Mobily has launched a corporate venture capital arm, ‘Mobily Ventures', to invest in high tech startups in telecoms, IT, media and entertainment sectors.
Mobily Ventures will focus on early-stage and growth-stage startups in areas including e-commerce and retail innovation, mobile financial services and payment, digital advertising, digital content and entertainment as well as IT and cloud services.
The company, which has also announced its first two investments, aims to build technological and economical synergies between the startup and Mobily. Mobily Ventures will enable startups to leverage Mobily assets to accelerate their growth.
According to Engineer Khalid Bin Omar Al Kaf, CEO of Mobily: "Mobily Ventures will further strengthen our company's position in the ICT sector through the adoption of innovative products and services from the startups and at the same time foster entrepreneurship in the Kingdom and the wider Arab world."
Dr. Karl-Michael Henneking, Chief Corporate Strategy and M&A Officer of Mobily added: "We not only gain valuable insight and understanding of market trends through equity investments in young high-tech companies, but also can build technological and economical synergies with the business units of Mobily."
Mobily Ventures announces its first two investments today. The first investment is ‘Easy Taxi', a company which provides an application for smart phones, through which users can book a taxi to come to their location. The Easy Taxi application is available on iPhone, Android, BlackBerry and Windows Phone and can be downloaded from the website http://www.easytaxi.com/sa-ar/.
The second investment is Anghami, a mobile application that provides millions of Arabic and Western songs to listen to and download for free. Anghami allows users to discover new music based on their taste, along with the ability to share your favourite songs with friends. Anghami is available to download through the website site: https://www.anghami.com/ar/.