SoftBank makes first Saudi startup investment in $125m deal with PIF-owned Sanabil

DUBAI: Customer engagement startup Unifonic has raised $125 million in its latest funding round led by SoftBank and a unit of the Public Investment Fund.

News of the deal first came out in June, but was only officially announced on Wednesday, making it the first investment of SoftBank in a Saudi startup. 

The Riyadh-based startup provides messaging, voice, and WhatsApp communication services to companies who want to engage with customers.

“From SMS for online banking to WhatsApp vaccination requests, Unifonic empowers organizations to transform customer experiences,” it said in a statement. 

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It claims to support businesses by providing a cost-effective communication infrastructure. 

The Series B funds will be used to grow Unifonic’s platform in the Middle East, and further expand to Africa and Asia. It also plans to acquire companies in these markets. 

“This raise is an important milestone in our journey, it will allow us to scale our offerings and expand our reach to enable more organizations to connect with customers reliably and effectively,” its founder Ahmed Hamdan said. 

PIF unit Sanabil also took part in the funding round. 

Source: Arab News