Zain Group announces the creation of Zain Ventures and the closing of investments and signing a Memorandum of Understanding (MoU) with both Pipe and Swvl to support their growth across Zain’s regional footprint and beyond.
Zain Ventures was recently established to complement the existing investment portfolio of Zain Group and open the door to future investment opportunities in the venture capital, fintech and tech world, focusing on digital innovations in the fast-growing electronic services and startup ecosystem.
The newly created VC is another step in Zain Group’s ‘4Sight’ strategy and progression to become a full-fledged digital services company. It will focus on digital innovations in tech-based startups.
Pipe is a fast-growing US-based fintech recognized as the world’s first trading platform for recurring revenues with its recent fund-raising valuing the entity at $2 billion in just under a year since its public launch in June 2020, making it one of the fastest fintech to reach this valuation in history.
Swvl is transforming the $1 trillion global mass transit market. The Company’s proprietary mobility solutions, powered by cutting-edge technology, are helping to solve mass transit supply and demand challenges in complex, emerging markets – empowering massively underserved communities with transportation solutions that are reliable, convenient, safe, and affordable. It currently operates across 10 cities in the UAE, Saudi Arabia, Jordan, Egypt, Kenya and Pakistan.