12. Private Equity & Venture Capital Awards 2023 | Wealth & Finance Sep23168 Most Innovative Venture Building Firm 2023 - Saudi Arabia In 2019, Fvtvre was established by Managing Director Michael Crickmore, a seasoned corporate founder with more than 15 innovative ventures under his belt. He set out to capitalise on the growing markets within the Gulf Cooperation Council (GCC), which includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. With an excellent internal team and a vast network of smart entrepreneurs across the Middle East, Fvtvre works to design, develop, and launch new ventures in the PropTech, FinTech, E-commerce, and luxury industries. In this, the company strives to leverage global talent through founder-friendly businesses that are currently in the earliest stages of development, from pre-seed to series A. Like other consultancies, Fvtvre helps to bring crucial change to organisations by providing them with tailored advice. However, this is where the similarity ends. Led by professionals with backgrounds in business building, operating, and consultancy, the company strives to do things differently. It ignores the rulebook, celebrates creativity and problem solving, and thrives at the intersection between sustainability and commercialisation. Following its inception, Fvtvre collaborated closely with global corporates to build and launch numerous ventures before deciding to begin creating and funding its own. The company has since launched ventures in most industries, supported by a team of ex-consultants and exventure builders who ensure that it is equipped with the right skills and capabilities to design, launch, and scale them effectively. So far, the Fvtvre team have achieved significant success in the businesses they have launched. For example, in 2021, they established Rekab, the fastest growing shared mobility startup in Saudi Arabia. This was the country’s first ridesharing company and completed over two million shared rides within 18 months of its initial launch. Each of Fvtvre’s ventures can be categorised into one of its three core verticals. Firstly, through its Consumer ventures, the company aims to build the next generation of great consumer brands, products, retailers, and consumer experience technologies. Secondly, through its B2B ventures, Fvtvre designs new technological solutions for existing corporate processes and business models, whilst delivering new, innovative products and services to the market. Lastly, its impact ventures are designed to balance social responsibility with commercial advancement to foster the circularity of deployed capital. Fvtvre’s ability to identify and swiftly leverage high-potential market opportunities is evident in its diverse portfolio of ventures. There are two recent examples that serve as noteworthy illustrations of this: DecisionX and PropX. Built by an experienced UK-based team of developers in collaboration with major financial institutions across Saudi Arabia, DecisionX is a B2B venture that demonstrates Fvtvre’s expertise in financial technology. The product’s automated design engine significantly improves the quality of decision-making in loan applications. To this end, it employs deep learning algorithms to detect patterns that are unlikely to be noticed by humans, increasing the accuracy of approvals and rejections. This means that DecisionX serves as an effective risk mitigation tool, drastically reducing default rates. Usefully, it also contributes towards operational efficiency by replacing labour-intensive manual processes. Moreover, PropX is a B2C venture that addresses issues in the real estate market. Designed to act as an impartial auditor of residential rental properties, the product creates audit records that serve as a single source of truth for both landlords and tenants. This eliminates ambiguities, reduces the likelihood of disputes, and makes the tenancy lifecycle smoother for all parties. For its endless creativity in building and launching new businesses to the Saudi Arabian market, Fvtvre has been named Most Innovative Venture Building Firm in the Private Equity and Venture Capital Awards 2023. With PropX in the final stages of beta testing and DecisionX due to soon be complete, there is no doubt that Fvtvre looks towards a bright future. We congratulate Michael Crickmore and his team on their success in this awards programme and wish them the best of luck in all their endeavours. Contact Details Contact: Fvtvre Company: Michael Crickmore Web Address: www.fvtvre.com/ With offices in London and Riyadh, Fvtvre is an innovative company that designs, develops, and launches new ventures, seeking emerging opportunities to grow, scale, and explore the Saudi Arabian market. The company’s exceptional in-house team leverage their extensive experience as both innovators and consumers to overcome stagnation and build businesses that create value and impact with sustainability at their core.
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