H2O New Media, the technology company focused on Enterprise Social Media applications in Dubai, has confirmed its first round of funding from Equinox International. A deal between H2O New Media and Equinox International was signed following months of negotiations as the two companies weighed inflation and market stability.
The size of the investment hasn’t been made public, but it has been described as a significant one, and H2O New Media is looking at the investment as an opportunity for growth and expansion of its operation within the MENA and APAC regions.
H2O New Media was established in 2007, as one of the leading social media software companies in the Middle East which focuses on developing niche communities within vertical industry sectors.
The company plans to further advance into key markets across the MENA region, with immediate plans to open new offices in Oman, and then an APAC office based in the Philippines.
“We have been following H2O New Media for a while and I am pleased that we have managed to come to agreeable terms and have secured a stake in the future of the company. The team has very strong background of building companies to 100M dollar plus valuations and H2O New Media has the credibility and potential to achieve this position in the market. They have been working continuously over the past 2 years to develop a number of niche portal applications that will really shake up the MEA online market whilst still providing value for businesses and consumers alike. We prefer to keep the details of our capital investment confidential but I would say it is a sizable commitment on our part and we are determined to assist H2O New Media in its positioning as a leading MENA player within the online & mobile data sectors” said Osama Qadan – Principal Partner, Equinox International.
“Although market conditions have been deteriorating and discouraging our company seems to have bucked the trend by focusing on innovation. We are fortunate to secure funding from a partner who is set to become an integral part in our expansion plans across the MENA region. Having representation in the UAE, Saudi Arabia and Egypt as well as a significant telecommunications footprint made Equinox International our preferred investor and an ideal business partner who will work with us to rapidly scale our operations and translate our products into Arabic for the larger markets. As we deliver product and develop partnerships with the regions mobile telecommunications providers our intention is to be aggressive in the market and compete with key players such as Yahoo and Google. H2O New Media has created a significant wave in a short period of time and we are committed to maintaining a strong regional presence and market share in this sector” said Mr. Steve Vaile, CEO, H2O New Media.