Omani AI-powered procurement platform SafaQat has successfully secured a new funding round, strategically positioning itself to accelerate the expansion of its innovative B2B solution across the MENA region. This investment underscores the growing confidence in SafaQat’s capacity to revolutionize traditional procurement processes through advanced technology and deliver substantial value to businesses.
Strategic Funding Fuels Innovation
The undisclosed funding round was spearheaded by IDO Investments, Oman’s leading technology and innovation fund, with significant participation from Oman Technology Fund (OTF). Further support came from a syndicate of prominent angel investors across both Saudi Arabia and Oman, signaling broad regional belief in SafaQat’s vision and technological prowess. This capital infusion is earmarked to enhance SafaQat’s platform capabilities, particularly in its AI-driven features, and to scale its operations to meet the increasing demand for efficient and transparent procurement solutions.
Revolutionizing Procurement with AI
Launched in 2022, SafaQat’s platform addresses critical challenges in B2B transactions by leveraging artificial intelligence to streamline and optimize the entire procurement lifecycle. The platform offers a comprehensive suite of tools designed to enhance efficiency, reduce costs, and foster transparency. Key features include AI-powered matching of buyers with the right suppliers, real-time pricing analytics, and robust digital workflow management.
Beyond these core functionalities, SafaQat empowers businesses with advanced supplier sourcing capabilities, sophisticated bid management tools, and comprehensive contract management. By centralizing these complex processes, SafaQat enables organizations to achieve greater control, improve decision-making, and unlock significant operational efficiencies, moving away from fragmented and often manual procurement methods.
A Vision for Regional Transformation
SafaQat is committed to serving a diverse client base, encompassing large enterprises, small and medium-sized enterprises (SMEs), and government entities across various critical sectors. These include construction, oil and gas, manufacturing, logistics, retail, and healthcare. Our goal is to empower these organizations by providing them with a robust, scalable platform that optimizes their procurement spend and strengthens their supply chains.
While currently a prominent player in Oman’s digital ecosystem, SafaQat has ambitious plans for strategic expansion into key regional markets. The company is actively eyeing opportunities in Saudi Arabia and the UAE, recognizing the immense potential for AI-driven procurement solutions in these rapidly evolving economies. This expansion strategy aligns with SafaQat’s broader objective of becoming a cornerstone of digital transformation for procurement across the entire MENA region.
About SafaQat
Co-founded by Mohammed Al Alawi (CEO) and Ahmed Al Alawi (CTO), SafaQat emerged from a deep understanding of the inefficiencies plaguing traditional procurement. Our mission is to fundamentally transform how businesses connect, transact, and manage their supply chains by offering an intelligent, user-friendly, and secure platform. We are dedicated to delivering tangible value through innovation, ensuring our clients achieve unparalleled efficiency and cost savings.
Looking Ahead
With this new funding and a clear strategic roadmap, SafaQat is poised to accelerate its growth and deepen its impact. The company will continue to invest in its AI capabilities, exploring new features that further automate and optimize procurement processes. SafaQat’s commitment to innovation and regional expansion positions it as a leading force in the digital transformation of procurement, driving economic efficiency and fostering a more connected business environment across MENA.
Source: Wamda
