we at Thobi sought to develop a unique thobe tailoring business model with technology at its core. Through our application, we offer customers an easy and instant purchasing experience."
Read the full press release below.
Thobi has raised a SAR 2.5 million Seed round led by ABN Ventures, Abunayyan Holding’s VC Investment arm.
Launched in 2018 and co-founded by Khalid Abanami (CEO) and Abdulmajeed Alresaini (COO), Thobi became the first “smart thobe tailor,” offering completely remote services to its customers.
“With consumers increasingly in need of a value proposition driven by convenience, especially in a post-COVID-19 world, we at Thobi sought to develop a unique thobe tailoring business model with technology at its core. Through our application, we offer customers an easy and instant purchasing experience. They can select and customize their thobe of choice, and instantly measure themselves with a few clicks; all from the comfort of their own home,” Abanami shared.
The company leverages its proprietary technology to analyze pictures and extract clothing measurements to enable the manufacturing and delivery of bespoke thobes. In the first half of 2020, Thobi was able to deliver over 1000 thobes to customers across 47 cities, towns, and villages in the Kingdom.
“Our proprietary technology is a result of more than 3 years of research and development, leveraging advanced image processing, and artificial intelligence methods to gain a high degree of measurement accuracy. It enables our customers to take their own measurements anytime and anywhere without the need to go to a tailor or have a tailor visit them. The technology is a key driver for our main goal, which is to provide a convenient and instant purchasing experience for tailored thobes.” Alresaini further explained.
For ABN Ventures’ Head of Investments Abdullah Almedbel “Thobi, with its technology, will disrupt the traditional thobe tailoring business in the region. We see a huge opportunity for scale and growth in this segment.”
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Despite the current crisis, H1 2020 has seen $659M invested in MENA-based startups, which is already 95% of total funding full-year 2019. Discover more data, including country and industry trends by purchasing our H1 2020 MENA Venture Investment Report.