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RIYADH: Saudi Aramco’s business arm, Wa’ed, has invested $ 1.5 million in a Saudi blockchain technology provider that helps recruiters detect fraudulent professional qualifications.
Dhahran-based IR4LAB is one of the first of its kind in the UK to offer companies a way to verify the validity of competency information in job recruitment applications.
The startup, founded in 2017, plans to use the new cash injection to expand its DocCerts product range.
The Saudi Council of Engineers said it discovered more than 2,799 fraud cases of non-Saudi job applicants falsely claiming professional certificates in the past year.
Abdullah Al-Baiz, Saudi Aramco’s Chief Digital Officer, said, “Digital blockchain platforms like IR4LAB’s give employers a higher level of assurance that a job applicant’s certification is legitimate, which can accelerate hiring decisions. There are many other uses for this technology. “
Majd Al-Afifi, CEO and Co-Founder of IR4LAB, said, “Blockchain is a transformative digital technology and we are proud to help the Kingdom stay at the forefront of this change. Our goal is to bring the benefits of digital blockchain solutions to Saudis across the UK. “
Wa’ed was founded by Saudi Aramco in 2011 to provide credit financing activities to entrepreneurs. Venture capital arm Wa’ed Ventures manages a $ 200 million mutual fund and portfolio of more than 30 Saudi Arabia-based companies.
It recently launched its first roadshow event to discover and fund the next generation of Saudi entrepreneurs. With up to SR 100 million ($ 26.6 million) available, Wa’ed plans to extend loans and venture capital investments to commercially viable businesses that would fill existing gaps in the kingdom’s economy.
The roadshow will visit Jubail, Yanbu, Riyadh, Jeddah, Mecca and Medinah. Online applications for all Saudi Arabia based entrepreneurs opened on Wednesday June 16.
Wassim Basrawi, Managing Director of Wa’ed, said: “70 out of over 100 startups that we have supported were the first of their kind and received their first investment from us. Startups and ideas.”