Omani Startup SafaQat Secures Funding to Boost AI-Driven Digital Procurement
Oman-based SafaQat, a digital procurement platform, has successfully closed a funding round with investments from the Oman Future Fund and Idrak Group. This strategic investment will enable SafaQat to accelerate its growth and solidify its position in the digital procurement landscape. The funding underscores the increasing investment in local tech ventures, mirroring a global trend that is particularly visible in the African tech scene, where startups are also attracting significant capital to foster digital economies.
Scaling Procurement with AI: SafaQat’s Growth Strategy
Founded in 2020 by four brothers – Majed, Sulaiman, Ibrahim, and Al Moatasem Al Saifi – from the Wilayat of Nizwa, SafaQat was born from the need for a more efficient and streamlined tendering process. The platform, which initially started as a quote-sharing tool during the COVID-19 lockdowns, has since evolved into a comprehensive digital solution. Supported by Oman’s SME Development Authority (Riyada), SafaQat will allocate the newly acquired funding to several key areas. These include strengthening its AI-powered infrastructure, enhancing the overall user experience, expanding into government procurement opportunities, and ultimately, entering new markets. This strategic approach aligns with the broader global ambition to digitize processes and enhance efficiency.
SafaQat’s success story resonates with the spirit of innovation and entrepreneurship seen across the African continent, where similar digital solutions are emerging to tackle local challenges and drive economic growth. This funding will not only help SafaQat scale operations but also position it as a strong contender in the evolving digital procurement space.
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