Mobily launches fund to invest in emerging Internet, IT startups [Mubasher (Saudi Arabia)]
(Mubasher (Saudi Arabia) Via Acquire Media NewsEdge) Continuing to foster its position of innovation and
market leadership, Etihad Etisalat (Mobily) announced the launch of
"Mobily Ventures", the Corporate Venture Capital arm of Mobily. Mobily
Ventures invests in high-tech startup companies in the
Telecommunication, Information Technology, Media and Entertainment
The focus will be on Early-Stage and Growth-Stage
startups in areas including e-commerce & retail innovation, mobile
financial services & payment, digital advertising, digital content &
entertainment as well as IT & cloud services.
As a strategic investor, the goal of Mobily Ventures
is to build technological and economical synergies between the startup
and Mobily. Mobily Ventures will enable startups to leverage Mobily
assets to accelerate their growth.
According to Engineer Khalid Bin Omar Al Kaf, CEO of
Mobily, "Mobily Ventures will further strengthen our company's position
in the ICT sector through the adoption of innovative products and
services from the startups and at the same time foster entrepreneurship
in the Kingdom and the wider Arab world". Dr. Karl-Michael Henneking,
Chief Corporate Strategy and M&A Officer of Mobily adds to this, "We not
only gain valuable insight and understanding of market trends through
equity investments in young high-tech companies, but also can build
technological and economical synergies with the business units of
Mobily Ventures announces its first two investments
today. The first investment is "Easy Taxi", a company which provides an
application for smart phones, which users can book a taxi to come to
their location. The "Easy Taxi" application is available on iPhone,
Android, BlackBerry and Windows iPhone.
The second investment is Anghami, a mobile
application that provides millions of Arabic and Western songs to listen
to and download for free. Anghami allows users to discover new music
based on their taste, along with the ability to share your favorite
songs with friends.
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