HearstLab Backs KSA-Based Quantum's Pre-Series A Round
The US$7 million round also saw participation from other investors like 500 Global, Vision Ventures, Sukna Ventures, and Tech Invest Com.
Saudi Arabia-based adtech company Quantum has raised a US$7 million pre-Series A funding round, with HearstLab participating as an investor.
HearstLab, the investment division of Hearst Corporation (one of the world's largest global, diversified information, services, and media companies), focuses on early-stage, women-led tech startups, and this deal marks its first investment in the GCC.
Quantum, founded in 2020 by CEO Omar Malaikah and CTO Sara Bin Ladin, provides a platform that connects advertisers with publishers, allowing advertisers to directly choose and purchase ad space, supported by data analytics and return of investment (RoI) tracking.
The funding round also saw participation from other investors such as 500 Global, Vision Ventures, Sukna Ventures, and Tech Invest Com.
HearstLab, which has supported over 70 women-led startups globally, offers resources across various sectors, including media and fintech. The investment was facilitated by a HearstLab Scout, Nejoud Al Mulaik, general manager for Fitch Ratings in Saudi Arabia.
Quantum has been gaining traction as the Middle East sees growth in digital advertising and e-commerce. Advertising expenditure in the Middle East and North Africa (MENA) is projected to surpass US$12 billion by 2024, rising from approximately US$9.2 billion in 2021, as per data from Statista.[2]
The e-commerce sector in the Middle East is also set for significant growth, with market volume expected to reach $50 billion by 2025. This expansion is fueled by the adoption of advanced technologies and supportive government initiatives aimed at boosting digital economies.[3]
