Tinder co-founder Justin Mateen has invested in a UAE-based heavy machinery and equipment rental startup. Earlier this month, Tendered closed its latest round of seed funding having raised $5.8 million, a record for the MENA region.
Mateen joins PayPal co-founder Peter Thiel and Y Combinator co-founder Paul Graham in investing in the company, which was launched just under a year ago.
Tendered is planning to use the funding to streamline its user interface, including an equipment tracking system, and to expand into neighbouring markets.
Founder Arjun Mohan told Zawya: “The construction industry has always lagged in adopting technology. However, our clients are increasingly more receptive to solutions that will help increase productivity and reduce capital investments.
“Our goal is to combine the efficiencies of a marketplace with the latest technologies to help them better compete.”
The former Tinder CMO and strategic advisor has invested in a number of early stage startups in the past, including baby food delivery service Little Spoon and interior design app Hutch, initially called Homee.
He is currently embroiled in an ongoing legal battle with IAC and Match Group over claims that the founders’ contracts were broken. The plaintiffs are alleging that the parent companies deliberately undervalued flagship brand Tinder in order to decrease the value of early employee stock options.
The lawsuit survived a motion to dismiss last week, meaning the matter is now more likely to be settled in court.
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