Saudi-Based Crowdfunding Platform Tameed Secures $15 Million in Series A Funding Led by Al-Rumaih Group

Tameed, a Saudi-based crowdfunding platform, has successfully closed a Series A funding round, raising $15 million with Al-Rumaih Group leading the investment.

The Series A funding will be used by Tameed to accelerate its growth and meet the rising demand for its innovative Digital Lending products. This growth strategy aligns with the economic expansion in Saudi Arabia, bolstered by the ongoing success of various Vision 2030 programs and mega-projects.

Having obtained its operating license from the Saudi Central Bank (SAMA) in January 2023, Tameed was operating within SAMA’s FinTech SandBox. The platform has achieved significant milestones, including offering SMEs funding exceeding SAR 400 million, serving investors and funding seekers through its recently launched mobile application, and achieving an annual growth rate of more than 400%.

Mohammed Alomayyer, the CEO and Co-founder at Tameed, expressed optimism about the Kingdom’s economic prospects, stating, “The coming period is promising for the Kingdom’s economy, and we at Tameed are keen to keep pace with this growth by introducing new innovative products. We have recently added a Performance Bond financing for projects to serve a wider range of SMEs and help them participate effectively in these major projects.”

Tameed also aims to invest the raised funds in meeting the demand for project financing and purchase orders. The platform seeks to serve small and medium enterprises on a larger scale by providing financing products and services that enhance their business efficiency, enabling them to contribute effectively to Saudi Arabia’s mega projects. Tameed follows digital financing procedures that ensure financing decisions are made within 3 working days.

Mohammed Al Sheikh, co-founder of Tameed, highlighted the potential for growth and development in the SME financing sector, especially for projects and purchase orders. He emphasized the platform’s commitment to innovation, mentioning the launch of an automated investment service that simplifies the investment process for individual investors who lack the time to track opportunities. This service allows investors to set their investment preferences in advance, and the system automatically invests according to their preferences.