Dubai's Pioneering Data Platform Magnitt Scores a $1 Million Seed Investment
We speak with the CEO and founder of the MENA's largest investments data platform about the company's plans for 2018.
Dubai-based investment data platform Magnitt just announced it has raised almost $1 million in funding from both international and Gulf based investors. The pioneering platform, founded by Philip Bahoshy, has been one of the first in the Middle East to provide investors, entrepreneurs and corporates with data and reports on the growing investment scene in the MENA startup landscape. The funding is expected to accelerate Magnitt's platform development and expansion plans both regionally and across emerging markets.
“The funds raised will allow us to accelerate our growth, by further enhancing our platform to better serve our existing markets in the first instance,” says Bahoshy. It will also allow the region’s largest investment data platform to consequently extend its geographical reach by expanding outside the region where it looks to solve similar pain points.
The entrepreneur tells Startup Scene that startup founders across the region struggle from isolation in environments where the offline infrastructure is disconnected. “Magnitt looks to support such ecosystems with an online environment that allows founders to connect to stakeholders via the platform,” he adds. “These continue to be issues of funding, talent and services. Data transparency and analysis will further support growth, awareness and development of such ecosystems.”
Moreover, Magnitt has just released its new website, fashioning enhanced user profiles, investment tracking notifications, research and analytics tools and a startup job portal for startups and VC portfolio companies. “We will continue to enhance and improve that proposition based on the needs and requirements of our clients. This will include further research and reporting as well as technological enhancements including APIs, export functionality and notifications for them to better access what they are looking for, to name a few,” Bahoshy says, adding that the company is upgrading its technology progress by hiring tech experts. “We also look to continue to collaborate with VCs, Accelerators and Incubators to develop a deal flow tool for them to curate startups and services,” he concludes.
Having released more than 20 reports since its launch, a core focus of MAGNiTT is education through data-driven analysis. According to the press release, the data platform is currently hosting 5,500 startups, over 12,000 users including over 300 individual investors and over 150 funding institutions, be it VCs or Angel Investors.
Main photo: @MO4Network's #MO4Productions.
Photographer: Mo Ezaby.
