Arrow Labs has secured a US$5 million Series A fundraise. The startup received the investment from Draper Associates, the Venture Capital fund founded by renowned American investor Tim Draper.
Draper Associates’ investment is one of the company’s first in a MENA region company, reflecting the company’s excitement at the technology of Arrow Labs. Other prominent investments to date by Draper include Baidu, Hotmail, Skype, Tesla, SpaceX, and Twitter.
Tim Draper, Founder & Managing Partner of Draper Associates, said: “For many years, investment in critical remote working tools has focused almost exclusively on office based staff. This has caused front-line workers to become disconnected. This is a global issue, affecting hundreds of millions of people, and a solution is required. Arrow Labs’ technology has really caught my eye. They have built the solution the world needs, which is already being used by some of the biggest global brands.
“The start-up ecosystem in the MENA region is very exciting, and Arrow Labs is a unique player there. I’m delighted to make them one of my first investments in the region.”
Arrow Lab’s core product is a platform (MIMS) – an enterprise SaaS software – unifying frontline workers. Accessed by mobile app, web, and wearables – it connects employees/machines/facilities – to deliver flawless work-flow execution. The platform reduces operating costs by 20%, increases staff productivity by 30% and business efficiency by 40%.
Investment proceeds will be used to accelerate growth into new markets. Specifically, funds will drive further growth in the U.S. market, and enhance development of the MIMS platform’s machine-learning capabilities.
Other leading technology investors who participated in the round include international venture capital firm, Global Ventures, and B&Y Ventures.
