Riyad-based social trading platform Dawul announced on Tuesday that it has raised $5 million in a seed round led by RAED Ventures with participation from Impact46, Seedra Ventures, Derayah Venture and Sukna Ventures.
Dawul platform is the leading platform specialized in social trading. Established in 2020, it acquired a permit from the Saudi Capital Market Authority to conduct financial technology experiments by the end of the same year, and was officially launched in July 2021. Dawul is built to help beginner investors keep looking for automated ways to execute trades or, what’s even better, follow professional traders and their portfolios and investment strategies. This way, they can obtain details of the traders’ operations directly and in real time.
Dawul also introduced the “investment funds” product, which allows users to view the data of investment funds in the Saudi market, and to see all updates and analysis related to their own preferred funds. All this is through alerts and notifications that are sent periodically to help beginners in making decisions regarding the buying and selling of stocks, and the building of their investment portfolios in a transparent and safe manner.
Dawul plans to take advantage of this investment round by expanding its offers of social trading-related products, as well as expanding its network in the Middle East and North Africa. The platform aims to target the American and British market with its services, while focusing its efforts on recruiting talent in the fintech industry.
“We are excited to move forward with this fund and we expect to be the first choice for traders in the region based on our value, upgrading the investor experience, and improving transparency in the financial sector,” said Mr. Mansour Al-Harbi, Founder and CEO of Dawul, in response to this funding round.
Co-founder of RAED Ventures Mr. Talal Alasmari commented on this funding round: “There are enormous opportunities behind the concept of social trading which have not yet been applied in the region. We are pleased to be investing in Dawul platform which is the first to introduce this concept to the Saudi market through a safe and transparent platform, and with the support of the Capital Market Authority to raise awareness among investors. We believe in the ability of the Dawul team to expand and serve the whole MENA region.”
“The initiatives from public and private sectors on the importance of investment, along with the people’s awareness of the value of investments, there is a gap of knowledge in the investment field and its risk. Dawul’s fills the gap by empowering experts in the investment field to share their experience. We bet on the vast experience of Mansour Al-Harbi driving the social trading platform Dawul forward” Mohammed Alnasyan from Impact46 commented on the investment.
