Elm, a leading provider of digital solutions, announced its investment in 5 local and international start-ups with a total value exceeding SAR 49 million. The international deals included 525K and Klaim, while local deals included Syarah, Telgani, and Carefer.
This step is in line with Elm's plans to grow and expand in new markets and enhance income streams by providing services to companies from various business sectors as well as its strategy to expand its investment base and its commitment to supporting start-ups, SMEs, and large companies. Elm seeks to contribute to building the entrepreneurship ecosystem, driving innovation, and advancing the technology sector in Saudi Arabia in line with the Kingdom's Vision 2030 targets.
Majid bin Saad Al-Arifi, Elm's Spokesperson and Executive VP of Marketing, stated: "At Elm, we are keen to promote the success of start-ups and promising companies and enable the growth of the business environment in the Kingdom by utilizing our leading capabilities to provide new investment opportunities, support entrepreneurs and innovative ideas, provide them with the necessary capabilities to kick-start growth and success, and enhance their strategic presence in the market. We are also supporting the launch of new technology and innovation-based projects through direct equity participation, contributing to the development of joint investment returns and increasing the company's revenues as well as the financial returns of entrepreneurs. Elm's investment scope included a wide range of local, regional, and global ventures and start-ups over the past few years. We look forward to continuing growth and paving the way for success for more start-ups and supporting entrepreneurs in growing their businesses through financial investment, strengthening strategic aspects, equity participation, and supporting technology expertise and work."
The list of companies in which the company has invested internationally includes 525K, which specializes in engineering and aligning supply chains fully through advanced technology systems and solutions that maximize the efficiency of the interests of the parties to logistics operations according to their roles and sectors, and Klaim, which provides financial services to healthcare providers through an online platform that manages claims with ease and transparency while ensuring cost reduction and limiting administrative hassle. The company aims to help healthcare providers manage payments and expenses as well as resolve late payment issues in order to improve liquidity. The company also seeks to ensure efficiency and transparency with respect to the revenues associated with compensation claims from appointment to cash settlement, which helps increase its revenues by reducing claims processing time, limiting errors, and accelerating payments.
At the local level, Elm invested in Telgani Car Rental App, which brings together more than 50 car rental companies and offers thousands of cars at competitive prices, in addition to offering services such as car delivery to the customer and long-term subscription service. Elm also invested in Carefer, an Integrated Fleet Maintenance Management Cloud System, which enhances its efficiency by regulating and accelerating maintenance and reducing errors. Elm also invested in Syarah App that sells guaranteed used cars online with their delivery to the customer's home anywhere in the Kingdom. Syarah inspects all used cars on display and provides a comprehensive one-year car guarantee, in addition to ensuring free return within 10 days for any used car for any reason.
Elm's vision is to contribute to the Kingdom's economic growth and drive digital transformation and technological development by providing leading digital solutions and services in various sectors. The company seeks to establish its position in the market and expand its investments and partnerships locally and internationally.