EXITS MENA, a fintech arrangement platform for startups and small and medium-sized enterprises (SMEs) in the MENA region, has announced the establishment of a new strategic joint venture in Saudi Arabia.
Founded in 2022 by Mohamed Aboulnaga, Ahella El Saban and Ayman El Tanbouly, EXITS MENA aims to facilitate M&As and investments in companies by offering a seamless and fully integrated online solution on its platform and a full-fledged financial advisory service.
The startup, which closed a US$1.25 million pre-seed funding round a year ago, has now expanded into Saudi Arabia in a joint venture backed by a partnership with a group of esteemed Saudi investors led by Ammar Ahmed Shata, the founder of Gotrah Ventures, who will also act as the non-executive chairman of the new joint venture.
This strategic move represents a significant milestone for EXITS MENA, solidifying its commitment to addressing the gaps in the entrepreneurial ecosystem across the MENA region. By establishing an on-ground presence in Saudi Arabia, EXITS MENA aims to leverage the Kingdom’s dynamic market environment to foster growth and drive innovation among startups and SMEs.
“Our expansion into Saudi Arabia marks a significant milestone in our journey to be the leading catalyst for investment and growth in the MENA region’s entrepreneurial ecosystem. With Mr Ammar, industry expertise, and the creation of this joint venture, we are confident in our ability to bridge the gaps in the entrepreneurial ecosystem and drive substantial growth and investment in the Kingdom,” said Mohamed Abuelnaga Nagaty, Ahella El Saban and Ayman El Tanbouly.
“This expansion will enable us to provide unmatched support to startups and SMEs, empowering them to navigate the complexities of the market and achieve their business objectives. Additionally, we recognise the critical importance of secondary share sales in providing liquidity for founders and early investors. By facilitating these transactions, we help startups and SMEs progress towards successful exits, ensuring sustainable growth and rewarding outcomes for all stakeholders involved.”
