New York-based online Islamic investment platform Wahed Invest has secured backing from Saudi Aramco, the world’s biggest company, to expand into the Middle East and make Riyadh its hub for the region, according to Bloomberg.
Wahed says the company’s aim is “to make Halal investing accessible through a $100 account minimum and lower fees.” The company raised $25 million total from investors, which included Saudi Aramco Entrepreneurship Ventures (SAEV), which is also known as Wa’ed Ventures.
SAEV lead the round. Beco Capital, Cueball Capital, Cultiv8 and Rasameel also invested.
Junaid Wahedna, founder and chief executive of Wahed Invest, said “[h]aving Aramco as an investor is really important for us, as clients get a lot of reassurance from investing through a company backed by strong and familiar names.” Wahedna said that the company has already received approval to operate in Saudi Arabia, and hopes to receive licensing to operate in 20 countries soon.
The money will be used to fuel the company’s global expansion and develop a new subsidiary in Saudi Arabia that will serve as its regional hub.
In September, the company Wahed Inc. announced a “multi-million dollar investment” from Dubai Cultiv8 Investments Limited, a full subsidiary of Dubai SME which is an integrated division of Dubai’s Department of Economic Development.
SAEV says it invests in “innovative and impactful, early-stage startups with high growth potential.” According to Crunchbase, the company has invested in several startups from the seed to series A range, covering a diverse set of sectors and industries.
