HearstLab, the investment division of Hearst Corporation committed to growing early-stage, women-led tech startups, has provided funding for Quantum, the top adtech and data platform in Saudi Arabia that links advertisers and publishers. Quantum made this announcement today. This is HearstLab’s first investment in the Middle East and further evidence of the rapidly expanding Saudi Arabian tech sector.
With the completion of its most recent funding round, Quantum—which is also supported by international investors like 500 Global, Vision Ventures, Sukna Ventures, and Tech Invest Com—has established itself as a leader in the area’s digital transformation. In addition to giving advertisers the freedom to choose the publishers of their choice and buy ad space directly, the company’s platform provides strong data analytics and ROI metrics to optimize the impact of campaigns.
Quantum, which was founded by CEO Omar Malaikah and CTO and General Manager Sara Bin Ladin, bridges a significant gap in the Middle Eastern market by connecting online publishers and advertisers at a pivotal juncture in the growth of e-commerce. The company has demonstrated remarkable growth and resilience since its founding in 2020, even in the face of more general difficulties with global advertising budgets.
“HearstLab’s investment represents a significant milestone not only for Quantum but also for the region’s tech industry,” said Sara Bin Ladin, CTO and General Manager of Quantum. “This partnership is more than just an investment; it’s a strategic alliance that will enhance our capabilities and visibility and create new opportunities across the region. With HearstLab’s extensive expertise across sectors like media, fintech, and analytics, we are confident this collaboration will propel us to new heights.”
Omar Malaikah, Quantum’s CEO, added, “As Saudi Arabia pushes forward with Vision 2030, we are proud to be at the forefront of media & data innovation. HearstLab’s backing shows the great potential that Saudi Arabia has as a hub for cutting-edge technologies in all sectors.”
HearstLab was founded in 2015 and has since invested in more than 70 female-led startups around the world; these businesses are valued at more than $2.5 billion combined. Hearst’s resources are unmatched for startups funded by HearstLab, and they can leverage these resources across more than 360 businesses in the media, fintech, healthcare, and transportation sectors. In addition to providing access to staff members from throughout the Hearst ecosystem who donate their time and knowledge to find, assess, and assist particular startups, HearstLab’s unique support offers assistance with tasks like financial analysis, product development, and business development.
HearstLab began operating outside of the US in 2019 and is presently investing in and supporting women-led businesses in the UK, Japan, the Netherlands, and Spain. HearstLab is now operational in the Gulf Cooperation Council (GCC) thanks to the backing of Hearst’s international offices of Fitch Ratings and Fitch Group, Hearst’s owned global provider of financial information services.
“Our scout network harnesses the expertise of nearly 200 Hearst employees to support female-led startups, ensuring they thrive in a competitive market,” said Eve Burton, Chairwoman of HearstLab. “We are excited to launch our investing efforts in the GCC region, starting with Quantum, a company that exemplifies innovation and leadership.” The investment was facilitated by Nejoud Al Mulaik, Fitch Ratings Saudi General Manager, and a HearstLab Scout, who recognised Quantum’s potential early on. “Fitch has a strong presence in the Middle East, and we are committed to supporting local startups like Quantum,” shared Al Mulaik. “This investment not only highlights Quantum’s success but also underscores the GCC’s growing reputation as a centre for technological innovation.”
