Recently, C5’s Bahrain-based ‘cloud fund’ for the ME and Africa announced that it is investing $2.5 million in GCC-based, digital, recruitment platform ONEGCC. This is C5’s first investment through its cloud fund following the launch (in September 2016) of its Cloud 10 technology accelerator program or ‘Scalerator’ powered by Amazon Web Services (AWS). ONEGCC, a digital, cloud-based, platform supporting the nationalization of GCC jobs, is one of the first intake of companies to graduate the Cloud 10 program.
In the last several years in Bahrain there are lots of startup companies who start their operations in Bahrain with an innovative ideas and unique products. This can create lots of jobs opportunities in Bahrain for the citizens focusing on the youth and trying to capitalize their skills and knowledge.
Also, this can help the country to reduce the unemployment rate in the society.Moreover, the startup companies could be one of the best way to support the economics in Bahrain. ONEGCC, which is a digital, cloud based, platform supporting the nationalization of GCC jobs is a project of one of startup companies that helps the citizen in the GCC to find the suitable jobs that matches their skills, this project offered a huge number of jobs in Bahrain, jobs in Saudi Arabia and jobs in Oman.
The $2.5M investment is based on an overall valuation of $10M. Cloud 10 is one of the first platforms in the region created to help young, technology firms (B2B firms e.g. Cybersecurity, FinTech, MedTech, EnergyTech etc) to ‘scale-up’ their businesses using the Amazon cloud. Through the Cloud 10 programme C5 aims to create 300 technology champions across the EMEA region over the next 4 years. As part of this C5 set up a ‘cloud fund’ in Bahrain which has $150M available to invest in fast growing, tech companies in the MENA region that are using the cloud to scale regionally and globally. The fund is a multi-stage fund focusing on Series A to late stage investments.
Hadyah Fathalla, Executive Director of C5, said “ONEGCC is one of a number of high quality, disruptive, young tech companies from the GCC region to come through the Cloud 10 programme. In line with our investment strategy we are investing in ONEGCC because of the regional trend to employ GCC nationals and its unique and fast growing Arabic employment and talent platform that runs on AWS”.
We already have an extensive expansion plan ready and are excited to start executing it very soon. Today, at least 20,000 large corporations in Saudi alone suffer from achieving their nationalization quotas and we are eager to start supporting around the GCC region as soon as possible.
“She added: “A substantial amount of the investment will also go towards developing specific algorithms that will replace the need to hire recruiters every time a company has a job opening. We are working so that the platform will make use of all the data we are collecting including psychometric analysis, numerical & verbal reasoning and other skills and information to recommend the best candidates for any given job post whilst taking into consideration each company›s hiring trends. We are working very hard on developing a new technology that we will be able to later use and replicate for other regions and parts of the world”.
Khalid Al Rumaihi, Chief Executive of Bahrain Economic Development Board said: “The cloud 10 programme encourages technology focused entrepreneurship and ONEGCC, being the first of its kind, makes available contribution to Bahrain›s technology sector.