DUBAI — USA-based project finance and investment company Ethos Asset Management has announced a new partnership with REM People through a US$ 12 million investment. REM People will use these funds to expand their international network to 24 offices and to reward employees with bonuses, with the eventual goal of sharing 10% of company shares with their employees by implementing via an employee stock option program (ESOP).
Increasing international reach
REM People received its first investment in December 2019; using these funds to support international growth. Servicing over 50 countries from regional offices in Dubai, London, and Istanbul, REM People works with 120 brands and retailers, each of which is a leader in its sector.
“The first leg of a long-term partnership”
REM People Co-Founder and CEO Bulent Peker commented, “This is another important milestone in a journey that began in 2015. We intend to accelerate the scaling of our AI-based technology by investing these funds in R&D, international expansion, new products, as well as helping to establish a marketplace providing one-stop retail analytics services. I’m also delighted that this is only the first leg of a long-term global partnership and expect to announce further investment rounds in the coming months.”
“REM People is an exciting project”
Carlos Santos, CEO of Ethos Asset Management Inc, stated,
“This is a unique project that is at the cutting edge of IT solutions. We were very impressed with REM People team, their vision and commitment to help brands ensure that their products are always available and visible in the shopping areas, pricing is correct, planogram and other KPIs are compliant, and the competition is closely tracked.”
“We have full confidence in the REM People team”
Mustafa Kemal Genc, Ethos Associate, Attributed Holdings Inc (AHI), stated,
“While it is relatively easy to measure data for online channels, making data meaningful in physical channels is still challenging. REM People offers a fresh approach to this problem and we are pleased to help them reach their international goals.”
“We will continue investing in retail technologies”
Hans Kastensmith, Executive Director, Ethos, North and Central America, stated,
“This marks another significant investment for Ethos in the retail space which has seen increased activity in 2022 and one we hope to continue expansion in 2023.”