SoftBank’s First Saudi Deal Follows UAE, Turkey Investments
- Japanese conglomerate leads $125 million round for Unifonic
- Sanabil, wholly owned by Saudi wealth fund, co-led the round
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SoftBank Group Corp. has made its first investment in a company based in Saudi Arabia, leading a $125 million financing for customer communication platform Unifonic.
Sanabil, wholly owned by the kingdom’s Public Investment Fund, co-led the round. Proceeds will be used to fund growth in the Middle East and expansion into Asia and Africa, Unifonic co-founder and Chief Executive Officer Ahmed Hamdan said in an interview. The company will also look at acquisitions in those regions to help it expand faster, he said.