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RTF leads seed round investment in B8ak

Wednesday, June 27th, 2018

B8ak a home maintenance platform has announced today closing a recent Seed Round, led by Riyad Taqnia Fund, funding at Seed stage to exceed $2M.

 

B8ak is an online platform, that allows its users’ to order home maintenance and care services from a verified list of service providers. In addition, the platforms support service providers to increase their efficiency, manage their booking and business by their unique back-end technology.

 

The recent round of investment, which was led by Riyad TAQNIA Fund, included Dar wa Emaar Development and Investment Company as a strategic partner to the startup. The objective of the funding is to develop B8ak technology further and support the startup to expand its operations Kingdom and GCC-wide.

 

Adel Al Ateeq, deputy CEO at Riyad Capital, commented on the investment:” This investment is part of RTF/ Riyad Capital efforts to scale startups in the Kingdom and the region. We Believe that B8ak will become one of the leading companies in the region supported by its strong founding team with diverse skills. We will support the company to accelerate its growth in the Saudi market and open new markets regionally.”.

 

Khalid Alhmili, B8ak CEO & co-founder, commented the following: “This has been an incredible year for us! This is a strong endorsement of our strategy so far. Our new partners will support us to develop our unique technology even further and faster than before, build strategic partnerships with business leaders and allow us to expand our services Kingdom and GCC-wide in a timely manner”.

 

B8ak was founded by Khalid Al-Hmili (CEO) and Eyad Al-Shabaan (CTO). The co-founders saw a simple two-sided problem:

 

  • Customers getting convenient, affordable and quality home services.
  • Service Providers lack of an efficient system to support their operations.

Hence, B8ak platform was developed to revolutionize the home services market for both home owners and service providers.

 

Riyad TAQNIA Fund is a venture capital fund investing in technology startups. The Fund invest in early stage opportunities. RTF was founded by Riyad Capital and Taqnia and backed by prominent institutional investors.

 

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