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London Tech Week

Master Works secures $40M in Saudi Arabia’s largest funding round, eyes to go public soon

Master Works
Image credits: Master Works

Saudi Arabia, the largest economy in the Arab and the Middle East, is investing in technology. In February, the Kingdom unveiled over $6.4 billion worth of investments in future technologies. As digital transformation is changing business expectations and businesses are in a need of leaders in digitalisation, some companies are working to help businesses build their digital journey.

Headquartered in Saudi Arabia, Master Works is the right partner for the businesses in the digital transformation journey. The company helps businesses and technologies work together to protect existing data investments and unlock their business value using the most advanced tools, technologies, and methodologies available.

$40M investment

The Riyadh-based company for data and digital transformation has just closed $40 million in funding. It is one of the biggest technology funding rounds in Saudi to date. The transaction was done by Merak Capital, an investment firm focused on technology companies and licensed by the Capital Market Authority of Saudi Arabia. Notably, the investment firm focuses on alternative investment classes such as Venture Capital, Private Equity, and Special Projects.

As a leading technology investor in the region, Merak Capital intends to support Master Works ambitious goals. This investment will let the company accelerate its growth and prepare for a public listing in Saudi Arabia over the next few months.

Hani Al-Lehaibi, the founder of Master Works, said: “This deal reflects the outstanding journey of our company over the past years, where we were able to develop our four product lines and services, as well as expand our customer base, while boosting our relationships with key players in the information technology sector, locally and globally.

He added: “We aim to continue on developing local innovative products by relying on the experience of our well-qualified team to achieve our future ambitions and to be a unique model in technology investments in the Kingdom. Having Merak Capital as a partner reflects our absolute intention to meet the investors aspirations, and it will play a key role in helping us achieve the growth journey we desire as we help more clients, and the Kingdom, expedite this digital transformation.”

Othman Alhokail, Partner at Merak Capital, said: “It was great to witness the amazing development that Master Works has achieved over the past decade and how it has succeeded in becoming one of Saudi’s leading technology companies in data and digital transformation. With the vision of the executive team, we are confident the company will hit more achievements in the coming years. Merak Capital is proud to be part of this distinguished journey, which is an embodiment of an inspiring success story for all stakeholders in the information technology sector in the Kingdom of Saudi Arabia.”

Builds your digital journey!

Founded in 2010 by Hani Al-Lehaibi and Bandar Al-Amri, Master Works offers products and services across multiple technology fields such as data management, artificial intelligence, data strategy, API management, software development, and Robotic Process Automation (RPA). These products and services help in data management and digitalisation of both government and private clients.

Recently, the company succeeded in launching numerous in-house developed software such as Digital PMO (P+), Digital SMO (S+), Auto-Spot, COEO, Leopard, Surround, Baseer, and Diwan. These products and service have been radically helpful products. As of now, Master Works has over 140 clients across government and private sectors in the region with support of over 20 global technology providers.

Master Works is headquartered in Riyadh with offices in Egypt, UAE, Jordan, and India.

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