Unifonic, a leading communications platform and Communications Platform as a Service (CPaaS) provider in the Middle East, has been selected to be a part of the Saudi Unicorns Programme. It aims to support regional start-ups to achieve billion-dollar market value in the Kingdom of Saudi Arabia.
Unifonic’s selection was announced during Leap 2023, cementing its position as a leader in providing innovative products and services in a competitive technology ecosystem in the kingdom.
Founders and executives of the 34 start-ups, besides representatives of the Saudi Unicorns Programme, were presented at the leading global technology event organised by the Ministry of Communications and Information Technology and Saudi Federation for Cybersecurity, Programming, and Drones between February 6 and 9, 2023 in Riyadh.
Innovative products
During the event, Unifonic showcased innovative products and services that uphold the highest standards of technological advancements and facilitate reliable customer engagement services. The startup participated in the exhibition to help accelerate digital transformation initiatives for public and private sectors in the kingdom in line with Saudi Vision 2030 and Smart Government Strategy objectives.
Ahmed Hamdan, CEO and Co-Founder of Unifonic, said: "Being chosen for the Saudi Unicorns Programme is an honour, and we are eager to embark on the next leg of our adventure. This latest feat further solidifies our position as the leader in the sector and acknowledges our efforts to provide an affordable enterprise-grade multilingual, seamless omnichannel communications platform throughout the Middle East.”
“This programme will significantly improve the standing of regional businesses in the global tech sector and give them the resources they require to successfully compete with industry behemoths. We believe that it is important to create an ecosystem that fosters innovation and encourages a steady stream of ideas in order to pave the way to a sustainable future. Initiatives like the Saudi Unicorns Programme are steps in the right direction,” he added.
Venture capital funding for start-ups in Saudi Arabia grew by 72% annually to $987 million, from 144 deals in 2022. Furthermore, the kingdom is projected to spend $34.6 billion on information and communications technology in 2023, making it the top-spending nation for the category in the Middle East, Africa, and Turkey.
Growth of start-ups
Nine funds worth a combined $2.4 billion will support the growth of start-ups in the kingdom, where two of its largest lenders, Banque Saudi Fransi and Riyad Bank, have each pledged $1 billion to boost the information and communications technology industry, during the exhibition.
Meanwhile, Riyadh-based investment firm Merak Capital is providing $53 million while the National Technology Development Programme (NTDP) will launch six new supportive and enabling products for the kingdom's digital entrepreneurship and technology companies, in addition to attracting global technology companies with the support of $430 million.-- TradeArabia News Service