MUSCAT: Rihal, a leader in the region’s technology and data services sector, on Tuesday announced the successful first close of its 'Series A' funding round, targeting a total raise of $15 million. ITHCA Group led this initial close with an investment of $7.5 million, reaffirming their confidence in Rihal’s strategic direction and exceptional growth trajectory.
This significant investment follows a period of remarkable development for Rihal since its seed round in 2021. Rihal has demonstrated an impressive CAGR of 119% since its launch, expanding its operations and making a substantial impact across key industries, including government, logistics, telecom and oil and gas.
"This investment is a testament to the hard work and dedication of our entire team," said Azzan al Kindi, CEO of Rihal.
Said Al Mandhari, CEO of ITHCA Group, commented, "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."
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