$5.4mln funding from Sheikh Nahayan

LAHORE: Inov8 Limited, Pakistan’s fastest growing mobile payments company has successfully secured Series A funding of $5.4 million and achieved a valuation in excess of $100 million, a statement said on Thursday.
The company has secured this investment from Sheikh Nahayan Mabarak Al Nahayan who has already invested heavily in Pakistan in various sectors ranging from banking, cellular industry, medical and others.
On the occasion of the announcement, Hasnain A Sheikh, Chairman, CEO and Co-Founder of Inov8 said that the company was a dominant player in the Pakistani market, and was now expanding to Africa and the Middle East with its award winning products and services. He said Sheikh Nahayan Mabarak Al Nahayan was the sole investor in this Series A round which poses his trust in Pakistan and its growth.
Reading the message of Sheikh Nahayan Mabarak Al Nahayan, Hasnain said, “I have invested in multiple mobile payments and commerce initiatives, and I find the depth of the management, the product platform, and the vision of the founders to be the best I have come across. I look forward to being an integral part of their success story.”
Hasnain said the company was looking to scale and grow its world class team to be the number one mobile payments company in the world by 2020.
“This round of funding is testament to the massive upsurge in the demand for Inov8 products and services across the region, which has been phenomenal over the last 18 months,” he asserted.
Bashir Sheikh, Co-Founder and President of the company said they will be utilising their funds for growth across the Middle East and Africa region with an expectation to raise a much larger Series B round in the near future.
“We will be looking to grow organically and via acquisition, for businesses, products and teams,” he said.
The co-founder mentioned that while Inov8’s headquarters have moved to the UAE, with a presence in the UK, this funding and post money valuation would help pave the way for investment in to the burgeoning Pakistani technology industry.