Shorooq: GCC-based tech startup Immensa secures $7m for expansion in Saudi Arabia

Thu, 2021-11-11 13:39 RIYADH: GCC-based tech startup Immensa has successfully raised $7 million in a Series A round, MAGNiTT reported. Prominent investors participated in the fund, including Shorooq Partners, Venture Souq, and Green Coast Investments. Immensa will use its funding to expand the firm's capabilities in Saudi Arabia with a view to using it as a launchpad to target international markets. The funding round was structured by Gate Capital and led by Energy Capital Group (ECG), and Al Turki Ventures. Founded in 2016, Immensa leverages additive manufacturing ("AM") to take physical spare parts and dematerialize them into the digital, on-demand world. It operates in Saudi Arabia and UAE and serves clients in the GCC and across the global market. The sector's size is projected to reach around $52 billion by 2026, growing from $15 billion in 2020, MAGNiTT said. Main category: Business & EconomyTags: ImmensaSeed Funding Saudi Arabia issues first 3D printing license to Immensa