ITHCA Group Investment of $7.5M Secures First Close of Rihal's Series A Round, Fueling Regional and Global Growth
Rihal, a technology and data services company, has successfully closed the first close of its Series A funding round, with a target of raising a total of $15 million. The investment will be used to scale Rihal's proprietary platforms and tech solutions, meeting the rising global demand for advanced data and AI-driven products.
The initial close was led by ITHCA Group, who invested $7.5 million, demonstrating their confidence in Rihal's strategic direction and growth trajectory. Said Al Mandhari, CEO of ITHCA Group, expressed his confidence in Rihal's performance and potential for growth. Ameer Al-Alawi, Director of Asset Management at ITHCA Group, supports Rihal's mission of driving digital transformation and creating high-value opportunities.
Rihal's workforce comprises over 300 professionals, with 80% in technical roles. The company's team is not only large but also diverse, with 90% of its workforce being local and 43% female, showcasing a commitment to sustainable talent development.
Since its launch in 2021, Rihal has shown an impressive Compound Annual Growth Rate (CAGR) of 119%. The company has expanded its operations and made a significant impact across various industries, including government, logistics, telecom, and oil and gas. The new capital will accelerate Rihal's expansion into regional and international markets.
The second close of Rihal's Series A funding round is now open, targeting strategic investors aligned with Rihal's mission. The second close aims to attract investors who are aligned with Rihal's mission of delivering enterprise products for simplified data management and advanced analytics. Strategic investors in Rihal's Series A funding round include Allurion Technologies; Rihal aims to target the US, Europe, and the Middle East markets with the new capital.
Rihal's leadership expressed gratitude for the investment, citing their focus on sustainable growth, building a strong, diverse team, and delivering exceptional value to clients. The continued partnership with ITHCA Group will provide Rihal with the necessary resources for global expansion and further solidify its position as a market leader.
ITHCA Group is focusing on investing in companies with impact and momentum, such as Rihal. The investment in Rihal is a testament to ITHCA Group's commitment to supporting innovative and growing companies that are making a significant impact in their respective industries.
As Rihal continues to grow and expand, it is poised to drive digital transformation and create high-value opportunities globally. The Series A funding round is positioned to further this mission, setting the stage for Rihal's continued success and growth.
