executed Sequoia Capital Its first investment in the Arabian Gulf region by leading a funding round for the Saudi financial technology company Lean Technologies.
Existing and new investors, including former General Electric CEO Jeff Immelt, as well as Sequoia Capital India, participated in the financing.
Lean said in a statement released today that it intends to use the new funding to expand its business across the region and grow its team. This is the first investment by the American Sequoia Capital Group, which specializes in venture capital companies, according to “Bloomberg”, and reviewed by “Al Arabiya.net”.
It intends to benefit from the growth in financial technology and e-commerce.
Founded in 2019, Lean has dozens of major clients and offices in Riyadh, Abu Dhabi, Dubai, Cairo and London.
The investment comes as Sequoia is working to deepen its presence in the Middle East, after it recently supported companies in the Middle East, especially Egypt and Turkey. The US venture capital firm is among global investors eager to take advantage of the spread of financial technology and e-commerce in the region as local economies emerge from the pandemic.