Investments

Riyadh-based Sure Technologies raises investment from Riyad Taqnia Fund

SURE Technologies, a Riyadh-based information technology company has raised investment from Riyad TAQNIA Fund, the two announced in a joint statement this morning. The amount of investment was not disclosed.

According to the information available on SURE’s website and the statement, it sells different technology solutions including intranet portals, POS and payment systems and business intelligence to businesses and governments in Saudi.

Founded 14 years ago, SURE Technologies also helps businesses with different technology related consulting services and builds web or mobile products for them.

The company also has its in-house suite of enterprise software which includes a hotel management system for small hotels and furnished apartments, a Human Resources Information System, and an education management system.

SURE Technologies aims to use the investment to expand its customer base, products and services across the region, company’s CEO Mohammed Alshaalan said in the statement.

It’s a very interesting investment by Riyad TAQNIA Fund who have previously invested in companies like Souqalmal, Beehive and TruKKer because SURE Technologies seems more like a traditional IT consulting and software company without having any scalable product. Usually VCs avoid these companies as they’re very unlikely to generate that 5x or 10x (or even higher) returns that they’re normally after.

Or maybe we’re just missing something here.

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