Get All Access for $5/mo

UAE-Based Interior Design Startup Interact Group Raises US$3 Million Funding As momentum picks up in the UAE's hospitality sector, Interact Group plans to utilize the finances in consolidating its Dubai business, and expanding its services to other regions.

By Sindhu Hariharan

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media.

Shane Curran, CEO, Interact Group.Image credit: Interact Group.

Dubai-based interior design and fit-out company Interact Group has raised US$3 million in funding from an undisclosed UK-based construction group. Specializing in interiors for the hospitality and Food & Beverage (F&B) sectors, Interact Group says it has managed to attract large players and bag high profile contracts including a project for full fit-out of the Park Regis in Jumeriah, just a year and half into its launch. Commenting on the fundraising, Shane Curran, CEO, Interact Group says that this was the first time the group sought external funding, and adds that "it was actually the investor that approached Interact Group" looking at the design company's past projects. As momentum picks up in the UAE's hospitality sector, Interact Group plans to utilize the finances in consolidating its Dubai business, and expanding its services to other regions. More specifically, the funds have been earmarked for purchase of a 25,000 sq ft. joinery (woodwork interiors) facility- which Curran expects would help them deliver end-to-end services to clients with reduced reliance on subcontractors.

"Dubai, on average, has four new F&B outlets opening each day so there are endless opportunities for companies like Interact Group to flourish in the sector," says Curran. Admitting that the UAE market is currently not "as robust as we would all hope for" he predicts a "sharp upturn" in early 2018, and hopes that Interact Group will be poised to stake a claim for projects then. The company is also hopeful of benefitting from the fact that the investor in the current round is a major construction player, allowing them to leverage on their experience. "It will also see our interior design department work closely with them on their upcoming hotel projects," adds Curran. Offering pointers for aspiring entrepreneurs to follow, based on his own experience in fundraising, Curran says, "You have to believe your company or product is about to change its industry, you need to be honest on every detail of where your company currently sits financially, and most [important] of all, you have to make a personal connection with your investor because if you don't fit, then doing business together will always be a strain."

Related: Five Business Truths From The World Of Hospitality That Apply To Every Industry

Sindhu Hariharan

Former Features Editor, Entrepreneur Middle East

Sindhu Hariharan is the Features Editor at Entrepreneur Middle East.  She is a financial consultant turned business journalist with a FOMO when it comes to everything technology.

Growth Strategies

"We Got Funded!" UAE-Headquartered Epik Foods' US$15.5 Million Investment from Ruya Fund is Set to Propel its Regional Expansion Goals

The group's investment news thus comes just days away from its first anniversary as a fully operational business.

Starting a Business

He Started a Business That Surpassed $100 Million in Under 3 Years: 'Consistent Revenue Right Out of the Gate'

Ryan Close, founder and CEO of Bartesian, had run a few small businesses on the side — but none of them excited him as much as the idea for a home cocktail machine.

Business News

Looking for a Remote Job? Here Are the Most In-Demand Skills to Have on Your Resume, According to Employers.

Employers are looking for interpersonal skills like teamwork as well as specific coding skills.

Leadership

Striking A Balance: elSeed on Art and Entrepreneurship

"Money is such a taboo thing in the art world. But only for the artist, and not for the collector, not for the gallery. We create art and we are the engine of that whole ecosystem. Without artists, there is no collector, no museum, no art foundation, no galleries, there's nothing."

Technology

Nurturing Connections: UBQT Co-Founders Jonathan L. Hasson And Lara Varjabedian

Jonathan L. Hasson and Lara Varjabedian, co-founders of UAE-born social networking app UBQT, are on a mission to help people reconnect in-person with those who (really) matter.