Master Works, technology startup, secured funding worth $40 million to accelerate its growth and help it prepare for an initial public offering in Saudi Arabia.
The company raised funds from Merak Capital, an investment company focused on technology companies and is licensed by the Saudi’s Capital Market Authority.
“This deal reflects the outstanding journey of our company over the past years, where we were able to develop our four product lines and services, as well as expand our customer base, while boosting our relationships with key players in the information technology sector, locally and globally,” Hani Al-Lehaibi, Founder of Master Works, said.
Founded in 2010, Master Works offers products and services across technology fields such as data management, artificial intelligence, data strategy, API management, software development and robotic process automation. The company has its headquarters in Riyadh with offices in Egypt, UAE, Jordan and India.
It recently developed new software products such as Digital PMO (P+), Digital SMO (S+), Baseer and Diwan to help its business grow.
“Having Merak Capital as a partner reflects our absolute intention to meet the investors’ aspirations, and it will play a key role in helping us achieve the growth journey we desire as we help more clients, and the kingdom, expedite this digital transformation,” Al-Lehaibi said.
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