Saudi’s Spiders raises $1.4m in a pre-seed round

Saudi’s Spiders raises $1.4m in a pre-seed round

Spiders, Saudi micro-mobility rentals company, announced it has successfully closed a $1.4m in a pre-seed investment round led by Watheeq Capital.

Founded by Engineer Majd Baik, Sultan Aswani, and Abdullah al Shareef in early 2021, Spiders was able to expand in the vital areas in Jeddah and Riyadh cities in more than 16 different locations serving thousands of rides.

Spiders is on a mission to enable people to move around in an easy, affordable, and eco-friendly way. This mission comes in line with one of the objectives of the Kingdom’s Vision 2030 in both the Quality-of-Life Program and the transportation mandates. 

“Our company was created to support Saudi Arabia’s Vision 2030 in many sectors and projects, including transportation, Quality-of-Life Program, and the Green Saudi Initiative by providing micro electric vehicles that reduce carbon emissions,” Majd Baik, Spiders founder and CEO, said.

The company provides shared electric micro-mobility services that allow people to rent vehicles via Android and iOS applications. These vehicles are powered by electric batteries, getting users to a maximum speed of 20-25km/h. To use the service, users need to locate a nearby scooter, use a QR code to unlock the scooter, then head to their destination. There is an activation fee to unlock Spiders’ Scooter of SAR 1 per minute with no registration fees. The company comes with an innovative approach that the public can use and park the scooters in any locations.

“There is a broad competitive advantage in scooter business, however, none of the current companies has a patent. It’s all about the execution, and that is what we saw in SPIDERS’ Team. We are excited and deeply encouraged by their performance and we are looking to help them in building their position as the number one micro-mobility company in MENA and accelerate their success in this competitive industry,” Khaled Zaidan, Head of Alternative Investments at Watheeq Capital, said.

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