Women Collective invests in Velent's AI.
Saudi Arabia's Velents AI, a SaaS provider, secures funding from Women Collective, the amount remains undisclosed.
Velents is a SaaS platform powered by AI, automating hiring processes to reduce bias and lower hiring costs by 80%. It boosts organizational productivity. It has secured funding from Women Collective, with the specific amount undisclosed.
This round stands out for its innovative approach to advancing gender equality in investments. Through preferential terms and valuations for women investors, Women Collective and Velents AI are pioneering new standards in wealth creation, ensuring substantial representation on the cap table of a male-founded business. This infusion of capital will drive its mission to innovate workplace dynamics and efficiency.
Female involvement in the MENA region has been rising steadily but remains below global norms. In private equity and venture capital, women hold only 10% of senior positions globally, with even lower figures in Saudi Arabia and the UAE at 12% and 13%, respectively. [1] This funding round aims to boost the advancement of women as investors and their representation on corporate boards.
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More than 80% of the funding is from women, with six new angel investors joining for the first time, highlighting a strong commitment to diversifying the investment landscape. This investment round underscores Velents' dedication to promoting gender diversity and inclusion in the tech industry. [2]
Velents AI hopes this initiative will inspire others to launch similar endeavors. This investment is a significant milestone for Women Collective, a cohesive group of influential women investors, many of whom are investing for the first time.