MODERN TECHNOLOGY CO. LTD, (MOTECO) SIGNS A MEMORANDUM OF UNDERSTANDING WITH SPARO, A MICROSOFT FOR STARTUPS COMPANY, TO UNITE THE WORLD AROUND CHARITABLE GIVING

RIYADH, Saudi Arabia, Oct. 11, 2022 /PRNewswire/ -- Sparo, an end-to-end corporate social responsibility service of Microsoft Cloud for Retail, announced a Series A investment by Saudi-based Moteco, under a Strategic Partnership Agreement. The Agreement was signed between the two companies at Moteco's headquarters in Riyadh, the capital of Saudi Arabia.

Sheikh Farhan Al-Faisal, the President & CEO of Moteco stated: "We are working with Sparo to obtain the necessary licensing from the Saudi government and we aspire to collaborate with the relevant authorities that regulate the charitable work in the Kingdom such as Ehsan, where with the signing of our strategic partnership, Sparo will be able to scale its social impact suite of products within Saudi Arabia and across the globe. This is fully in line with HRH Crown Prince Prime Minister Mohammad bin Salman's Vision 2030." Sheikh Farhan Al-Faisal added: "We are delighted to have signed this Strategic Partnership Agreement to enable Sparo to scale up into a company of global consequence."

"We hope that someday soon this Saudi-U.S. business partnership with Sparo can be floated on the Tadawul, Saudi Arabia's stock exchange, thus allowing Saudi citizens the joy to buy into a company whose mission is to create local and international positive social impact." Concluded Sheikh Farhan Al-Faisal.

Rob Sobhani, Ph.D., the CEO of Sparo stated: "We are honored and delighted to have signed this Agreement with one of Saudi Arabia's world-class companies, Moteco." Sobhani added: "This investment will allow Sparo to leverage its partnership with Microsoft Cloud for Retail and become a destination for asset managers across the globe looking to invest in a company whose business model is the double bottom line: generating revenues for its shareholders and creating an impact for society." 

The initial focus of this partnership is to market Sparo's patented e-commerce tool for Microsoft Cloud for Retail customers and to companies within Saudi Arabia. In addition, the investment from Moteco will be deployed to design, build and market a faith-based direct donation Sparo app that makes charitable giving rewarding, fun and seamless. A major focus of this Strategic Partnership is to help realize the vision of HRH Prince Mohammad bin Salman for Green Saudi through partnerships with specialized associations such as Ghares a sister company of MOTECO, to make tree planting within the Kingdom and across the Middle East a tool to tackle climate change.

In a recent statement, HRH Crown Prince and Prime Minister Mohmmed bin Salman bin Abdulaziz al-Saud stated: "The Saudi Green Initiative will provide huge investment opportunities for the private sector, quality job opportunities for the next generation of leaders in the Kingdom and enhanced international relationships that will have a positive impact on the region and the world."

Shish Shridhar, Global Retail Lead for Microsoft for Startups, stated: "We are very excited about this new chapter in Sparo's journey to scale their trademark Purchase with a Purpose platform for retailers across the world."

Sparo is a U.S.-based corporation focused on building products that monetize the intersection of commerce and charity with philanthropy as a service for corporate clients. Sparo operates globally and is based in the Washington, DC Metro area and The Hague, Netherlands.

Moteco is a Saudi Arabia-based company with a focus on the cutting-edge technology.

Media Contacts:
Rob Sobhani
CEO & Founder
[email protected]

SOURCE Sparo Corporation