Saudi-Arabia based digital media startup Telfaz11 just raised $9 million in a Series A round led by Saudi Technology Ventures, followed by VentureSouq. This funding is considered Telfaz11’s first external funding ever since it launched in 2011.
With the new funds, Telfaz11 is planning to increase the rate of monetized content and to expand into key neighboring markets. In addition, they’ll be directing some of that fund into researching and gaining deeper insights into their existing and new audience segment.
The startup was founded in Riyadh by Alaa Yousef Fadan, Ali Al Kalthami, and Ibrahim Al Khairallah. Telfaz11 gained traction for its unique and humors narratives that’s inspired by their native local culture. Some of their viral content includes No Woman, No Drive, Tesma7ly, Khambalah, Alkhallat. The startup also has some major clients which include national and multinational companies such as STC, Mars, P&G, Uber, and Ikea.
Alaa spoke about the benefits of Saudi Arabia’s economic diversification and how it’s helping Telfaz11 grow. “Saudi Arabia’s ongoing wave of economic diversification has unlocked a new era of entertainment in the country, opening doors to a whole new world of opportunities for local players like Telfaz11, and attracting tremendous investor interest in the Saudi market,” he said. According to Alaa, “increased investor confidence will help accelerate our long-term growth plans, expand our team, and explore new platforms and verticals.”
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