Teradix Receives US$140,000 Grant From KSA-Based TAQADAM
The funding will support the Egypt-based cloud-based eProcurement solutions provider's planned expansion into Saudi Arabia.
Egypt's Teradix, a cloud-based eProcurement solutions provider, has received a US$140,000 grant from the TAQADAM Accelerator program at Saudi Arabia's King Abdullah University of Science and Technology (KAUST).
The TAQADAM grant is set to support Teradix’s planned expansion into Saudi Arabia. It will enable Teradix to continue developing its suite of cloud-based eProcurement tools, which help businesses manage procurement workflows, from requisitions to contracts, more efficiently.
The platform offers sourcing tools like requests for quotation (RFQs) and advanced reverse auctions, allowing organizations to increase transparency and optimize spending in each procurement cycle.
Teradix’s platform also centralizes supplier interactions to encourage effective communication and coordination. It also provides customizable dashboards and reporting tools, providing analytics to help businesses make data-driven procurement decisions and refine their strategies.
In a statement, Khaled Aboshady, co-founder and CEO of Teradix, commented, "Winning this grant from the TAQADAM Accelerator program is a testament to our team’s sheer focus and efforts. It not only validates our innovative approach to eProcurement but also provides us with the vital resources to expand our presence in the Saudi market and deliver unparalleled value to our clients in the Kingdom."
The TAQADAM Accelerator, hosted by KAUST in partnership with the Saudi British Bank (SABB), supports startups that show potential in technology and innovation.
Since 2016, the program has provided funding, mentorship, and connections to over 263 startups. TAQADAM-supported ventures have collectively raised $160 million in funding and generated approximately 1,400 jobs.
