Kuwait :Faith Capital Holding, a Kuwait based venture capital fund that focuses on young, e-commerce businesses in the GCC, announces its acquisition of Masbagti, the 1st e-marketplace for laundries that empowers local businesses to embrace mobile technology. The acquisition of Masbagti represents Faith Capital Holding’s strategy & is its first transaction. The two combined entities will be led by Mohammed Jaffar, Deputy Chairman & CEO, Faith Capital.
The Masbagti acquisition is a clear display of Faith Capital Holding’s heritage and commitment to invest in working businesses with visionary ideas that have the potential to scale and the inherent ability to grow into a regional business thereby expanding into the whole of GCC. Faith Capital Holding would invest ample time and resources to grow the business and establish a base for scalability. This is in line with Faith Capital Holding’s strategy to get engaged heavily in the businesses that it invests in so as to ensure its growth and success not just in the country where it was conceived but to take it to markets across the region. This is precisely why Faith Capital Holding makes only a select number of investments at a time.
Faith Capital Holding is not merely an investor. It is a mentor, evangelist and forerunner for entrepreneurship. Faith Capital Holding has a background that is entrenched in deep-rooted values of ethics and entrepreneurship. Faith Capital Holding believes firmly in the spirit and culture of entrepreneurship and is committed to nurturing businesses that are founded on the entrepreneurship potential. Faith Capital has a team of dedicated and experienced professionals who possess the ability to take working businesses to scale new heights of success and become leaders in their industry segment.
Speaking of the alignment between Faith Capital Holding and Masbagti, Mohammed Jaffar, Deputy Chairman & CEO of Faith Capital Holding said, “Technology is changing the way businesses operate; there is a whole new culture and way of doing business. Five years ago, we had very little innovation in Kuwait in terms of the startup culture. But today, things are very different. The younger generation is very tech-savvy, be it in their thoughts, ideas or adoption of technology. We at Faith Capital Holding encourage businesses that are built around technology and the value that these businesses bring to the community. We encourage startup businesses and provide them with the necessary support, advice, and hands-on guidance to grow their business.”
Masbagti, the brainchild of brothers Athbi and Nouri Alenezi, has built its success by leveraging technology and the ‘App’ economy. The concept of creating an e-marketplace for a low-tech industry like laundry is not just interesting but also extremely innovative.
It’s a first and one-of-its-kind service in Kuwait. Recognizing the potential and need for such a marketplace, Masbagti has emerged as a leader in revolutionizing the individual’s daily laundry cycle through technology. The app has facilitated the connection between laundry service providers and people who require their services. In just over a year of launch, Masbagti was able to garner sign-ups with laundry partners across the country, creating a truly local e-marketplace for the laundry business in Kuwait.
“Faith Capital Holding only invests in working businesses, market base concepts that have the scalability to grow into the whole GCC,“ said Mohammed Jaffar, Deputy Chairman & CEO of Faith Capital Holding. “The region has great potential and we want to encourage young entrepreneurs, such as Athbi & Nouri, to pursue their business ideas and succeed,” he continued.
“We are extremely excited by the opportunity created by joining hands with Faith Capital Holding team,” said Athbi Alenezi, co-founder of Masbagti. “In addition to benefitting from the experience and expertise that Faith Capital Holding has as a visionary and strategic venture capitalist, Masbagti will also get the much needed opportunity and exposure of taking this concept to a larger marketplace, i.e., the entire GCC countries,“ Alenezi concluded. Speaking of Faith Capital Holding’s business ideology, Alenezi expressed that entrepreneurs in the country and region would benefit largely from Faith Capital Holding’s experience to empower small business to grow and take their business ideas to the world.
About Faith Capital
Faith Capital Holding – FCH – is a Kuwaiti based venture capital fund which focuses on young, e-commerce businesses, based in the GCC. FCH endeavors to seek companies with potential to scale up and turn into regional rather than local enterprises. To leverage its culture conducting business into small companies, and demonstrate how ethical business and ethical growth will lead to success is considered a major aspect of FCH.
Masbagti is the brainchild of brothers, Athbi & Nouri Alenezi, who stubbornly devoted their time and efforts to accomplish their dream. A dream that inspires the launching of a market place for laundries, a first of its kind, in the region; empowering local business to embrace mobile technology. In just over a year, the list of laundry partners extends to cover all areas across Kuwait. Masbagti is now inspired to reach higher, dream bigger and achieve an aspiring greater presence in the GCC.