Rihal, a leading Omani technology and data services company, has announced the successful first close of its Series A funding round, securing an investment of $7.5 million. The round was led by ITHCA Group, the technology investment arm of the Oman Investment Authority. This initial close is part of a larger targeted raise of $15 million, with a second close now open to attract additional strategic investors.
Fueling Regional and Global Expansion
The new capital is earmarked to accelerate Rihal’s expansion into regional and international markets. The funds will enable the company to scale its proprietary platforms and technology solutions, meeting the rising global demand for advanced data and AI-driven products. Since its seed round in 2021, Rihal has focused on sustainable growth and delivering significant value to its clients.
Azzan Al Kindi, CEO of Rihal, stated, “This investment is a testament to the hard work and dedication of our entire team. The continued partnership with ITHCA Group provides us with the resources to embark on our next chapter of global expansion and solidify our position as a market leader.”
A Trajectory of Rapid Growth
Rihal has demonstrated an impressive compound annual growth rate (CAGR) of 119% since its launch. The company has successfully expanded its operations and made a substantial impact across key industries, including government, logistics, telecom, and oil and gas. This growth is supported by a highly skilled team of over 300 professionals, 80% of whom are in technical roles. Rihal has also built a sustainable, tech-driven workforce that is 90% local and 43% female.
Said Al Mandhari, CEO of ITHCA Group, commented, “Rihal’s performance has been nothing short of exceptional. Their ability to rapidly scale, innovate, and penetrate diverse, high-value sectors is why we are proud to lead their Series A round. We are confident that this investment will propel Rihal to new heights.”
About Rihal
Rihal is a leading technology company specializing in Data, Software, and AI. By providing cutting-edge solutions and services, Rihal empowers a diverse client base across key sectors including government, logistics, telecom, and oil and gas.
About ITHCA Group
Established in 2019, ITHCA Group serves as the technology investment arm of the Oman Investment Authority. ITHCA Group takes a strategic approach to investment, focusing on businesses that can create long-term value for the Omani ICT Sector.
Source: Zawya
