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Home Maintenance Platform B8ak Closes Seed Round of $2M
B8ak, a home maintenance platform, has announced the closing of a $2M seed round led by Riyadh Taqnia Fund.
B8ak was founded by Khalid Al-Hmili (CEO) and Eyad Al-Shabaan (CTO) with the aim of revolutionizing the home services market for both home owners and service providers. The platform allows users to order home maintenance and care services from a verified list of service providers. In addition, the platforms support service providers to increase their efficiency, as well as manage their booking and business through their unique back-end technology.
The round of investment included Dar wa Emaar Development and Investment Company as a strategic partner and the objective of the funding is to develop B8ak's technology further and support the startup to expand its operations in the Kingdom and GCC-wide.
Adel Al Ateeq, deputy CEO at Riyad Capital, commented on the investment:" This investment is part of RTF/ Riyad Capital efforts to scale startups in the Kingdom and the region. We Believe that B8ak will become one of the leading companies in the region supported by its strong founding team with diverse skills. We will support the company to accelerate its growth in the Saudi market and expand to new markets regionally.".
Khalid Alhmili, B8ak CEO & co-founder, commented the following: "This has been an incredible year for us! This is a strong endorsement of our strategy so far. Our new partners will support us to develop our unique technology even further and faster than before, build strategic partnerships with business leaders and allow us to expand our services Kingdom and GCC-wide in a timely manner".
Riyad TAQNIA Fund is a venture capital fund investing in early stage technology startups. RTF was founded by Riyad Capital and Taqnia and is backed by prominent institutional investors
In 2015, B8ak came in third place in the Startup Battle competition at ArabNet Riyadh.