KSA-based Online Team Builder Squadio Raises SEED round
Team as a service platform, Squadio (formerly Ibtikar) raised Seed round led by SEEDRA Ventures to help build engineering teams remotely
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KSA-based Tech startup and TAAS (Team as a Service) platform Squadio has successfully raised an undisclosed amount in their SEED funding led by SEEDRA Ventures.
Founded in 2019 in Riyadh, KSA, as an app development company Squadio (previously Ibtikar technologies) successfully pivoted its model to support the growing need of startups and companies seeking to hire and manage their own full-time engineering team remotely with engineers vetted by Squadio’s talent community.
Last year was a critical year for the Enterprise Software and SaaS spaces in Saudi Arabia as Unifonic, the cloud communications solutions provider, closed KSA’s first-ever Megadeal ($100M+) driving funding growth for a record 1,500+ growth YoY. As we prepare for the release of our 2021 KSA Venture Investment Report with the support of Saudi Venture Capital Company(SVC), the formidable growth of the enterprise software sector was recorded amidst a general funding surge in KSA over 2021. Remarkably, however, KSA-based Enterprise Software startups also observed a record-high number of transactions grew by more than 600%. Last year KSA-based enterprise software startups raised sizable investments to support people and businesses with seamless solutions including HRTech solutions by PalmHR and Sabbar, E-retailing and Q-commerce solutions by Zid and Omniful, and even accounting solutions by VoM.
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With a portfolio of over 100+ organizations varying from government entities to tech startups, the likes of Monshaat, Sabbar, Morni, Resal, Sabq and more, Squadio helped endless businesses build and manage their tech teams remotely. The startup provides B2B solutions including vetting, hiring engineers, payroll services, plus the option of a product manager (CTO) per squad. In light of this platform-boost investment, Co-founder and CEO Khaled Senawy, commented “We know how challenging it is to find and manage tech talents, in Squadio we helped 100-plus regionally businesses reduce their manpower expenses by over 40%, while building their teams who develop tech products, reducing their expenses by 40%. We also built a talent community with +350 engineers working out of 5 countries including Saudi Arabia, Egypt, Tunisia, and more. We plan to increase this number through our platform. Our partnership with SEEDRA Venture exceeded the funding part, we won a great team working with us side by side to improve our model and open new doors for growth”
The KSA-based Tech startup plans on channeling its new funds as part of its strategy to improve the client experience, minimize employment time and develop the platform, and expand its client base. In addition, Squadio plans on expanding its talent community to more countries and adding moree benefits for their talents. Founding Partner & CEO at SEEDRA VENTURES, Haitham Alforaih concluded with high hopes for this emerging venture “We see growing demand for remote engineering teams, and we’re confident that Squadio is well-positioned to provide start-ups with access to the best software engineers working on building great platforms.”
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