- Two new investments in Jeeran and ShooFeeTV
- Intel Capital expands Middle East portfolio with Nymgo
- Intel Capital continues its commitment to fostering entrepreneurship in the Middle East
MARRAKECH, Morocco, Oct. 27, 2010 – Intel Capital, Intel Corporation’s global investment organization, continued its strong commitment to fostering innovation and entrepreneurship in the Middle East with the announcement of three investments. The investments were announced today at the World Economic Forum on the Middle East and North Africa.
Further building on Intel Capital’s commitment to provide continued support for its portfolio companies, Intel Capital provided a second financial boost to Jordan-based Jeeran (online social networking) and ShooFeeTV (web-based entertainment guide), both of which were originally funded in May 2009. Intel Capital also announced expanding its investment portfolio in the region to a total of eight with the addition of United Kingdom and Lebanon-based Nymgo (VOIP telephony services).
The announcements follow Intel’s fifth year celebrations for the Digital Transformation Initiative, established in 2005. Initiated with a pledge to aid socio-economic development in the Middle East, Intel reaffirmed its commitment to help the region grow by inspiring innovation, promoting research and enhancing education in the Arab world.
“These investments highlight the innovative thinking and potential in the Middle East and we are excited about the on-going development and the regions evolving technology landscape,” said Arvind Sodhani, president of Intel Capital and Intel executive vice president. “We fully support and believe in prospects for the Middle East and look forward to supporting these companies in their growth in the coming years.”
Details on the new investments include:
Jeeran (Jordan) is a vibrant web community platform representing the next evolution of social networking. Jeeran introduced a breakthrough in the social networking industry with its young and innovative vision that provides Arab users with the latest tools and creative means to communicate and interact. Jeeran will use the funds to deploy city portals in each of the major Arab cities across the Middle East.
ShooFeeTV (Jordan) is a content provider and aggregator of Arab satellite channel listings, which centralizes information for more than 270 channels. The information includes programming data, celebrity news, pictures and video clips with 800,000 unique entries, movies, trailers and photographs. ShooFeeTV will use the funds to enhance their working capital and expand their business model.
Nymgo (UK and Lebanon) launched in December 2008 and offers end VOIP services. With over two million downloads, Nymgo serves customers in over 200 countries worldwide. Since creation, Nymgo has served over 300 million minutes of international calls generated by a global customer base. With Intel’s help, Nymgo will accelerate infrastructure deployment, operations enhancement and global marketing.
Feroz Sanaulla, Intel Capital’s Director for the Middle East and Africa said: “We trust in local talent and believe that Arabic providers should be fully equipped to supply regional content. By investing in such companies that inspire, create or deliver local content, we are on the right path toward a positive future in the Middle East.”
The funding for investments in the region comes from the US$50 million Intel Capital Middle East and Turkey Fund. This fund invests in companies developing innovative hardware, software, local content, and services throughout the Middle East and Turkey.
About Intel Capital
Intel Capital, Intel’s global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing and cleantech. Since 1991, Intel Capital has invested more than US$9.5 billion in over 1,050 companies in 47 countries. In that timeframe, 175 portfolio companies have gone public on various exchanges around the world and 241 were acquired or participated in a merger. In 2009, Intel Capital invested US$327 million in 107 investments with approximately 50 percent of funds invested outside the U.S. and Canada. For more information on Intel Capital and its differentiated advantages, visit http://www.intelcapital.com.
About Intel Digital Transformation Initiative for the Middle East
The Intel Digital Transformation Initiative for the Middle East is a comprehensive, multi-year program aims at expanding Intel’s commitment to foster local innovation and competitiveness throughout the region by enhancing education, inspiring entrepreneurship and promoting research.
– 30 –
Intel and the Intel logo are trademarks of Intel Corporation in the United States and other countries.
* Other names and brands may be claimed as the property of others.
CONTACTS: Nawras Sawsou Hala Saqqa