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LEADING DUBAI-BASED AUTOMOTIVE DATA PLATFORM – ALGODRIVEN – RAISES $2 MILLION SERIES A FUNDING, LED BY GLOBAL VENTURES

AlgoDriven, a leading Dubai-based automotive data platform, has successfully
raised $2 million in a Series A funding round. The round was led by Global
Ventures, the Dubai-based international venture capital firm.

Other participating investors included Automotive Ventures, an Atlanta-based
venture capital firm – for whom AlgoDriven is its first international
investment – Spartech Ventures, otf Wadi, Driven Capital Partners and DTEC
Ventures.

Proceeds will be used to expand the company’s reach globally into new
regions and increase penetration in existing markets such as the MENA region
and Australia. The company’s enterprise product line will continue to be
built out for banks, insurance, classifieds, and inspection companies – to
increase functionality. AlgoDriven’s tools already help value assets for
loans, insurance policies, price vehicle subscriptions and leases.

AlgoDriven supports car dealers, classifieds, banks, and insurance companies
to accurately identify, and price used cars. The company’s core product,
EvalExpert, streamlines the pre-purchase assessment and evaluation of cars,
ultimately allowing dealers to benefit from more competitive trade-in deals.
By valuing the trade-in component, AlgoDriven’s technology is helping car
dealers and manufacturers sell more new cars online. Consumers also benefit
via a better, faster, more professional experience when visiting dealers who
use AlgoDriven’s tools.

AlgoDriven’s proprietary vehicle data platform is a complete solution of
mobile apps, website plugins for car dealerships, enterprise APIs, and
financial analytics.

AlgoDriven’s clients include automotive dealerships representing almost all
the automotive industry’s biggest and most prestigious brands including
Audi, BMW, Hyundai, Kia, Mercedes-Benz, Nissan, Toyota, and Volkswagen.
Today, the company’s product is regularly used in over 600 car showrooms in
Australia, New Zealand, Malaysia, Singapore, UAE, Oman, Saudi Arabia,
Kuwait, Bahrain, Qatar, Iraq, Jordan, Morocco, and Sweden.

Glenn Harwood, co-founder at AlgoDriven, commented:

“We’re excited to be partnering with Global Ventures for the next chapter of
our journey. We have seen strong growth in demand for our automotive data
and software over the last few years both regionally, and in the
international markets we operate in. As trends such as ecommerce and new
ownership models continue to transform the automotive industry, we expect
demand for our vehicle data, pricing, and appraisal software to continue to
increase.

“The wealth of experience that Noor, Basil, Simon and the entire team at
Global Ventures have in the B2B space made them an excellent choice to
partner with as we continue to scale.”

Basil Moftah, General Partner at Global Ventures, added:

“Our investment thesis centers around strong, adaptable and resilient
founding teams, disruptive technology and demonstrable growth prospects.
AlgoDriven boasts all three. Glenn and the team have a wealth of market and
product experience, and the solution is data-driven, modular, and
world-class. This round is set to position AlgoDriven for substantial
growth, and we are thrilled to be part of the next chapter.”

About AlgoDriven

AlgoDriven helps car dealerships, finance, and insurance companies,
accurately identify, and appraise vehicles. AlgoDriven’s mobile apps are
used by car dealers to help them trade more cars, and AlgoDriven’s API
enterprise products by banks and insurance to accurately price assets.

AlgoDriven was founded in 2017 and is based in Dubai, United Arab Emirates.
In 2018, AlgoDriven graduated from the first cohort of OTF Wadi Accelerator
in Muscat, Oman and in 2019 graduated 500 Startup’s MENA Dojo Series A
Accelerator.

About Global Ventures

Global Ventures is a UAE-based venture capital firm, investing in founders
and ideas scaling across emerging markets. Global Ventures backs
global-minded founders that are leading growth-stage companies and using
technology to transform emerging markets.

Portfolio companies include Arrow Labs, Buseet, Elmenus, Floranow, Helium
Health, Holiday Me, Lean, Mamo, Much:on, Ogram, Paymob, Proximie, Pyypl,
Spider Silk, Tabby, Tarabut Gateway, Team Apt, Tribal and Zension.

Noor Sweid and Basil Moftah are the General Partners of Global Ventures.
More information can be found at https://www.global.vc/

Thu. October 21st, 2021

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