RIYADH: Kuwait's 3S International real estate firm has bought Proptech startup Taskeen Al Oula for an undisclosed sum.
Taskeen Al Oula, launched the Taskeen app in 2017, which allows landlords and tenants to pay rent, make maintenance requests and other services online, reports Middle East tech startup website MGNiTT.
3S International runs various properties in Kuwait and other countries, and is owned by Yousif Musaed Almaylem. Taskeen Al Oula is also based in Kuwait.
The move by the property firm is part of its plans to boost its digital operations.
The acquisition was facilitated by tech startup investment house Brilliant Lab, led by its chief executive Neda Al-Daihani.
Al-Daihani said: “It is a million-dollar worth of deal, and acts as a good start for creating good deals and acquisitions in the aspect of buying and selling software programs, smart apps, and technical solutions in the Gulf and global startup markets.”
The Covid-19 pandemic has brought significant changes to real estate practices in Kuwaiti and property firms around the world, leading an increasing amount of investors to show an interest in Proptech.
Al-Daihani said acquisition activity among tech startups has gained momentum as these young firms demonstrate they can save acquiring companies and consumers time and money.
The Middle East and North Africa region saw venture capital funding in the first six months of the year jump by 64% compared to the same period a year ago, according to MAGNiTT’s latest MENA Venture Investment Report released last month.
It added that food and beverage sector scooped the biggest share of funds invested, while the most amount of deals were closed by fintech startups.