October 17, 2022

JIMCO invests in Turkish fintech start-up Figopara in Series A funding round

copied!

Figopara Series A funding raises US$ 11 million
JIMCO Technology Fund supports prosperous fintech start-ups from around the world to accelerate growth of SMEs, innovation and increase financial inclusivity

Dubai, UAE – October 14, 2022:

The Jameel Investment Management Company (JIMCO), has announced that the JIMCO Technology Fund has participated in the recent US$ 11 million Series A funding round for Figopara, a fintech start-up developing solutions around extended working capital for businesses and supply chain finance.

The Istanbul, Turkey based firm works with more than 6,000 companies – all small and medium enterprises (SME) – that are often underserved by traditional financing institutions. Figopara offers a fast and easy technological financing product that solves cash flow and working capital problems for businesses.

Koray Gültekin Bahar, Co-founder and Chief Executive Officer, Figopara said: “Four out of ten small and medium-sized enterprises in Turkey close within three years of operation and we have identified two core reasons why these businesses cannot sustain: the inability to properly manage working capital; and the absence of regular cash flow. This is why we built Figopara – to solve cash flow problems and contribute to more dynamic working capital.

“The support we have received from JIMCO Technology Fund in our Series A round will help us take Figopara to the next level in delivering this vision.”

Supply chain finance, also known as supplier finance or reverse factoring, is a set of solutions that optimizes cash flow by allowing businesses to lengthen their payment terms to their suppliers while providing the option for their large and SME suppliers to get paid early. This results in a win-win situation for the buyer and supplier. The buyer optimizes working capital, and the supplier generates additional operating cash flow, thus minimizing risk across the supply chain.

Sidhesh Kaul, Chief Executive Officer, JIMCO, said: “The team behind Figopara identified a major issue in the success of start-ups and SMEs, and found a way to help solve that problem using tech, innovation, and financial knowledge, experience, and know-how.

“At JIMCO, we’re identifying businesses which think beyond the status-quo and ask the hard to answer questions in order to create new answers. Doing business does not have to be done the way it’s always been done. We’re proud to be part of this initial Series A funding round and look forward to offering our counsel to the team as they grow.”

JIMCO is an active investor in innovative, early-stage, and breakthrough ventures, business models and emergent technologies, aiming to positively shape the future of core industries driving the global economy. These investments are diverse and embrace medical and healthcare industries, fintech, insurtech, electric vehicles and future mobility solutions, and the future of energy, among others, and are made in carefully selected funds and fledging businesses, all of which have a common focus in the pursuit of a more sustainable tomorrow.

Notes for Editors

About Figopara

Founded by Foriba, Figopara is a leading fintech company that aims to enlarge the necessary working capital for companies. Figo Trade Information and Application Platform Inc. was established to develop financial technology applications in Turkey. With the help of e-invoice or printed invoice information, Figopara Supplier Finance Solution makes it easier for our customers (suppliers) to meet their financing needs in the short term by providing fast and secure customer information to the financial instutions for which our customers would like to work or have an existing relationship. Supply chain finance, also known as supplier finance or reverse factoring, is a set of solutions that optimizes cash flow by allowing businesses to lengthen their payment terms to their suppliers while providing the option for their large and SME suppliers to get paid early. This results in a win-win situation for the buyer and supplier. The buyer optimizes working capital, and the supplier generates additional operating cash flow, thus minimizing risk across the supply chain.

For more information, visit www.figopara.com.

About JIMCO

JIMCO (the Abdul Latif Jameel Investment Management Company) is the Jameel Family’s global investment arm, consolidating under one name an established Jameel Family tradition of investing in innovative ideas and businesses promising positive change that stretches back to, at least, the early 1980s. Today, JIMCO is an active global investor in innovative, early-stage and breakthrough ventures, business models and emergent technologies, aiming to positively shape the future of core industries driving the global economy.

These investments are diverse and embrace medical and healthcare industries, fintech, insurtech, electric vehicles and future mobility solutions, and the future of energy, amongst others, and are made in carefully selected and targeted funds and also in fledgling businesses, but all have a common focus in the pursuit of a more sustainable tomorrow.

JIMCO comprises a number of independent legal entities, there are three primary fund brands:

The JIMCO Technology Fund – focusing on venture building, both through select, targeted funds and direct investments.
The JIMCO Life Sciences Fund – focusing on both direct and fund investments in life sciences, biotech and health care, from pharmaceuticals, therapeutics, vaccines and diagnostics to cutting-edge medical device technologies and techniques, and
The JIMCO Strategic Asset Fund – focusing on forward-thinking fund with a clear, aligned, long-term vision, with relevant sector specialization from sustainability initiatives, to drivers of global energy transformation towards renewable, sustainable and clean sources of power.

For more information, visit jimco.com, and our brand video here or contact: info@jimco.com for general inquiries or media@jimco.com for press inquiries(GMT +4 hours UAE.

Copyright Notice and Disclaimer

© Abdul Latif Jameel Investment Management Company Ltd. (“JIMCO”). All rights fully reserved. The Abdul Latif Jameel name, and the Abdul Latif Jameel logotype and pentagon-shaped graphic are trademarks, or registered trademarks of Abdul Latif Jameel IPR Company Limited.

The term “Abdul Latif Jameel” refers broadly to several distinct, separate and independent legal entities. Abdul Latif Jameel is not itself a corporate entity, association or conglomerate run by an overarching parent company but merely refers to a group of distinct and wholly separate legal entities that are collectively referred to as Abdul Latif Jameel. Abdul Latif Jameel is not a corporate group as defined in section 1161(5) of the Companies Act 2006.

This document may contain forward-looking statements. Forward-looking statements are statements regarding matters other than historical fact, such as future results, events, activities, developments or circumstances or the beliefs, plans or expectations of JIMCO or Abdul Latif Jameel entities or their respective managements.

Forward-looking statements often can be identified by the use of words such as ‘expect’, ‘project’, ‘anticipate’, ‘plan’, ‘estimate’, ‘believe’, ‘predict’, ‘intend’, ‘potential’, ‘possible’, ‘probable’, ‘likely’, ‘forecast’, ‘guidance’, ‘outlook’, ‘goal’, ‘target’, ‘may’, ‘will’, ‘should’ or ‘could’ or other similar terms or phrases. However, the absence of such words does not mean that a particular statement is not forward looking.

Forward-looking statements are based on expectations and assumptions at the time of such statements and are subject to numerous risks and uncertainties, many of which are outside the control of JIMCO or Abdul Latif Jameel entities. Should any of such expectations or assumptions prove incorrect, or should any of such risks or uncertainties materialize, actual future results, events, activities, developments or circumstances may differ materially from those expressed in or implied by forward-looking statements.

Further, any forward-looking statement speaks only as of the date on which it is made, and neither JIMCO nor Abdul Latif Jameel assumes, and hereby disclaims, any obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise. All forward-looking statements made by JIMCO, Abdul Latif Jameel, or by any person on behalf of any of them, whether communicated in writing, electronically or orally, are qualified in their entirety by the foregoing cautionary statements.

No Offer or Solicitation

This communication is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom.

Related Press Releases