Riyadh - Sharikat Mubasher: Velents, a leading software as a service (SaaS) provider based in Saudi Arabia, successfully closed an undisclosed special investment round from Women Collective to enhance its innovative artificial intelligence (AI) technology.

Over 80% of the investment came from women, including six new first-time angel investors, the company revealed in a statement.

This round is a testament to Velents’ commitment to fostering gender diversity and inclusion within the tech industry.

Mohamed Gaber, Co-Founder of Velents, stated that the investment will propel Velents’ mission to innovate and lead in transforming workplace dynamics and efficiency.

“We are thrilled and honored 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,” Gaber added.

Meanwhile, Romanna Dada, Founding Partner of Women Collective said: "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.”

She noted that the round will pave the way for many others to initiate similar rounds, showcasing the power of women in enhancing revenue, profitability, and growth for Velents.

It is worth noting that Velents raised a seed round in late 2023 to boost its expansion in Saudi Arabia and enhance user experience.