Investment firm Sadara Ventures has invested $1m into Palestinian-based start-up Souktel, a mobile tech venture.
Internet search engine Google and Computer network server company Cisco Systems were joined last year backing Sadara Ventures’s $28.7m fundraising for its first fund by development fund European Investment Bank and the George Soros Economic Development Fund as well as AOL founder Steve Case.
Souktel has become Sadara Ventures’ second portfolio company with the Series A investment. In September Sadara Ventures backed Palestinian hotel and travel site Yamsafer.me.
Since launching in 2006 Souktel has matched more than 20,000 people with jobs in markets rife with conflict and poverty operating across the Middle East and North Africa, Asia, Latin America and the Caribbean.
Saed Nashef, Sadara founding general partner, said: “As our second investment, this provides further indication that the tech entrepreneurial sector in Palestine is starting to produce attractive investment targets. Souktel’s track record has been very impressive, and they’ve already built significant assets that lay great foundations to take their company to the next stage. We’re really excited about helping them continue their great work.”