Dubai and Istanbul, Turkey-based REM People received USD 12 million investment from Ethos Asset Management. The company announced the investment on January 3, 2022. USA-based project finance and investment company Ethos Asset Management also announced the partnership with the said firm. 

Purpose of investment for REM People

REM People intends to use the latest capital injection to expand its international network to 24 offices. 

Moreover, it seeks to reward employees with bonuses, with the eventual goal of sharing 10% of company shares with their employees by implementing an employee stock option program (ESOP). 

Earlier in December 2019, the company received its first investment. The company funded its international expansion via funding back then.

What the REM People official has to say

REM People Co-Founder and CEO Bulent Peker said, “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, and 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.”

What the Ethos Officials have to say

Carlos Santos, CEO of Ethos Asset Management Inc, further stated, “This is a unique project that is at the cutting edge of IT solutions. We were very impressed with the REM People team, their vision and commitment to helping 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.”

In addition, Mustafa Kemal Genc, Ethos Associate, Attributed Holdings Inc (AHI), commented, “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.”

Besides, Hans Kastensmith, Executive Director, Ethos, North and Central America, said, “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.”

About REM People

In 2015, Bülent Peker, Emre Haraccioglu and Mert Alemdar launched REM People. The company aims to digitise the physical world of retail. It focuses on companies in segments such as Consumer Goods, Consumer Electronics, Telecommunication and pharmaceuticals, which distribute and sell their products at physical sales points such as hypermarkets, supermarkets, department stores, shops, groceries, pharmacies, consumer electronic chains etc.

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Jasleen Bhatia works as a content writer for VCBay News. She is pursuing her final semester in Bachelor of Business Administration from IIPS, DAVV. Driven by her keen interest in entrepreneurship and finance, she writes business-related articles.


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