ZOOMAAL

Arabnet - The Quarterly - - Entrepreneurship -

Founded by Ab­dal­lah Absi in 2013, Zoomaal is a crowd­fund­ing plat­form aimed at sup­port­ing in­no­va­tive and cre­ative projects in the Arab world with the mis­sion of ‘ bring­ing back Arab cre­ativ­ity.’ In the past 3 years, Zoomaal has quickly as­serted itself as one of the re­gion’s lead­ing crowd­fund­ing plat­forms and has suc­ceeded in launch­ing over 100 suc­cess­ful fund­ing cam­paigns to­tal­ing over $1.6M for projects and cre­at­ing 500+ jobs. It’s most suc­cess­ful cam­paign ‘#Shati­laalive’ raised over $100,000 in funds. Sim­i­lar to the US crowd­fund­ing site Kick­starter, Zoomaal’s model is a re­ward­based, all-or-noth­ing one, mean­ing project own­ers must offfff­fer in­vestors non-mon­e­tary re­wards for their sup­port and if the fund­ing goal isn’t reached by the dead­line, all the money is re­turned to the orig­i­nal fun­ders. How­ever, Zoomaal also only ac­cepts projects that are deemed to be sus­tain­able and not con­sid­ered ‘one-off ’ char­ity projects. More­over, ap­pli­cants must be either Arab cit­i­zens or res­i­dents of MENA with projects to be im­ple­mented within the re­gion. Once a project is suc­cess­fully funded, Zoomaal only gets a 5% fee from the fund amount, and 95% goes to the client. Zoomaal has been a fi­nal­ist in the MIT Arab En­ter­prise Fo­rum busi­ness plan com­pe­ti­tion, is backed by four Mid­dle Eastern VC firms, has been fea­tured on CNN, Forbes, and IHT and has raised more than $735K in 6 rounds of fund­ing from in­vestors such as MEVP, MVI, NV2, Saned Part­ners, Sawari Ven­tures, Wamda Cap­i­tal, HIVOS, and Cairo An­gels. Over the past few years, Zoomaal has hosted sev­eral crowd­fund­ing work­shops, held 8 crowd­fund­ing chal­lenges and re­cently launched a global fundrais­ing plat­form ‘Giv­in­gloop’ which is tai­lor-made for nonprofits and so­cial en­ter­prises to achieve greater im­pact in the Arab world and be­yond.

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