About Emkan & Its Recent Funding Round

Emkan, a Saudi Arabian startup is a mobile application that helps users to track their expenses, budget their money, and set financial goals. It also offers financial education and resources to help users make financial decisions. 

The funding will be used to expand Emkan’s services, improve the app’s functionality, and expand the company’s team. Emkan also plans to use the funding to expand its reach beyond Saudi Arabia and into other countries in the Middle East and North Africa region.

Emkan has recently secured $31 million in funding in its latest funding round. The funding was led by EDBI, along with participation from several other companies, including Middle East Venture Partners & Saudi-based investors Almajdouie Holding.

It plans to invest the amount in pre-seed & seed startups in the MENA region which focuses on fintech, logistics and e-commerce. The company’s portfolio involves several companies such as FENIX, Mojo, InvestSky etc.

Press Release

Ghassan Aloshban, General Partner at Emkan Capital, said: “We are excited to launch such an important fund, which will help bridge the knowledge and funding gap that is stifling many founders’ ambitions and limiting growth opportunities. Particularly now, at a time when founders can find themselves drowning in options but starving for knowledge, we want to make our mark by supporting founders through mentorship and access to transformational relationships. This region is home to great minds and wonderful stories waiting to be told. We are proud to be able to be there for founders earlier, rather than later. We want to provide capital, but much more than that we want to offer guidance and support to the local talent on their journey to building great businesses.”

Turki Alshaikh, Co-founder of InvestSky, an Emkan portfolio company, added: “The team at Emkan has been truly instrumental in helping us grow. Beyond their investment, Ghassan and the team went above and beyond to connect us with industry heavyweights and international subject matter experts. To us, the close support and guidance we received made a huge difference and we were particularly impressed by their combination of regional expertise with a global perspective.”- Quoted By Wamda

Investment By Emkan

Trukkin, a transportation platform located in Dubai, has secured $7 million in funding round-headed by Saudi-based Emkan Capital. Impact 46, Taya Group, and other strategic investors’ participated in the round as well. 

Trukkin has demonstrated exceptionally efficient use of money, and we’re really impressed with what they’ve been able to do in such a short time frame,” said Ghassan Aloshban, General Partner at Emkan Capital. Its core team has demonstrated skill in not just managing but also driving growth during the epidemic, with over 200 years of combined industry experience. We look forward to assisting Trukkin in serving hundreds of corporate clients and individual shippers as they actively pursue reach, capabilities, and business volume expansion and growth.

Conclusion

Emkan’s $31 million funding round is a milestone for the Saudi Arabian fintech industry and the startups in the MENA region. The funding will enable Emkan to expand its services and reach, improve its app’s functionality, and help the company realize its mission of making financial management accessible to everyone. It also highlights the potential for fintech startups to address the financial needs of underbanked and underserved populations in the region.

Image Credit- Emkan