Saudi Arabia-based telecommuincations company Mobily has established of Mobily Ventures, a corporate venturing unit to focus on early-stage and growth start-ups in the telecommunication, IT, media and entertainment sectors.
Mobily will target companies working on e-commerce and retail innovation, mobile financial services and payment, digital advertising, digital content and entertainment as well as IT and cloud services.
The fund will invest in start-ups that can leverage Mobily’s assets to accelerate the company’s growth.
Khalid Al-Kaf, chief executive of Mobily stated “Mobily Ventures will further strengthen our company’s position in the ICT sector through the adoption of innovative products and services from the start-ups.”
Mobily Ventures has already made its first two investments, investing in taxi mobile app Easy Taxi and music streaming start-up Anghami.