Journify raises $12 million Series A led by Al Mada Ventures
Journify, which has a Riyadh office and Saudi customers, raised $12 million at four times its previous valuation.
Journify, an advertising technology company headquartered in San Francisco with regional offices in Dubai and Riyadh, announced a $12 million Series A.
- Lead investor: Al Mada Ventures
- Co-lead: Silicon Badia, an existing investor
- Participants: Shorooq and Bunat Ventures increased their investments; Du Ventures and Oraseya Capital joined as new investors
- Valuation: The round closed at four times the previous valuation; the figure was not disclosed
- Founders: Taoufik El Jamali, Amine Chouki and Omar Al Shoubaki; founded in 2022
The platform connects purchase, sign-up, and online and offline sales data to ad platforms such as Google, Meta, TikTok and Snap. Its Saudi customers include Jarir Bookstore, which reported a 182% increase in return on ad spend, and Baytonia, which reported an 80% increase, according to the company. Journify plans to use the funds to expand into the US and European markets and strengthen its AI capabilities.
What it means for founders in Saudi
The round shows that companies selling to large Saudi customers, and able to prove their impact with numbers, can still raise their valuation in a slower market. For local e-commerce brands, ad data quality has become an investment category of its own.
