Rozee.pk parent company scores $6.5m in third round of funding

Published May 21, 2015
“Businesses need increasingly sophisticated recruiting technology customised to nuanced local market dynamics,” said Naseeb Networks Founder and CEO Monis Rahman. ─ Photo courtesy Rozee.pk
“Businesses need increasingly sophisticated recruiting technology customised to nuanced local market dynamics,” said Naseeb Networks Founder and CEO Monis Rahman. ─ Photo courtesy Rozee.pk

SAN JOSE: Naseeb Networks, parent company of Rozee.pk and Mihnati.com, raised $6.5 million in a Series C funding round from Vostok Nafta and Piton Capital, the company's spokesperson said on Thursday.

Naseeb Networks, an employment marketplace operator which targets emerging economies, intends to use the additional funding to "accelerate growth in target markets".

The latest round of funding brings total capital raised by the company to $8.5m.

“As talent continues to move online at a rapid pace in emerging markets, businesses need increasingly sophisticated recruiting technology customized to nuanced local market dynamics,” said Monis Rahman, founder and CEO of Naseeb Networks.

Managing Director Vostok Nafta Per Brilioth and Partner Piton Capital Greg Lockwood will join Naseeb Networks' board of directors.

“We are excited to partner with Naseeb Networks and impressed with what Monis and his team have achieved in Pakistan and Saudi Arabia,” said Brilioth, adding: “We believe these markets present massive growth opportunities and are looking forward to working with the team to expand the reach of Naseeb Networks’ world-class products and services.”

Naseeb Networks has previously been backed by Silicon Valley venture capitalist funds Draper Fisher Jurvetson and ePlanet Capital, Reid Hoffman (LinkedIn), and MENA Ventures through Fadi Ghandour (Aramex) and Arif Naqvi (Abraaj Capital).

Explore: Emerging countries can’t simply copy developed nations

Born in Lahore, Monis Rahman, now in his mid 40s, graduated in electrical and computer engineering from the University of Wisconsin, Madison, and took his first job at Intel Corporation in 1993.

“It was like a dream come true. But looking at my brilliant colleagues stuck at Intel for very long years somehow took the charm of making a lot of money away from me; I wanted to do something that would have more impact,” the entrepreneur had said in an interview with Dawn last year.

Read more: Virgin land for IT ventures.

Now you can follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Cipher inquiry
Updated 04 Oct, 2022

Cipher inquiry

Inquiry will likely end nowhere, or, worse, be used as a tool of victimisation.
Further delay?
04 Oct, 2022

Further delay?

KARACHI Administrator Murtaza Wahab’s announcement that the second phase of Sindh’s LG polls — primarily...
Losing to England
04 Oct, 2022

Losing to England

AFTER tantalisingly close finishes in the fourth and fifth matches against an England side visiting the country for...
An inexplicable delay
03 Oct, 2022

An inexplicable delay

AFTER a flurry of activity a couple of months ago, geared towards filling the vacancies in the apex court — an...
Dire situation
Updated 03 Oct, 2022

Dire situation

If there is any time for the civilian leadership to show unity, it is now.
Russian annexation
03 Oct, 2022

Russian annexation

AS Russia and the West play a zero-sum game in Ukraine, Moscow’s official annexation of four Ukrainian regions it...