Saudi tech start-up Elevatus raises $10.5 mn in funding
Saudi Arabia-based recruitment platform Elevatus has completed a $10.5 million Series A round, co-led by Dubai-based Global Ventures and Aramco’s venture capital arm Wa’ed Ventures, and joined by Jasoor Ventures. An additional investor was the Oman-based VC fund of Jasoor Ventures.
With this capital injection, the HR tech provider aims to accelerate its business expansion and expand its market share. It will also broaden its reach by entering new markets, investing in product innovation, and propelling the advancement of HR tech.
Elevatus enables companies to centralize core recruitment functions in one place, tackle their hiring challenges, and recruit talent.
Over the past three years, Elevatus has helped companies worldwide conduct over 3 million video assessments and recruit thousands of candidates to date. It also improved its AI algorithm accuracy from 65 to 94 percent.
Venture capital funding in Saudi Arabia has been growing and surged more than threefold to $584 million in the first half of 2022. This surpassed the total for the whole of 2021, as Saudi continues to accelerate its digital transformation projects, start-up data platform Magnitt‘s Venture Capital Report found.
The 244 percent jump in total VC funding in the Arab world’s biggest economy through the end of June resulted in investments that were 8 percent higher compared with 2021’s total. This was backed by a record 88 investors who funded Saudi start-ups, the report said.