IAM Entertainment is looking to continue its growth across the region through live shows and talent management, as well as film and TV productions.
Dubai-based entertainment agency IAM Entertainment has confirmed a multi-million dollar funding round led by Abbey Road Investment Group.
This funding will allow the agency to continue its growth across the region through live shows, movie and TV production and talent/artist management.
IAM Entertainment is the Middle East’s first female-founded entertainment agency.
Co-founded by Sonal Vara-Parmar six years ago, IAM has worked with artists such as Mariah Carey and Lady Gaga and was also a partner for the Expo 2020 world fair, which featured concerts by superstars including Alicia Keys, Black Eyed Peas and Coldplay.
IAM is credited for conceptualising and producing Steve Harvey’s first campaign in the region and giving Kevin Hart his entry into the UAE with the award-winning Mars Shot Campaign. Both, in partnership with the Prime Minister’s Office where IAM Founder, Sonal Vara-Parmar has worked on some of the largest campaigns for The Emirates Nation Brand.
IAM was also a partner at Expo 2020 Dubai.
IAM Founder, Sonal Vara-Parmar commented: ‘To work on a legacy project from the outset at an international level is an honour and a trust we take great pride in. It is a true testament to the country’s leadership to encourage homegrown brands to be part of such a huge global stage.’
IAM Entertainment provides its services across all entertainment mediums – television, movie, music and live shows, building bridges from West to East and facilitating between local, international and government entities such as Global Citizen, DTCM, DCT, Vogue, Chanel, Cartier, Emaar, Du, Hyundai, E Entertainment and Netflix. With a varied and far-reaching client base, IAM Entertainment has transacted over $35m worth of entertainment contracts in the last 24 months and a 125% year-on-year growth.
Speaking about the funding, Ash Parmar, COO of IAM Entertainment, added: “This significant investment is crucial for our future growth strategy. A priority for us as a company is being able to invest heavily in our live shows division, bringing never-before-seen, chart-topping, international artists to the region in order to showcase their talent to the region’s residents and tourists alike.’ IAM founder Sonal Vara-Parmar added, ‘The second phase of our growth plan will see us cementing the region as one of the most desirable and commercially viable locations for movie and TV production. Enabling a boost to the economy through building a new talent pool and job creation. IAM Entertainment has achieved significant success in the six years since we started but this is nothing compared to what we will achieve in the next five years.”
Arjun Mittal, CEO of Abbey Road Investment Group, added: “IAM Entertainment has been on our radar for many years, and this has been an incredible growth story. We were delighted to be able to partner with IAM to create even bigger waves in the entertainment industry in the region and we look forward to having a front-row seat to the show.”
According to data analysts Magnitt, just 11% of Venture Capital funding in 2021, in the UAE, went to female founders. Compared to the international average of 3% this displays a step in the right direction, however, the gap in gender funding in the country is still vast.