Vennre Is Closing a $9.6M Round to Boost Private Investment Access

Saudi-based wealth platform Vennre has raised $9.6 million (SAR 36 million) in a Pre-Series A round aimed at bringing private market investments to the masses in MENA.

The round was co-led by Vision Ventures and anb seed Fund with participation from Sanabil 500, Ace & Co, Plus VC and a network of angel investors in private banking and tech.

Vennre’s focus is on assisting high-earning professionals who are not yet considered wealthy. These users, who are often referred to as HENRYs (High Earners, Not Rich Yet), usually do not have access to private investments for which large institutions or the ultra-wealthy qualify. Vennre aims to remove these obstacles through a Shariah-compliant platform that eases access to the private markets.

The company was founded by Ziad Mabsout, Anas Halabi and Abdulrahman AlMalik and claims to have achieved more than $40 million in transaction volume. They appointed lastly Dr. Ibrahim AlMojel as Chairman of its Saudi board, all further signifying trust and business expansion.

The funds are not just about money, said CEO Ziad Mabsout. He sees it as proof that young professionals in the area are prepared for a more disciplined, long-term methodology of wealth building.

Khalid S. Alghamdi, CEO of anb capital, commented that while private markets across the globe have over $14 trillion in assets, retail investors account for less than 5% of them. Vennre aims to change this.

Vision Ventures’ Kais Al-Essa said that Vennre was enabling people to move money into things like real estate, venture capital and private credit —  important steps in supporting Saudi Arabia’s ambitious Vision 2030 plan for the country as well as a burgeoning fintech sector.

Using this money, Vennre plans to expand its user base and release new platform features as it further penetrates Saudi Arabia’s dynamic investment landscape.