H2O launches social website
H2O New Media, a Dubai-based social media company started its first social community website Dubai Lime. It has also secured some key corporate clients in various industries including Al Maya Group, Sian, Strawberry PR and Events, CMPI Channels Exhibition, CSM, Zaman, Euro RSG, The American Business Council among others.
"We started our first social media application to support our CSR website, Dubai Lime, a community portal that provides free events to its subscribers. Immediately we were approached to construct an application for a corporate organisation followed by another client. Today, six months later, we have secured more than 40 large and medium-sized enterprises using our products and services. H2O New Media focuses on events, entertainment and media industries. However, there are is an increase in number of customers acquired outside of these verticals" said Steve Vaile, CEO and Founder, H2O New Media.
"We are great fans of the Open Source software model. We intend to releasing our own open source software applications and software as a service (SaaS) offerings into the Enterprise sector. We view our competitive landscape to be much more aligned with large global players such as MZINGA and Awareness, who are developing enterprise social media applications in the US. As the leader in the Middle East, we have carved a niche for branding agencies, publishers and marketing companies that want to benefit from the social media revolution" said Vaile
Social media is on the rise globally with majority of publishers in Europe and America reducing their print titles and many switching over to online mediums. In the growing Middle Eastern market, there is an urgent need for companies that can consult and deliver on social media projects. With media converging at an increasing rate H2O New Media's competitors in the US and Europe have been attracting valuations of in access of $300million (Dh1,102m). H2O New Media aims to be the dominant Middle Eastern player in the growing social media sector.
"We are constantly being approached by Venture Capital companies in the region looking for opportunities other than real estate. At the moment we are in talks with a number of firms inside and outside of the region. We will not make any hasty decisions because our objective is to secure a long-term partnership with like-minded investors. That position narrows the market for us as it goes beyond the financial affiliation," said Vaile.