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Mobily Ventures investment to fuel hellofood expansion [Arab News (Saudi Arabia)](Arab News (Saudi Arabia) Via Acquire Media NewsEdge) • Karl-Michael Henneking RIYADH: ARAB NEWS Mobily Ventures announced an investment in hellofood Middle East, a major food ordering marketplace in the region. The date of investment was March 6, 2014. The investment from the venture capital arm of Riyadh-based telecom operator Mobily comes to fuel hellofood's expansion in Saudi Arabia and other markets in the region. Currently the company is active in Saudi Arabia, Jordan, Lebanon, Qatar. hellofood is an online marketplace for restaurants. Customers can select from local restaurants and place orders via mobile applications or web. The free app is available and on all major mobile platforms: iOS, Android, Windows, Nokia X and Asha. "hellofood is a food delivery service that allows customers to order food from the convenience of their smartphones. The investment follows Mobily's strategy and commitment to provide innovative mobile solutions to our customers," Karl-Michael Henneking, chairman of Mobily Ventures, said. This is the third investment by Mobily Ventures, which was launched in August this year along with its first investments into the music streaming service Anghami and the taxi dispatch app Easy Taxi. Mobily Ventures is the corporate venture capital arm of Mobily. With the fund, Mobily aims to develop startups that drive innovation in the ICT industry. Etihad Etisalat (Mobily) was established in 2004 by a consortium led by Etisalat, the UAE-based telecom conglomerate. Mobily is the official brand name of Etihad Etisalat, renowned as the second mobile service provider in the Kingdom. Mobily is listed on Tadawul (Saudi stock exchange) in December 2004 with an initial public offering (IPO), which was 51 times oversubscribed. Mobily is described as the fastest growing communications and technology provider in Saudi Arabia. (c) 2014 Arab News All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info). |