Wednesday, January 19, 2022 at 10:18 AM
Riyadh, Saudi Arabia, 17 January 2022: OB - iMENA Rua Growth 1 Fund led a $6 million growth round of Saudi-based customer experience management platform Lucidya; with participation from M.A.L Ventures and AlRashed Group, and other international Venture Capitals and existing Lucidya investors, including Venture Souq.
OB - iMENA Rua Growth 1 Fund led the round of fundraising for Lucidya after the promising results of Lucidya’s solution that empowers organizations to understand and better serve its customers by analyzing interactions across different online channels in one platform. Powered by proprietary Artificial Intelligence (AI) and Arabic Natural Language Processing (NLP) technologies, all captured interactions are deeply analyzed to extract insights that help businesses in making data-driven decisions.
This round came after an outstanding performance by the B2B SaaS company, which managed to serve over 100 enterprise customers in more than 6 countries, fueling its annual recurring revenue (ARR) growth 5x year-over-year and making it among the top 10% fast-growing B2B SaaS companies globally, according to the industry’s benchmark.
The global market for marketing technology solutions (MarTech) is estimated to be worth $344.8bn in 2021, a figure which underlines the growth of the industry and the massive role that MarTech now plays in almost every organization. With such a growing market, the opportunity for Lucidya and its customers is undeniable.
While almost every business is exploring how they can use Customer Experience as a competitive advantage, very few are able to do so effectively today due to the lack of technologies that understands Arabic interactions. The fund will be used to expand the company’s product offering to provide a wider range of values to its customers.
Turki Aljoaib, Managing Partner at OB - iMENA Rua Growth 1 Fund said: “We at OB - iMENA Rua Growth 1 Fund believe that both, the Saudi market and the MENA region, have been suffering from the lack of with technology solutions and services tailored to the local market. This has left significant gaps and opportunities for digitization that can only be successfully filled by local players who understand the needs of the market and know how to deliver value to their customers. Lucidya, which is based in Saudi Arabia, is a prime example of this. Having developed their technology in-house by and for Arabic speakers, they serve the needs of the global market while also demonstrating the Kingdom’s potential of innovative tech entrepreneurs, which promises to be a key part of accelerating the Kingdom’s growing leadership in MENA’s tech revolution.”
Abdullah Asiri, founder and CEO at Lucidya said; “We are on a mission to revolutionize customer experience in the MENA region. We are leveraging our Arabic-tailored AI to bridge the gap between businesses and their customers and make customer voices heard loud and clear. Seeing that brands using Lucidya enjoyed an improvement of 200% in customer satisfaction, on average, indicates that we are on the right track but we are not there yet. This funding will enable us to expand our offering and bring it to more markets, enabling more businesses to reap the benefits of AI-powered Customer Experience Management.”
“COVID-19 accelerated digital transformation and changed consumers’ behavior. Nowadays, most individuals interact with businesses through online channels (e-stores, social media, chat, emails, calls, etc.) and this trend is only expected to grow with time. This paradigm shift has resulted in an enormous and rapidly growing global customer demand for an omnichannel solution that leverages these interactions to improve customer retention. As a result, Lucidya is among the fastest-growing B2B SaaS companies in the world. Today, if any organization in Saudi Arabia wants to build a Customer Experience competitive advantage, Lucidya is essential. Soon this will be the case the MENA region too.”
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About OB - iMENA Rua Growth 1 Fund
OB - iMENA Rua Growth 1 Fund is an early to growth stage venture capital fund, licensed and based in Riyadh, Saudi Arabia. Born out of a collaboration between Osool & Bakheet Investment Company, the first licensed asset management company in the Kingdom, and iMENA Group, one of the first venture firms in the middle east region.
OB - iMENA Rua Growth 1 Fund’s core thesis is to invest in tech and tech-enabled companies in Saudi Arabia and across the MENA region that have a clear growth strategy in Saudi Arabia that aim to revolutionize the way people and companies operate, live and partake in the digital revolution in the region.
