erad, the alternative growth financing platform raised $2.4 million in Pre-SEED led by UAE-based Nuwa Capital and VentureSouq where Saudi Arabian venture capital firm, Khwarizmi Ventures, and prominent regional angel investors. Co-founded by Salem Abu-Hammour, Faris Yaghmour, and Youssef Said also participated.
erad's data-driven platform assesses promising online businesses' marketing, sales, and accounting activity. The applicant's previous track record and potential ability to scale determine its funding eligibility. According to the company, funding offers are made within 48 hours, and capital is deployed immediately after that. Erad facilitates online payments to ensure operational simplicity and a consistent user experience. The funds raised in erad's Pre-SEED round will be used to improve the platform and propel the company's expansion into new markets across the region.