https://arab.news/92j8k
- Funding will help will help Makkah-based startup Ynmo invest in its software, hire more staff and expand services
RIYADH: Wa鈥檈d, the entrepreneurship arm of Saudi Aramco, has invested $500,000 in Ynmo, the first Arabic-English software platform for teachers of students with disabilities.
The funding, through Wa鈥檈d Ventures, will help the Makkah-based startup invest in its software, hire more staff and expand its services.
鈥淲ith Wa鈥檈d鈥檚 support, we are going to greatly expand the number of children with disabilities whom we can help in 抖阴短视频 and beyond,鈥� said Abdullah Murad, Ynmo co-founder. 鈥淚t鈥檚 a way for us to give back to our community and have a big and sustainable social impact.鈥�
鈥淥ur mission is to advance the Saudi startup economy, and Ynmo is an innovative solution to a pressing issue affecting many Saudi children and their families,鈥� said Wa鈥檈d Managing Director Wassim Basrawi. 鈥淎t Wa鈥檈d, we are looking to support promising Saudi entrepreneurs such as [the developers behind] Ynmo, who are the architects of our Kingdom鈥檚 economic future.鈥�
According to the Ministry of Education and Ministry of Human Resource and Social Development, there are around 100,000 students with disabilities in the Kingdom. However, Ynmo co-founder Fahad Al-Nemary said the actual number could be as high as 14 percent of all students, in line with the global average.
Established in 2011, Wa鈥檈d provides institutional venture capital investment for Saudi-based startups, as well as end-to-end support in mentoring, incubation and loan financing.
Earlier this year, Wa鈥檈d reported that it had tripled the amount of money loaned to startups in the Kingdom last year.
The Dhahran-based initiative gave out 12 loans to small and medium-sized enterprises (SMEs), up from four in 2019, with the value surging to SR31 million ($8.27 million), up from SR10 million in 2019.
In terms of venture capital funding, Wa鈥檈d deployed SR43 million to SMEs, up 34 percent year-on-year.
鈥淚n a very challenging year, I am proud of the Wa鈥檈d family, which includes my team and our resilient entrepreneurs, for rising to the challenges and keeping us on track to deliver an even greater impact in 2021,鈥� Basrawi said.