Jordan group closes $190,000 investment deal
Amman, February 4, 2013
Hashdoc, a Jordan-based social document discovery platform, said it has closed a $190,000 seed round of investment in December.
The round was led by Silicon Badia, a US and Middle East early stage venture capital fund and included prominent angel investors from the Middle East and the United States.
Hashdoc was founded in Jordan in 2011 and was incubated at Oasis500, a seed investment accelerator.
“The idea for Hashdoc came from a frequent frustration I’ve experienced in my career. Regardless of what role I was playing, I was always searching for documents to help me be more productive but the problem was that search results were unorganized, unfiltered and full of spam,” remarked Tarek Koudsi, Hashdoc’s co-founder and CEO.
The platform was founded to change that - and make relevant documents easier to discover, filter and use.
“Publishers and document producers waste time and effort reaching their targeted audience, and professionals spend too much time looking for the right document. We want to solve this issue through a platform that does to documents what Quora did to questions and YouTube to videos,” he noted.
Founded in 2011, Hashdoc's platform focuses on delivering high-quality curated collections of documents such as templates, white papers, and presentations for professionals and businesses.
While the platform is still in alpha testing, and sign-ups are currently invite-only, the documents are free to browse, and Hashdoc boasts a 68 per cent shared-to-downloaded ratio for its growing documents collection.
Silicon Badia led the round with the participation of Oasis500 and Amjad Afanah, an angel investor and product manager at VMware, based out of Silicon Valley.
"The ways in which we discover, consume, and share content is being disrupted by new technologies in almost every industry today. Nevertheless, even with all of these new discovery platforms, discovering one of the oldest yet most used forms of content, the document, is still extremely unintuitive," said Namek Zu’bi from Silicon Badia.
"We are excited for Tarek to join our Launchpad program in the US in February, where we will work with Hashdoc to develop technology, business, and partnerships that help in solving this tough problem," he added.-TradeArabia News Service
More Finance & Capital Market Stories
- Ahli United expands key POS service
- BKIC unveils new brand identity
- NBB completes BisB share purchase
- IPIC to use $4bn pipeline payment to repay debt
- UAE sees big foreign capital inflow
- Gulf Capital to raise $360m partly for dividend
- Apicorp posts $109m profit in 2012
- Al Baraka summit to discuss financial trends
- Bahrain real GDP grows 3.9pc in 2012
- Deutsche Bank named top FX bank in Mideast