Lumofy, a Hope Ventures portfolio company, has doubled down business development efforts in 2022, growing its client base by 120% in Q1 as it onboards seven new leading corporate clients regionally.

 

The clients are Bahrain Public Transportation Company, Bahrain National Holding, Saudi Diesel, ProCloud, and DISC Middle East, making Lumofy one of Hope's top 3 performing portfolio companies in Q1, 2022.  

 

The growth in the number of clients increases Lumofy’s ongoing annual contract value by 214% as the Bahrain-based employee learning platform helps organisations accelerate capability-building. 

 

Competency-Based Learning

The company’s Competency-Based Learning (CBL) approach is based on three metrics: Core Competencies, Cross-Functional Competencies, and Functional Competencies. The company provides cutting-edge e-learning solutions catered to its different-sized clients and their employees, such as its competency-based e-learning platform, the digitisation of engaging curated content, and psychometric talent assessments.

 

The company's latest funding round also marks its first investment round, co-invested by Hope Ventures alongside members of the private sector through Lumofy's participation in Bahrain's first entrepreneurial-themed reality show, Beban. After joining the show, the company became one of Hope's portfolio companies. 

 

Lumofy's presence in regional markets is hardly recent, as its earlier list of clients includes King Fahad Causeway Authority, Abu Dhabi National Oil Company, and Walaa Insurance. As the company signs seven new contracts, of which several are regional, Lumofy accelerates its visionary journey towards equipping organisations worldwide with fundamental growth tools to 'Change the Way People Work'; as its slogan says best. 

 

Upskilling professionals

Ahmed Faraj, Founder, and CEO of Lumofy said: "We're proud to have launched Lumofy from Bahrain to upskill professionals to lead in their organisational roles, and we're even prouder that our presence continues to rapidly expand outside the kingdom. We're on a mission to go further, and with the tremendous help of our partners who continue to help connect us with their wide regional network of strategic ecosystem players, our reach is infinite." 

 

Ameena Bucheeri, Hope Ventures' Portfolio and Investor Relations Manager, commented: "Lumofy's current stance as one of our top performers in Q1 is no surprise to Hope, as their diligent operations and driven nature has always been evident to us. The Lumofy team works with passion, believes in their mission, and is working to disrupt capability-building in enterprises regionally, and then globally, which at their current growth, is not in the distant future. We look forward to witnessing and further supporting them as they scale and develop their offerings to a greater extent.”

 

Hope Ventures' portfolio companies' performance reflects the strength of Hope's 3-steps investment model that focuses on identifying high potential and scalable businesses, co-investing in them alongside the private sector, and accelerating their growth towards international expansion.-- TradeArabia News Service