Dubai-based automated advisory platform Sarwa has raised $1.3 million in a pre-series A round led by global and regional venture capital firms. With the successful completion of the latest round, the net capital raised by the startup currently stands at $1.5 million.
Among the principal contributors in the recent pre-Series A round were the Middle East Venture Partners (MEVP), Shorooq Investments (Abu Dhabi), 500 Startups, The Women’s Angel Investor Network (Dubai), Saned Partners (Lebanon), and Hala Ventures (Saudi Arabia).
Sarwa plans on using the newly raised fund to accelerate its growth while simultaneously making its investment advisory services more accessible to younger professionals and other underserved markets. “This round will allow us to continue leading the investment advisory space and reach even more people,” said CEO and co-founder Mark Chahwan.
Launched in Feb 2018 by Jad Sayegh, Nadine Mehzer, and Mark Chahwan, Sarwa specializes in helping out investment newbies with expert-level advice by combining technology and human-experience Its user-friendly and 100% digitized platform is the first-of-its-kind in the Middle East. Sarwa says it is expanding its knowledge-base and infrastructure to provide investment guidance to anyone looking to make good use of their hard-earned money. The company’s expansion plans also include possible tie-ups with corporations to offer financial products such as saving scheme plans to their employees.
Worth noting here is that since its launch barely six months back, Sarwa has registered an impressive monthly growth rate of 20% and bagged more than 1,000 registered users across the region.