Middle East Venture Partners (MEVP), one of the leading VCs of region has sold a part of its stake in online booking software for salons and spas Shedul generating 17 times cash on cash return, the Dubai-based firm announced last week.
The stake was sold as part of Shedul’s $20 million Series B that the London-headquartered company announced last week and has valued the company at $105 million. The round was led by French VC Partech and joined by Dubai-based BECO Capital & others. BECO had invested in company’s Series A as well, in 2017.
Founded in 2015 by William Zeqiri and Nick Miller in Dubai, Shedul, is a SaaS-enabled marketplace for salons and spas that helps them streamline their business operations. Shedul’s free online booking software comes with different features including a built-in POS, invocing, receipt, taxel and calculations, online bookings through website, Facebook, widgets or Shedul’s recently launched consumer marketplace Fresha.com, activity dashboard and more.
Walid Mansour, Managing Partner & Chief Investment Officer at MEVP, speaking to MENAbytes said that the exit comes from MEVF II, one of MEVP’s early funds.
“We led the seed and Series A rounds of Shedul and invited many regional and international investor to join. This has been our model since MEVP’s inception. We have raised over $100 million in rounds we led from our partners and friends in MENA and abroad,” said Walid.
He also said that MEVP still remains the laregst Series A investor in the company and is the only one from the region to have a seat on Shedul’s board.
Shedul, according to publicly available data, had raised its first seed round in Sep 2015, another one in Oct 2016 that was led by MEVP and brought in $600,000 and $6 million Series A led by MEVP in June 2017.
The MEVP Managing Partner added that Shedul is one of the fastest growing companies he has seen, “It’s growth has not slowed down even after all these years.”
Featured image via ArabNet