YCombinator, Nuwa Capital, Khwarizmi Ventures, Aljazira Capital, VentureSouq, Oraseya Capital, and Joa Capital led a $16m Pre-Series A round in erad.

YCombinator, a startup accelerator that provides funding, mentorship, and resources to early-stage companies; Nuwa Capital, a venture capital firm; Khwarizmi Ventures, a Saudi-based venture capital firm; Aljazira Capital, a closed joint stock company; VentureSouq, a venture capital and investment firm; Oraseya Capital, a Dubai-based venture capital fund, and Joa Capital, a Saudi-based private markets firm, led a $16m Pre-Series A round in Erad, an alternative financing platform for SMEs. “While SMEs continue to power the GCC economy, entrepreneurs in retail, F&B, healthcare, and beyond struggle to secure the capital they need to scale up. Over 60% of our customers are first-time credit takers, and we are proud to be partners in their growth while fostering financial inclusion. Together with our investors, we are excited to play a role in the growth of these SMEs, which are havinga significant economic impact in the region,” Salem Abu-Hammour, erad Co-founder.