Pakistan News parent company scores $6.5m in third round of funding parent company scores $6.5m in third round of funding

SAN JOSE: Naseeb Networks, parent company of and, raised $6.5 million in a Series C funding round from Vostok Nafta and Piton Capital, the company's spokesperson said on Thursday.

Naseeb Networks, an employment marketplace operator which targets emerging economies, intends to use the additional funding to "accelerate growth in target markets".

The latest round of funding brings total capital raised by the company to $8.5m.

“As talent continues to move online at a rapid pace in emerging markets, businesses need increasingly sophisticated recruiting technology customized to nuanced local market dynamics,” said Monis Rahman, founder and CEO of Naseeb Networks.

Managing Director Vostok Nafta Per Brilioth and Partner Piton Capital Greg Lockwood will join Naseeb Networks' board of directors.

“We are excited to partner with Naseeb Networks and impressed with what Monis and his team have achieved in Pakistan and Saudi Arabia,” said Brilioth, adding: “We believe these markets present massive growth opportunities and are looking forward to working with the team to expand the reach of Naseeb Networks’ world-class products and services.”

Naseeb Networks has previously been backed by Silicon Valley venture capitalist funds Draper Fisher Jurvetson and ePlanet Capital, Reid Hoffman (LinkedIn), and MENA Ventures through Fadi Ghandour (Aramex) and Arif Naqvi (Abraaj Capital).

Explore: Emerging countries can’t simply copy developed nations

Born in Lahore, Monis Rahman, now in his mid 40s, graduated in electrical and computer engineering from the University of Wisconsin, Madison, and took his first job at Intel Corporation in 1993.

“It was like a dream come true. But looking at my brilliant colleagues stuck at Intel for very long years somehow took the charm of making a lot of money away from me; I wanted to do something that would have more impact,” the entrepreneur had said in an interview with Dawn last year.

Read more: Virgin land for IT ventures.

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