- Collected social trading platform Dawul Saudi Arabia-based $5 million seed round led by RAED Ventures Posted by Impact46 And Seedra Ventures And Derayah Venture And Cloth Ventures.
- has been founded Dawul Created in 2020 by Mansour Al-Harbi, it is designed to help novice investors look for automated ways to execute trades or follow professional traders, their portfolios and investment strategies.
- plan Dawul To use the new money to expand its offering of social commerce-related products, as well as expand its network in the Middle East, the US, and the UK while focusing its efforts on recruiting talent in the fintech industry.
Press release
The Dowel platform, affiliated with Maysan FinTech Company, a start-up financial technology company based in the Saudi capital, Riyadh, announced the closing of its first investment round (Seed) with an amount of 19 million Saudi riyals ($ 5 million), making it one of the largest investment rounds at this stage for financial startups in the Kingdom of Saudi Arabia. This investment round was led by Raed Ventures and with the participation of the Fund Impact46, Sidra Fund, Derayah Ventures, and Sakani Venture Investment Fund.
The Dowl platform was established in the year 2020 AD, and it is the leading platform specialized in the field of social trading, and it obtained a permit to experiment with financial technology from the Capital Market Authority at the end of the same year. It allows novice investors to follow trading experts, view their investment portfolios, be guided by their investment strategies, and obtain details of their current operations directly and in real time. their favorite boxes, through alerts and notifications that are sent periodically.
The platform plans to take advantage of this investment to expand the provision of more products related to social trading, as well as expand its spread network in the Middle East. The company also aims to launch its services by linking with the American market and the British market. .
Commenting on this investment round, Mr. Mansour Al-Harbi, Founder and CEO of Dwell, said: “We are excited to move forward and aim to be the first choice for the trader in the region, based on our value, enhancing the investor experience and increasing transparency in the financial market.”
Mr. Mansour believes that the Saudi market is a great opportunity for investors, as it is considered the largest in the Middle East and North Africa region, and one of the top 10 financial markets in the world. He added: “We at Dawel aim to be able to build a global product with national hands, and we always welcome Saudi talents. To prove their worth in the fintech field and join us in the company.”
Commenting on this investment, Eng. Talal Al-Asmari, Co-founder of Raed Ventures Fund (RAED Ventures) on the Dowl investment round: “There are huge opportunities behind the concept of social trading, which has not yet been implemented in the region. We are happy to invest in the Dowl platform, which is introducing this concept for the first time to the Saudi market through a safe and transparent platform with the support of the Capital Market Authority to raise awareness among investors and we believe The ability of the team to expand to serve the entire region soon“.
He also adds: “The market in Saudi Arabia and the region in general is well-prepared and ready to implement the concept of social trading, and the experience of the founder of the platform and the capabilities of the work team will undoubtedly be one of the foundations that will help Dowle grow and expand in the region.”
Professor Muhammad Al-Nisayan adds from Impact46 said, “With the increase in people’s awareness of the importance of investing through numerous initiatives undertaken by the public and private sectors, and the increasing need for scientific and practical material to delve into this field, the Dowell platform’s business model covers this gap by enabling experts and knowledgeable people in the investment field to share their experience with novice investors. , we are in Impact46 We bet on the experience of the Dowell team led by Professor Mansour Al-Harbi in achieving this.”
It is noteworthy that the platform, as part of its strategy in spreading investment culture, intends to launch an educational game, which is the Japanese candlestick game. Quickly knowing the risks involved in buying and selling.
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