• Saudi Arabia-based SaaS providr Velents AI has raised an investment round, for an unknown amount, from Women Collective. 
• Founded in 2020 by Abdulaziz Almuhaydib and Mohamed Gaber, Velents is an AI-powered SaaS platform that automates the hiring process to mitigate the bias and cut hiring cost by 80%.
• Over 80% of the funding came from women, including six new first-time angel investors.
• This infusion of capital will enhance Velents’ mission to innovate and lead in transforming workplace dynamics and efficiency.
• In late 2023, Velents closed a Seed round for an undisclosed amount, led by A15 along with other investors.

Press release:

Velents is proud to announce the successful closure of a special investment round with Women Collective. This round marks a number of significant milestones and supports our mission to reshape the future of work through cutting-edge AI technology. 

This round is particularly noteworthy for its innovative approach to promoting gender equality in the investment landscape. By offering preferential terms and valuations for women investors, Women Collective and Velents AI set new standards in wealth creation for women whilst ensuring their significant presence on the cap table of a male-founded business. 

Female participation in the MENA region has been steadily increasing but remains low compared to global standards. Women still represent only 10% of senior roles in private equity and venture capital and globally this is just 11%. In Saudi Arabia and the UAE women’s representation on boards remains relatively low at just 12% in Saudi and 13% in the UAE. This funding round is a stride towards accelerating the growth of women as investors and holding board seats. 

Key Highlights: 

• Major participation from women investors: over 80% of the funding came from women, including six new first-time angel investors, demonstrating a powerful commitment to diversifying the investment community. 
• Empowering women in tech: this investment round is a testament to Velents’ dedication to fostering gender diversity and inclusion within the tech industry. 

Velents is leveraging artificial intelligence to enhance organisational productivity, starting with Velents Hiring, our flagship product. This infusion of capital will propel our mission to innovate and lead in transforming workplace dynamics and efficiency. 

“We are thrilled and honoured by the overwhelming support from our existing investors and the Women Collective in facilitating this round. This investment is not just funding; it is a validation of our vision and a step forward in creating a more inclusive investment ecosystem,” said Mohamed Gaber, Co-Founder of Velents 

Romanna Dada, Founding Partner of Women Collective said the following: "This investment round marks a crucial step towards gender equality in the investment landscape and serves as a significant testament to the forward-thinking founders at Velents AI, who are leading as pioneers in this journey. I anticipate that this will pave the way for many others to initiate similar rounds, allowing us to showcase the power of women in enhancing revenue, profitability, and growth for Velents AI as it fosters innovative solutions that drive positive change. This is the second investment in one month as part of a commitment to focus on deal-making. Think of Women Collective as a replacement for an MBA through real execution experience.” 

Samar Hasan, the first angel to invest from Pakistan said: “As a passionate advocate for gender equality and a firm believer in the transformative power of emerging tech, I am thrilled to be part of this investment round with Velents AI. This investment also marks a major milestone for Women Collective since it is our first technology investment collectively as a group of powerful women investors, many of whom are investing for the first time, and I expect this to inspire many others to follow suit, showcasing the true potential of women-led investments.”