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Mysafe, a UAE-based provider of automated safe deposit box centers, has secured US$4 million in a Series A funding round, which the company aims to use to accelerate its growth trajectory, while also advancing its mission of revolutionizing the security landscape with cutting-edge solutions.
Founded in 2016, Mysafe calls itself a pioneer in fully automated safe deposit box centers, and it currently has a presence in the UAE, Kenya, and the United States. Its state-of-the-art facilities provide top-notch security and convenience, featuring advanced biometric scans for access, and given that they are open 24/7/365, Mysafe ensures that one’s valuables are accessible at any time.
Its Series A round was led by Evanox, a venture capital firm known for its strategic investments in high-growth technology companies, and it marks a significant milestone for Mysafe as it looks to expand its network and to bolster its presence in the market.
“We are thrilled to have secured $4 million in funding through our Series A round,” said Terence Downes, CEO of Mysafe, in a statement. “This investment underscores the confidence that investors have in Mysafe’s vision, and the value we bring to the market. With this capital infusion, we are well-positioned to expand our footprint, and deliver unparalleled security solutions to a broader range of customers.”
Sascha Winter, Deputy CEO of Mysafe, added, “The successful completion of our Series A financing is a testament to the dedication and hard work of the entire Mysafe team. We are excited about the opportunities that lie ahead. This funding will enable us to further enhance our product offerings, and scale our operations to meet the evolving needs of our customers.”
Commenting on the fundraising process for Mysafe, Winter told Entrepreneur Middle East that it all began thanks to investors coming upon their offerings and being awed by them.
“We were thrilled when clients who had rented several boxes at our Al Manzil Souq branch in Dubai approached us, highly impressed by our technology,” Winter revealed. “Their enthusiasm led to a meeting in September last year, where we discussed potential expansion opportunities. Shortly after, we signed a memorandum of understanding and a non-disclosure agreement, marking the beginning of a thorough due diligence process that spanned several months. By May, we had reached a definitive conclusion.”
Mysafe’s Series A round comes at a time when a surge has been noted in investments in the MENA; however, Winter notes that such a situation also means that the region’s entrepreneurs are competing with each other to secure funds for themselves.
“Navigating this competitive environment is indeed challenging, with numerous entrepreneurs presenting innovative ideas, and a plethora of investors eager to support them,” Winter noted. “Finding the perfect match requires persistence and perseverance. Conducting diligent research, leveraging your network, and maintaining visibility both online and offline are crucial steps. Don’t hesitate to step back if the chemistry isn’t right; it’s essential to ensure a harmonious partnership for future success.”
