Introducing Pemo
Q: Can you give a little background of your company?
A: Pemo is a leading UAE-based FinTech startup offering an expense management platform to its customers. We have offices in Dubai and Riyadh and primarily serve the UAE and Saudi Arabia markets. Pemo caters to businesses of various sizes, particularly small and medium enterprises, offering a solution to manage their business expenses and corporate spending. This mirrors the trend set by major unicorns in the US and Europe.
Q: How many more startups have you built?
A: I worked mostly in scale-ups, like Rocket Internet, and joined companies around Pre-series A or post-series A, scaling them to IPO. I’ve seen how big businesses grow. Now, my focus is on taking businesses from zero to ten, which is thrilling. In the past, especially in e-commerce, I’ve seen some wild things. It’s fascinating to see customers’ reactions to some of the decisions made.
Why Antler?
Q: Why did you decide to apply to Antler?
A: I approached Antler because I was familiar with their network and brand. I expected them to expand into the Middle East and wanted Pemo to be their initial investment here. They’re familiar with models like ours due to prior investments with similar founders. I anticipated their move correctly as they launched a program this September in Riyadh, Saudi Arabia as a part of their $60m MENAP fund.
Inside Antler’s Program
Q: In which program did you participate?
A: We were part of the follow-on fund – Antler Elevate, which enters a bit later, post-initial pre-seed program. Since they didn’t have a local program here at the time, they scouted for deals in the region. They functioned like any other VC for us, joining our funding round. We wanted them onboard due to their positive impact on global ecosystems.
Antler gives you access to a vast network of experts, mentors, investors, and operators, which we continue to tap into. They’ve introduced us to several key players in our sector and have been instrumental in our growth, despite not being active in the region.
Q: Do they only focus on early-stage investments or also on follow-on rounds?
A: Antler focuses on 3-month in-person programs for exceptional individual founders, where they enable them to find a co-founder, validate their startup idea, and receive a first pre-seed investment. They also do follow-on investments, for example through the Elevate fund, and can facilitate further investor introductions through their global network.
Pemo’s Current Status
Q: What is the status of the company today?
A: We’re currently pre-Series A, scaling our model into secondary and tertiary markets. Our team has grown to 50 members, and we’re in a healthy position, although there’s still much to achieve.
The focus now is on accelerating the growth on the customer acquisition side. The product is there, ready, and very clear. It’s all about accelerating growth and proving repeated sales, especially since we are in the B2B sales space, now in between SaaS and embedded FinTech solutions. The product was built in the first year. That’s our story. Now, it’s about proving that we can reach a meaningful size. We were fortunate to raise significant money early on, which means we didn’t need another funding round to sustain our growth. We’re aiming for continuity.
Q: Do you plan to expand in Europe soon?
A: We’re not in a rush. We’re going to be opportunistic. We’re building revenues, traction, and good economics. When we’re ready, we’ll look for opportunities, whether it’s the end of this year, the beginning of the next, or even later. We’re in a position to get the timing right.
Tips from a Founder
Q: Any final tip for people who want to reach out to ask for investment?
A: It’s vital these days to be pragmatic and focused on the solution you’re presenting. Trying to do everything doesn’t work anymore. Antler provides a fantastic global network. The more opportunities and options this network brings to the table, the better. Nurturing it is crucial early on. It’s not just about working hard but also about how the environment around you grows. Antler excels in promoting this kind of network. But not everyone realizes this opportunity. So once you’re in the program, leverage it, or it’s wasted time.
It’s now time for real founders to step up. We come from a generation where startups offered corporate benefits with a casual dress code. Now, being a founder means getting back to the roots. You have to get your hands dirty, hustle, and be resilient. The current times push you not just to be good or great, but to be excellent. I’ve always been involved in startups, and now is the most enjoyable time for me.