Oman’s Rihal Raises $7.5 Million From ITHCA Group To Propel Regional Expansion And SaaS Development

Rihal, a pioneering company in the technology and data services sector within the region, has successfully completed the initial phase of its Series A financing, with plans to raise a total of $15 million. Leading this significant financial milestone, the ITHCA Group has invested $7.5 million, showcasing a strong vote of confidence in Rihal’s strategic vision and its rapid growth potential.

Following a good track record of development since its seed funding in 2021, Rihal has achieved a compound annual growth rate (CAGR) of 119%. This growth highlights the company's successful expansion and its impactful presence across various critical sectors, such as government services, logistics, telecommunications, and the oil and gas industry.

Rihal's progress is largely attributed to its dedicated team, comprising over 300 professionals, 80% of whom are in technical roles. The company's commitment to creating a tech-savvy, scalable workforce is evident in its employment strategy, which boasts 90% local talent and 43% female participation.

The funds from this Series A round are earmarked for propelling Rihal's growth beyond its current regional boundaries. The aim is to internationalize the company's unique platforms and technological solutions, catering to the increasing worldwide demand for sophisticated data and AI-enabled products.

"Investment in Rihal represents not just a financial decision but a belief in our team's ongoing efforts and dedication," stated Azzan Al Kindi, Rihal’s CEO. "Since the initial seed funding phase, our focus has been on achieving sustainable growth, assembling a robust, diverse workforce, and consistently delivering superior value to our clientele. The continued support from ITHCA Group equips us to venture into new territories of global expansion and further cement our leadership in the market."

Said Al Mandhari, CEO of ITHCA Group, expressed admiration for Rihal's achievements, noting, "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, and we are excited to be a part of their journey as they expand internationally."

"The strategy at ITHCA Group involves reinforcing our commitment to companies within our portfolio that show significant impact and growth," remarked Ameer Al-Alawi, Director of Asset Management at ITHCA Group. "Rihal stands out as a company with the leadership, momentum, and vision necessary to extend its reach beyond Oman and across the broader GCC region."

This financing round signals a pivotal moment for Rihal, enabling the firm to advance its goal of spearheading digital transformation and generating valuable opportunities on both local and global scales. A second phase of the Series A round is currently underway, seeking strategic investors who align with Rihal’s mission to streamline data management and foster advanced data analytics across the region.