Saudi-based Quantum announces that it has raised a seed round of $2.6 million from Tech Invest Com and Vision Ventures, who co-led the round. 500 Startups and a few angel investors also participated in the investment.
Quantum’s online platform enables brands to acquire new customers using digital sampling and other tools. Omar Malaikah founded the startup in 2018 after realizing that the marketers don’t have enough online tools to launch and grow brands. To help brands reach a targeted audience, it started dropping samples of products from Unilever and Proctor & Gamble to targeted customers of ecommerce platforms like Nana, Zada Fresh, Wssel, and Careem, and the results were ‘remarkable’.
Quantum quickly evolved into a data-powered marketplace for brands to acquire new customers using services like targeted sampling and e-commerce media buying. The Saudi startup offers these services by partnering with e-commerce websites and apps with large traffic, focus groups, and live events. According to its website, it currently offers over 100 channels, including Careem, Mumzworld, Nana, and Al Nahdi, to help brands reach their target audience.
Omar Malaikah, CEO of Quantum, commenting on the investment, said, “We are privileged to have leading investors who understand our business model and back our vision. During Covid-19, we worked closely with our clients and helped them continue their marketing activities by taking advantage of Quantum’s technology to further grow their business. Our strategy is to continuously deepen our capabilities and provide a seamless digital process to create proven product trials that utilize consumer-behavior analysis. Marketers can take real-time decisions to optimize their campaigns, reduce costs, and scale their business to the next level.”
Quantum has delivered over 6 million targeted samples to date for local and international brands including Nestle, Pepsico, Mondelez, Kimberly-Clark, Goody, Savola, Sadafco, and many others. It is currently operating in 12 cities across Saudi Arabia and Kuwait, and has plans to expand to UAE and Egypt, by using the new funds. The capital will also be used to help Quantum further improve its proprietary technology and grow the team.
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