In a significant move for the flexible staffing industry, UAE-based Ogram has successfully closed its latest funding round, earmarked for expansion into the Saudi Arabian market. This development marks a crucial step in the company's growth strategy and underscores the increasing demand for flexible workforce solutions in the region.

Funding Round Details

Oraseya Capital, the venture capital arm of Dubai Integrated Economic Zones Authority (DIEZ), led the investment round. This represents Oraseya's second investment in Ogram, demonstrating strong confidence in the company's vision. Aditum Investment Management and Everywhere VC also participated in the funding round, further validating Ogram's business model and growth potential.

Ogram's Track Record

The company has established itself as a leader in flexible staffing solutions, having facilitated over three million flexible work hours. In its existing markets, the UAE and Greece, Ogram has achieved impressive fulfillment rates exceeding 90%. The UAE operation has seen consistent double-digit monthly growth in shifts, while the Greek market, launched in 2023, has experienced remarkable triple-digit monthly growth.

Strategic Expansion into Saudi Arabia

With this new funding, Ogram is poised to enter the Saudi Arabian market, where it anticipates strong demand, particularly in the retail and hospitality sectors. The company projects an ambitious 150%+ year-on-year growth in man-hours for 2024, highlighting the significant potential in this new market.

Financial Outlook

In addition to fueling expansion, the funding is expected to drive Ogram toward profitability in the current year. This financial milestone and the company’s growth trajectory set the stage for a potential Series B funding round and M&A activities in Q4.

Industry Impact

Ogram's success reflects broader trends in the evolving on-demand staffing market. The company's ability to implement scalable solutions for enterprise customers has been particularly noteworthy, addressing the need for flexible hiring models in industries with cyclical or seasonal demand patterns.

Future Plans

While focusing on its Saudi Arabian expansion, Ogram continues to experience growing demand from large retailers in its existing markets. This sustained growth may soon lead to further market expansions, as the company pursues its vision of pioneering 'the new workforce' globally.

Ogram's successful funding round and imminent expansion into Saudi Arabia represent a significant milestone for the company and the flexible staffing industry at large. As businesses increasingly recognize the value of adaptable workforce solutions, Ogram is well-positioned to capitalize on this trend and further solidify its market leadership.