BRIEF-Wa’ed Announces SAR 19 Mln Pre-Series A Investment Co-Led With Raed Ventures In Lamaa

SAUDI ARABIAN OIL CO: * WA'ED ANNOUNCES A SAR 19 MILLION INVESTMENT IN SAUDI-BASED FINTECH MARKETPLACE LAMAA, IN A ROUND CO-LED WITH RAED VENTURES - STATEMENT

* SAUDI ARAMCO’S ENTREPRENEURSHIP ARM WA’ED AND RAED VENTURES CO-LEAD A FUNDING ROUND IN LAMAA * INVESTMENT SECURED FROM WA’ED AND RAED WILL HELP LAMAA FURTHER DEVELOP ITS TRADE RECEIVABLES DISCOUNTING SYSTEM (TREDS) PLATFORM TO FACILITATE FACTORING ACROSS THOUSANDS OF SUPPLIERS SIMULTANEOUSLY

* PHASE TWO OF THE PLATFORM IS CURRENTLY UNDERGOING LICENSING NEGOTIATIONS, WHICH WILL INCORPORATE FAMILY OFFICES AND PRIVATE INVESTORS TO LAMAR'S INVOICE FACTORING MARKETPLACE, PROVIDING ADDITIONAL INVESTMENT CHANNELS TO SUPPORT SMES, AHEAD OF EXPANDING INTO EGYPT, THE UNITED ARAB EMIRATES, AND QATAR Further company coverage:

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