Dubai-based MAGNITT.com collects $1m seed round

Dubai-based investment data platform MAGNITT.com has collected $1m in its Seed funding round.

500 Startups led the investment, with participation also coming from regional VCs and angel investors including Middle East Venture Partners, KISP Ventures, Financial Horizon Group and iNet.

The company offers an investment data platform for the MENA region, providing information on companies, investors and funding rounds. The platform also helps to connect startups with funders, mentors, support services, and talent directly. A startup is also able to apply for funding directly with VCs and angel networks through their profile pages.

Users can also get access to monthly research reports which track rends and offer insights on the region.

This equity injection will be used to further the product development and growth both within the region and across emerging markets.

Alongside the funding round, the company has launched a new website that offers enhanced user profiles, investment tracking notifications, research and analytics tools and a job portal for startups and VC portfolio companies.

MAGNiTT founder Philip Bahoshy said, “For start-up founders across the region, raising funding remains one of the biggest challenges. It is an extremely time-consuming process, and yet it is a key enabler for growth for entrepreneurs.

“A funding round can take anywhere between 3 months to over a year to close. By creating a data driven startup platform with a focus on access to analytics, our aim is to help accelerate that process. Data remains at the core of investment decisions and this trend will continue to dramatically impact the startup and investor ecosystem over the next few years.”

Late last year, the Dubai Financial Services Authority and Australian Securities & Investment Commission formed an agreement to promote FinTechs within each other’s markets.

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