JEDDAH: Quantum, a Jeddah-based marketing platform, announced this week it has raised $2.6 million in a seed funding round.
Saudi Tech Invest Com and Vision Ventures led the round with 500 Startups MENA and other angel investors.
Quantum helps brands acquire new customers using digital sampling and data-driven marketing tools to target the right audience for their products, resulting in up to 40 percent increases in return on investment.
The newly raised capital will help to improve Quantum’s platform technology, grow its workforce and expand into the UAE and Egypt.
“We are privileged to have leading investors who understand our business model and back our vision,” said Quantum CEO Omar Malaikah.
“Our strategy is to continuously deepen our capabilities and provide a seamless digital process to create proven product trials that utilize consumer-behavior-analysis. Marketers can take real-time decisions to optimize their campaigns, reduce costs and scale their business to the next level,” Malaikah said.
Currently, the company operates in 12 cities across Saudi Arabia and Kuwait. Established in 2018, the company has delivered six million targeted samples for leading local and multinational brands, including Nestle, Pepsi, Mondelez, Kimberly-Clark, Goody, Savola, SADAFCO and Mars.
“Quantum bridges a critical gap in the region by digitizing the offline marketing activities with real-time metrics and numbers. It has never been done before,” said Kais Al-Essa, founding partner and CEO of Vision Ventures.
Al-Essa added: “The value Quantum brings to brands is second to none and we anticipate its abilities will only increase with the use of big data and analytics down the road.”