January 3, 2019

FANAP to invest USD 3.8 million in Arvan Cloud over a period of two years

With the investment, FANAP seek to diversify their product portfolio and encourage the start-up ecosystem in Iran.

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Iran-based ICT facilitator FANAP have announced that they will be investing USD 3.8 million in cloud startup Arvan. With this investment, FANAP seek to diversify their ICT portfolio and encourage the start-up ecosystem that is taking shape in Iran.

According to FANAP, Iran as a nation is transforming digitally with the government backing SMEs by passing breakthrough policies. They say that the MENA (Middle East and North Africa) region is taking baby-steps towards imbibing practices that will convert their cities into Smart Cities.

By investing USD 3.8 million in Arvan Cloud, FANAP believe that they will be helping the organization realise the nation’s vision for Smart Cities. They say that Arvan’s sophisticated cloud infrastructure will allow enterprises to boost their workloads and protect sensitive business data from cyber attacks.

FANAP revealed that they will not be investing the entire amount in one year, but will be investing it over a two year period based on Arvan’s performance in the market. They also claim that FANAP had invested in Arvan when the company was established in 2015.

Market analysts claim that FANAP have made a smart move by investing in Arvan which is worth USD 9.5 million. It will be interesting to see how the ICT facilitator unleashes Arvan’s potential with the cash infusion, following Alcide’s Series-A funding of USD 7 million.

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