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CUBERZ first Israeli venture to partner UAE-based Privity FZ LLE post-Abraham Accords
[21/02/15]
TEL AVIV & DUBAI, Feb 15, 2021 - (JCN Newswire) - CUBERZ is the first Israeli, first female-led venture company to join hands with Privity FZ LLE, an independent venture-focused advisory firm in the UAE, after the normalization of the Abraham Accords last year. CUBERZ was launched in Tel Aviv by Nektar Solomon, CEO, and Ari Margalit, CSTO, and is developing a unique online marketplace aiming to change the way local craftsmen and small furniture manufacturers interact with potential customers, while proceeding to its seed round of venture capital fundraising.
Ms Solomon commented: "We excited to start our journey with Privity as a stakeholder. It is truly amazing to find a partner who understands what CUBERZ is trying to achieve, and can open doors to global markets and financing opportunities. The Abraham Accords are a historic moment which we are thrilled to take part in, pushing Israeli innovation a step further with strong partnerships in the UAE."
Sleem Hasan, Privity founder and CEO, commented: "We inked the deal on 12.02.2021 which will be recorded on Privity's ledger as a date to remember. Not only is it a palindromic and ambigrammic date, and therefore auspicious, but it is also the first female-led venture in our portfolio, and thanks to the Abraham Accords (the normalization of relations between the UAE & Israel on Sept 15, 2020), CUBERZ is Privity's first technology venture portfolio addition from Israel and our humble contribution and endorsement of the Accords."
There is a growing trend in the personalization of furniture and interior design likely to continue. Locally produced furniture and interiors are a growing market especially with the consumer generation (aged 25-39) interested in personalized homewares. Small furniture manufacture in the 27 EU countries totalled EUR 140 billion in 2020, up 15% year-on-year. Though the EU industry accounts for the majority of custom-made furniture worldwide, no significant technological improvements have been made to take it forward.
Ari Margalit, CSTO of CUBERZ, commented: "Privity is a great partner for us since they understand what we are trying to accomplish here. Our goal with CUBERZ is to enable transparency in terms of operations and pricing, creating a standard framework for custom manufacturing. By changing the way local manufacturers and customers interact, CUBERZ creates a 'common language' for custom-made furniture manufacturing."
About CUBERZ LTD
CUBERZ, the brainchild of Ms Nektar Solomon, allows you to design your furniture, with 3D visualizations, and have it made by local craftsman or manufacturers, using an automatic pricing engine, and helps you to find skilled and available craftsmen for your order.
CUBERZ offers customers an automated solution for ever-changing needs while adapting to market trends. "Yet, CUBERZ is a Makers Market," Solomon said, "where talented craftsmen can join, and build, anytime. Our mission is enabling small businesses to compete against large retail."
About Privity FZ LLE
Privity FZ LLE was founded in Dubai in 2004, an independent venture-focused advisory firm which seeks entrepreneurs with interesting and unique ideas and helps them to develop and grow. Privity is agnostic to geography and industry vertical; It focuses on the quality of the entrepreneur and the compelling value proposition of the idea.
Privity draws upon its unique 4i methodology - ideas, intelligence, innovation, invention - to deliver insightful advisory and consulting services. This methodology is a result of Privity's diverse experience accumulated over the years as well as its highly specialized deep domain expertise which yields unique results for its clients.
Visit CUBERZ at https://cuber.co, and Privity FZ LLE at https://www.privitylle.com.
Copyright 2021 JCN Newswire. All rights reserved. www.jcnnewswire.com
Ms Solomon commented: "We excited to start our journey with Privity as a stakeholder. It is truly amazing to find a partner who understands what CUBERZ is trying to achieve, and can open doors to global markets and financing opportunities. The Abraham Accords are a historic moment which we are thrilled to take part in, pushing Israeli innovation a step further with strong partnerships in the UAE."
Sleem Hasan, Privity founder and CEO, commented: "We inked the deal on 12.02.2021 which will be recorded on Privity's ledger as a date to remember. Not only is it a palindromic and ambigrammic date, and therefore auspicious, but it is also the first female-led venture in our portfolio, and thanks to the Abraham Accords (the normalization of relations between the UAE & Israel on Sept 15, 2020), CUBERZ is Privity's first technology venture portfolio addition from Israel and our humble contribution and endorsement of the Accords."
There is a growing trend in the personalization of furniture and interior design likely to continue. Locally produced furniture and interiors are a growing market especially with the consumer generation (aged 25-39) interested in personalized homewares. Small furniture manufacture in the 27 EU countries totalled EUR 140 billion in 2020, up 15% year-on-year. Though the EU industry accounts for the majority of custom-made furniture worldwide, no significant technological improvements have been made to take it forward.
Ari Margalit, CSTO of CUBERZ, commented: "Privity is a great partner for us since they understand what we are trying to accomplish here. Our goal with CUBERZ is to enable transparency in terms of operations and pricing, creating a standard framework for custom manufacturing. By changing the way local manufacturers and customers interact, CUBERZ creates a 'common language' for custom-made furniture manufacturing."
About CUBERZ LTD
CUBERZ, the brainchild of Ms Nektar Solomon, allows you to design your furniture, with 3D visualizations, and have it made by local craftsman or manufacturers, using an automatic pricing engine, and helps you to find skilled and available craftsmen for your order.
CUBERZ offers customers an automated solution for ever-changing needs while adapting to market trends. "Yet, CUBERZ is a Makers Market," Solomon said, "where talented craftsmen can join, and build, anytime. Our mission is enabling small businesses to compete against large retail."
About Privity FZ LLE
Privity FZ LLE was founded in Dubai in 2004, an independent venture-focused advisory firm which seeks entrepreneurs with interesting and unique ideas and helps them to develop and grow. Privity is agnostic to geography and industry vertical; It focuses on the quality of the entrepreneur and the compelling value proposition of the idea.
Privity draws upon its unique 4i methodology - ideas, intelligence, innovation, invention - to deliver insightful advisory and consulting services. This methodology is a result of Privity's diverse experience accumulated over the years as well as its highly specialized deep domain expertise which yields unique results for its clients.
Visit CUBERZ at https://cuber.co, and Privity FZ LLE at https://www.privitylle.com.
Copyright 2021 JCN Newswire. All rights reserved. www.jcnnewswire.com
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