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Dubai-based retail tech startup Pathfinder Global is moving forward with a direct listing on Nasdaq in October following a USD 325 mn investment from private equity firm Silver Rock Group, which will be disbursed over the next three years after the company successfully lists, according to a press release.
Pathfinder Global is raising funds through a private placement of 2.5 mn restricted shares before its Nasdaq listing, the company’s CEO Sadique Ahmed told EnterpriseAM UAE. The private placement investors include Silver Rock — the first institution to commit — and several high-net-worth individuals, with existing shareholders and institutions also showing interest.
Following the listing, Pathfinder Global plans to dilute 10% of its shares, with the current private placement designed to attract early investors by offering them preferential access to future shares, according to Ahmed.
Pathfinder Global is opting for a direct listing rather than taking the usual venture capital route to help the company access significant funding and broaden shareholder benefits, the CEO told us. This approach allows Pathfinder to tap into a wider investor base and establish valuable international partnerships more efficiently.
The funds will be used to expedite the global rollout of Pathfinder’s RetailGPT, a platform that uses AI to optimize retail operations, as well as to enhance its features and scale its market presence. Pathfinder Global has already conducted a beta launch in India and Sri Lanka, with plans to take the software live in India, Sri Lanka, the UAE, and Saudi Arabia by September, with plans to expand to 15 more markets next year, according to the CEO.
Pathfinder Global? Founded in 2000, Pathfinder Global specializes in AI-driven solutions to improve retail operations and intelligence. The retail technology firm is integrated with over 150 shopping centers, and 40 airports across the UAE, Saudi Arabia and India. Pathfinder Global is currently targeting USD 33 mn in revenues next year, and aiming for 1 mn retailers over USD 1 bn in revenues within three years, according to Ahmed.
**This story was corrected on 27 July to note that the listing will take place on Nasdaq US, not Nasdaq Dubai.
