- Velents AI secured significant funding from Women Collective to revolutionize the hiring process with AI technology.
- Women investors, contributing over 80% of the funding, including six first-time angel investors, highlighted a commitment to gender diversity.
- Female representation in senior roles within private equity and venture capital in the MENA region is low, but this investment marks progress in increasing women’s involvement.
- The funding will enable Velents AI to advance its AI-driven hiring solutions, aiming to automate processes, reduce biases, and cut hiring costs by 80%.
Velents AI, a Saudi Arabia-based SaaS provider, has recently secured a significant investment round from Women Collective. This new influx of capital, the amount of which remains undisclosed, marks a pivotal moment for the company, which aims to revolutionize the hiring process using advanced AI technology.
Founded in 2020 by Abdulaziz Almuhaydib and Mohamed Gaber, Velents AI seeks to automate hiring processes, mitigate biases, and reduce hiring costs by an impressive 80%.
A Milestone in Gender-Inclusive Investment
This investment round is notable for its substantial participation from women investors, who contributed over 80% of the funding.
Among these investors are six first-time angel investors, highlighting a growing commitment to gender diversity within the investment community.
This round also underscores an innovative approach to promoting gender equality in the investment landscape by offering preferential terms and valuations for women investors.
This strategy not only enhances wealth creation opportunities for women but also ensures their significant presence on the cap table of a male-founded business.
Increasing Female Representation in MENA
Despite the global push for gender equality, female participation in senior roles within private equity and venture capital remains relatively low. In the MENA region, women hold only 10% of senior roles in these sectors.
Additionally, women’s representation on boards in Saudi Arabia and the UAE is modest, at 12% and 13%, respectively. This investment round by Velents AI and Women Collective is a critical step towards accelerating the growth of women as investors and board members in the MENA region.
Key Highlights of the Investment Round
- Major Participation from Women Investors: Over 80% of the funding came from women, including six new first-time angel investors, demonstrating a powerful commitment to diversifying the investment community.
- Empowering Women in Tech: This investment round reflects Velents AI’s dedication to fostering gender diversity and inclusion within the tech industry.
- Advancing AI in Hiring: Velents AI is leveraging artificial intelligence to enhance organizational productivity, starting with its flagship product, Velents Hiring.
Strategic Vision and Leadership
The infusion of capital will enable Velents AI to further its mission of transforming workplace dynamics and efficiency through AI-driven solutions.
Co-founder Mohamed Gaber expressed his excitement and gratitude for the support from Women Collective, stating, “We are thrilled and honored by the overwhelming support from our existing investors and the Women Collective in facilitating this round. This investment is not just funding, it is a validation of our vision and a step forward in creating a more inclusive investment ecosystem.”
Romanna Dada, Founding Partner of Women Collective, praised the forward-thinking founders of Velents AI. She emphasized the significance of this investment round in promoting gender equality within the investment landscape.
Dada remarked, “This investment round marks a crucial step towards gender equality in the investment landscape and serves as a significant testament to the forward-thinking founders at Velents AI. I anticipate that this will pave the way for many others to initiate similar rounds, showcasing the power of women in enhancing revenue, profitability, and growth for Velents AI as it fosters innovative solutions that drive positive change.”
A Commitment to Gender Equality and Innovation
Samar Hasan is the first angel investor from Pakistan to join this investment round. She is enthusiastic about the opportunity. Hasan advocates strongly for gender equality and believes in the transformative power of emerging technologies. She stated that she is excited to be part of the investment with Velents AI.
This investment is a significant milestone for Women Collective. It represents their first technology investment as a group of powerful women investors. Many of these investors are participating for the first time. Hasan expects this to inspire others to invest, demonstrating the true potential of women-led investments.
Velents AI’s successful investment round with Women Collective not only provides crucial funding to drive its mission but also sets a new standard for gender-inclusive investment practices.
By fostering an environment where women can thrive as investors and leaders, Velents AI and Women Collective are paving the way for a more inclusive and equitable future in the tech and investment sectors.
This landmark investment round not only supports Velents AI’s vision of transforming workplace dynamics but also demonstrates the profound impact of empowering women in the investment landscape.
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Last Updated on July 29, 2024 by Safiya K
