We are beyond excited to announce that we have participated in the $12 million Seed round in Dubai-based startup, Pemo. The round was led by Cherry Ventures. Additional investors included Shorooq Partners, Speedinvest, BY Venture Partners and Antler alongside prominent angels from Careem, Talabat, Nium, Billie and Moss.
Pemo’s team was founded by serial entrepreneurs, Rocket Internet and Google alumni, Ayham Gorani, Valerie Konde, Alessandro Duri, and Saed Ghorani, who have collectively launched or scaled more than eight ventures, including Zalora and Pleo over the last 15 years. They are supported by a founding team of 20 members stemming from successful local and international tech companies.
Pemo is building an invoice payment and expense management solution as well as smart corporate cards to enable growing businesses to simplify financial spend. Pemo is currently live in the UAE, with plans to expand across the GCC and MENAP region.
We have seen a proliferation of corporate spend startups in various markets, whose growth and private investments highlight the proven model of using software solutions to enable companies to track expenses, manage spend access and save money. Until today, given the nascency of new card issuance technologies and open banking regulation, there were virtually no expense management offerings that existed at scale for the 23m SMBs in MENA.
In a region where 90% of businesses are SMEs, where 60-80% of SMB transactions are FX denominated, where SMBs have limited access to credit ($100b+ financing gap) and must interface with legacy B2B payment systems, Pemo’s software has the potential to transform the pain-points across a a massive market.