Dubai: Robo advisory firm Sarwa, which is part of the DIFC fintech hive, said on Sunday it has secured $1.3 million in its pre-series A round of financing.
This new round of investment brings Sarwa’s total funding to over $1.5 million since its inception in December of 2017, the company said in a statement.
“This round will allow us to continue leading the investment advisory space and reach even more people,” said Mark Chahwan, CEO and co-founder of Sarwa.
This new injection of funds will allow Sarwa to continue its expansion and signals Sarwa’s commitment to building the future of investment in the region with the brightest minds and best talent from developers to advisors.
The funds raised include investments from major international and regional venture capital firms. Shorooq Investments from Abu Dhabi was joined by Middle East Venture Partners (MEVP) — one of the largest and most established VCs in the MENA region — alongside the California-based venture fund 500 Startups, the Dubai based Women’s Angel Investor Network, Hala Ventures from Saudi as well as Saned Partners from Lebanon.
The company officially launched its platform in February 2018, onboarding its first clients under the Innovation Testing License — a special license designed for Fintech start-ups to roll out innovative solutions for the region and awarded for the first time by the Dubai Financial Services Authority. It has since known a monthly growth of over 20 per cent and reached more than 1,000 registered users.