Women Collective invested in Saudi Arabia-based SaaS provider Velents AI for an undisclosed amount.
Velents, founded in 2020 by Abdulaziz Almuhaydib and Mohamed Gaber, is an AI-powered SaaS platform that automates hiring to reduce bias and save 80%. Women provided over 80% of the investment, including six first-time angel investors.
This investment will help Velents develop and lead workplace efficiency transformation.
A15 and other investors led Velents’ Seed round in late 2023 for an undisclosed amount.
The successful completion of a special investment round with Women Collective is something Velents is pleased to share. This round advances our goal of using cutting-edge AI technology to transform the nature of work in the future and represents a number of noteworthy accomplishments.
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This round is also notable for how creatively it promotes gender parity in the investment environment. Women Collective and Velents AI ensured women’s considerable presence on the capital table of a corporation started by men while setting new norms in wealth creation for women by providing preferential terms and valuations for female investors.
Although it has been gradually rising, the MENA region’s female involvement rate is still low when compared to international norms. In the world of venture capital and private equity, women still hold barely 10% of senior positions. Women continue to be under-represented on boards in Saudi Arabia and the United Arab Emirates, where their percentages are 12% and 13%, respectively. A step in the right direction has been taken with this investment round: more women are becoming investors and board seats.
Significant involvement from female investors: six new first-time angel investors and over 80% of the money came from female investors, indicating a strong commitment to expanding the investment community.
Encouraging women in tech: Velents’ commitment to promoting gender diversity and inclusion in the tech sector is demonstrated by this investment round.
“We are thrilled and honoured by the overwhelming support from our existing investors and the Women Collective in facilitating this round. This investment is not just funding; it is a validation of our vision and a step forward in creating a more inclusive investment ecosystem,” said Mohamed Gaber, Co-Founder of Velents
Velents, with its main product Velents Hiring, is utilising artificial intelligence to improve organisational productivity. This financial infusion will support our efforts to innovate and take the lead in changing the dynamics and effectiveness of the workplace.
Romanna Dada, Founding Partner of Women Collective said the following: “This investment round marks a crucial step towards gender equality in the investment landscape and serves as a significant testament to the forward-thinking founders at Velents AI, who are leading as pioneers in this journey. I anticipate that this will pave the way for many others to initiate similar rounds, allowing us to showcase the power of women in enhancing revenue, profitability, and growth for Velents AI as it fosters innovative solutions that drive positive change. This is the second investment in one month as part of a commitment to focus on deal-making. Think of Women Collective as a replacement for an MBA through real execution experience.”
About Velents
Velents is a data-driven artificial intelligence (AI) hiring platform that saves up to 80% of your hiring time. It combines the features of an applicant monitoring system with assessment software. They give you the ability to choose applicants using analytics and data.
