Saudi Arabia-based SaaS provider Salla has raised a $130 million pre-IPO investment round, led by Investcorp, along with Sanabil Investment and STV.
Founded in 2016 by Nawaf Hariri and Salman Butt, Salla enables merchants to set up their e-commerce online shops within hours.
The investment was made through Investcorp Saudi Pre-IPO Growth Fund LP, a platform targeting equity growth capital investments across a range of companies primarily based in Saudi Arabia.
Press release:
Investcorp, a leading global alternative investment firm, today announced it has led a $130 million pre-IPO investment round in Salla, a leading SaaS e-commerce enablement platform in Saudi Arabia. The investment was made alongside Sanabil Investment, a wholly owned company by Saudi Arabia’s Public Investment Fund. STV, a regional venture capital investor and an existing shareholder of Salla, also participated in the transaction.
Salla was established in 2016 in Makkah to promote the entrepreneurial ecosystem in Saudi Arabia by providing SMEs and aspiring entrepreneurs with a proprietary SaaS solution to deliver on their e-commerce ambitions. Today, Salla enables merchants to tap into a $20 billion e-commerce market expected to grow over 25% year-on-year in the coming years. Since 2020, Salla has enabled $7 billion in e-commerce sales and currently serves over 80 thousand active merchants on the platform.
Founded by Nawaf Hariri and Salman Butt, the company now has over 160 developers focused on technology and product development. It offers merchants a fully-digitalized and automated solution, allowing them to build their e-commerce website, start selling their products online within a few hours, accept online payments, and ship their products to the end user. Beyond being fully integrated with online payment solutions and logistics companies, Salla has over 400 applications on its platform, supporting its merchants throughout the lifecycle of running an online business.
Investcorp’s investment was made through Investcorp Saudi Pre-IPO Growth Fund LP, a platform targeting equity growth capital investments across a range of companies primarily based in Saudi Arabia with the potential to access the capital markets. Additionally, Robin Mansour, Principal at Investcorp, will be joining the Board of Directors of Salla.
The Fund allows investors to gain exposure to growing and market-leading businesses in strategic, high-growth sectors such as business services, transport and logistics, healthcare, and consumer.Investcorp Head of Emerging Markets Private Equity, Walid Majdalani, said, “Saudi Arabia today has over a million SMEs, having grown three times over the past five years. We believe that the Kingdom’s transformation agenda will continue to drive innovation and empower the next generation of entrepreneurs, with Salla acting as a key enabler to support the development of new companies in the e-commerce ecosystem”.
He added, “We see great interest in the potential of Saudi companies to IPO, especially as scale-ups and unicorns demonstrate local and regional success. Salla has managed to grow exponentially and deliver best-in-class margins.
We are excited to be part of their next growth phase and are keen to work with the founder and management team to explore a potential future listing in line with our track record”.
Nawaf Hariri, CEO and co-founder of Salla, added, “We are deeply grateful for the trust and investment from Investcorp and Sanabil in Salla, which reflects their confidence in our vision and our platform’s potential.
This investment propels us forward in our ongoing mission to open opportunities and empower individuals, SMEs, and enterprises to start and expand their businesses both within and beyond Saudi Arabia. We are committed to delivering innovative, customer-centric solutions that simplify and enhance the e-commerce experience for our merchants.”
Investcorp, through Investcorp Saudi Pre-IPO Growth Fund LP, previously led a pre-IPO funding round in TruKKer, a leading MENA digital freight network, with over 45,000 trucks inducted on its platform. This was followed by the fund’s investment in NourNet, one of Saudi Arabia’s leading ICT companies, with over 1,200 B2B clients operating across 20 industries.
Source: Wamda
Riyadh, Saudi Arabia: Anabolic Food Technologies, a Saudi-based food tech company, has announced the closing of a $9 million seed round at a valuation of $33 million. The investment will be used to accelerate the company's technology development and expand its reach in the Saudi market.
Technology:
Anabolic's app uses machine learning to analyze a user's unique dietary needs and preferences, creating customized meal plans that fit their lifestyle. Whether you're a busy professional, a fitness enthusiast, or a student on the go, the app has something for everyone.
About Anabolic:
Founded in 2023, Anabolic is a food tech company specializing in personalized meal plans and supply chain solutions. The company's platform leverages the expertise of chefs, nutritionists, and software engineers to combine culinary artistry with the precision of food algorithms.
The Saudi Food Tech Industry:
The Saudi food tech industry is a rapidly growing sector, attracting significant investment and fostering a wave of innovative startups. Driven by factors like rising demand for convenience and healthy food options, government support for the tech sector, and increasing smartphone penetration, the industry is expected to continue its upward trajectory, offering exciting opportunities for both startups and investors.
MENA Startups Navigate a Cautious Start, Securing $86.5 Million in January Funding
03 Mar 2024 Written by Admin AdminThe MENA startup ecosystem witnessed a cautious yet promising start in January 2024, with startups securing a total of $86.5 million in funding across 33 deals. While this marked a 34% decrease year-on-year, it serves as a bellwether for the year's funding activity, offering insights into the region's entrepreneurial landscape and investment trends.
Regional Funding Breakdown
UAE: Reclaimed Position as Regional Leader
The United Arab Emirates (UAE) emerged as the regional leader, with its startups collectively securing an impressive $47 million in funding. Notably, the largest funding round of the month, a substantial $35 million pre-seed investment in the travel tech disruptor, Tumodo, underscored the region's confidence in the potential of the travel sector.
Egypt: Encouraging Signs of Recovery
Egypt showcased encouraging signs of recovery, raising $23 million across seven deals. This positive trend represents a significant improvement from the previous month and signals a potential return to form for the nation's entrepreneurial scene.
Saudi Arabia: Consistent Activity and Funding
Saudi Arabia maintained its consistent activity, with 15 startups securing a combined $11 million. While not leading the pack in funding, Saudi Arabia continues to demonstrate a stable and promising startup environment.
Other Countries: Diverse Funding Landscape
The funding distribution extended beyond the top three countries, highlighting the diverse landscape of the MENA region. Countries such as Qatar, Morocco, Iraq, Oman, Lebanon, and Tunisia also witnessed funding activity, showcasing the breadth and potential of the region's entrepreneurial spirit.
Sector Analysis
Fintech: Slight Slowdown in Funding
While fintech remains the region's most active sector, it experienced a slight slowdown in January, with five startups raising $12 million. Despite the dip, fintech continues to play a crucial role in the MENA startup ecosystem.
Travel Tech: Impressive Performance and Potential
Travel tech unexpectedly emerged as the top-performing sector, propelled by Tumodo's significant funding round, totaling $40.6 million. This investment highlights the sector's potential for post-pandemic recovery and investor confidence.
Healthcare: Promising Growth and Investor Interest
The healthcare sector exhibited promising growth, with two startups securing $11 million. This indicates growing investor interest in addressing critical healthcare challenges within the region.
Mobility: Attracting Investment and Opportunities
The mobility sector also saw three startups raise over $5 million, signaling opportunities and investor confidence in addressing transportation and mobility needs.
Startup Funding Distribution
Early-stage and seed-stage startups continued to attract substantial funding, garnering a combined $53 million. This highlights the region's commitment to nurturing its entrepreneurial ecosystem and fostering innovation. Additionally, B2B startups raised over $57 million across 14 deals, while B2C startups secured $28 million across 18 deals.
However, the gender disparity in investment remains a concern, with only one female-founded startup managing to secure funding. This underscores the need for continued efforts to promote diversity and inclusion within the MENA startup landscape.
MENA Startup Funding Distribution
UAE: Regional Powerhouse
The UAE established itself as the undisputed leader, securing a staggering $47 million in funding. This dominant position underscores the strength and maturity of the UAE's startup ecosystem, attracting significant investor confidence.
Egypt: Emerging Phoenix
Egypt showcased encouraging signs of revival, raising $23 million across seven deals. This positive shift marks a significant improvement and signals a potential return to form for the nation's entrepreneurial scene.
Saudi Arabia: Steady Progress
Saudi Arabia maintained its consistent activity with 15 startups securing a combined $10.7 million. While not leading the pack this time, Saudi Arabia continues to demonstrate a stable and promising startup environment.
Beyond the Big Three: Funding Distribution in Other Countries
The funding distribution extends beyond the top three, highlighting the diverse landscape of the MENA region. Qatar, Morocco, Iraq, Oman, Lebanon, and Tunisia all witnessed funding activity, showcasing the breadth and potential of the region's entrepreneurial spirit.
Nurturing the Future
Early-stage startups, encompassing both Pre-Seed and Seed funding rounds, received the highest share, attracting a combined $52 million. This signifies a strong emphasis on fostering and supporting the next generation of innovative ventures within the region. Following closely behind were Pre-Series A and Series A funding rounds, collectively securing $20 million, demonstrating continued support for established startups poised for further growth. Finally, the "Other" category, encompassing various funding stages and types, received $17.8 million, further emphasizing the diverse nature of the investment landscape.
Sector Spotlight
Travel & Tourism unexpectedly emerged as the top sector, grabbing a surprising $40.6 million, largely driven by the massive pre-seed round secured by Tumodo. This significant investment highlights the potential and investor confidence in the sector's post-pandemic recovery. Fintech, the region's traditionally dominant sector, maintained its relevance with $12 million distributed across five deals, solidifying its continued importance within the MENA startup ecosystem. Meanwhile, the healthcare and mobility sectors also displayed promising growth, attracting $11 million and $5 million respectively, indicating growing investor interest in these critical areas.
The comprehensive analysis of the MENA startup funding landscape reveals a dynamic and multifaceted ecosystem. The region boasts a prominent leader in the UAE, an emerging force in Egypt, and consistent activity across numerous other countries. The funding distribution across stages and sectors unveils a strategic focus on nurturing early-stage ventures, supporting established startups, and exploring new avenues of innovation. As the region continues to evolve, this diverse and promising ecosystem holds immense potential for future growth and groundbreaking advancements.
المنظمة العالمية لحماية حقوق الملكية الفكرية تفتح باب التقدم للفوز بإحدى جوائز الويبو العالمية لعام 2024
01 Mar 2024 Written by Admin Adminبيان صادر عن المنظمة العالمية لحماية حقوق الملكية الفكرية:
يسعدنا أن نعلن عن الدعوة للمشاركة في جوائز الويبو العالمية لعام 2024، التي تفتتح من 15 كانون الثاني / يناير ولغاية 31 اذار/ مارس 2024.
وترحّب المسابقة هذا العام بالشركات الناشئة إلى جانب الشركات الصغيرة والمتوسطة من جميع أنحاء العالم، والتي تنشط في جميع قطاعات الاقتصاد - سواء في التكنولوجيا أو الزراعة أو الصناعات الإبداعية أو غيرها. ونرحب بالطلبات التي تستخدم جميع أشكال الملكية الفكرية، من حق المؤلف والعلامات التجارية والبراءات والمؤشرات الجغرافية.
ونموذج الطلب متاح باللغات الإنكليزية والفرنسية والإسبانية والعربية والصينية والروسية واليابانية.
وستختار لجنة تحكيم مستقلة مجموعة تصل إلى سبعة فائزين. وسيتلقى كل منهم دعوة لحضور حفل توزيع الجوائز خلال الجمعية العامة للويبو في شهر يوليو في جنيف.
وسيحصل كل فائز وفائزة أيضاً على برنامج توجيهي خاص وموجّه نحو تعزيز استخدام الملكية الفكرية، والسعي وراء أهداف تجارية جديدة، والنفاذ إلى الموارد المالية، وإحداث تأثير أكبر.
لمزيد من المعلومات، يرجى زيارة موقع جوائز الويبو العالمية: https://www.wipo.int/global-awards/ar/how-to-apply.html
-انتهى-
عن الويبو:
الويبو هي منظمة دولية تابعة للأمم المتحدة تهدف إلى تنظيم حقوق الملكية الفكرية على مستوى العالم. تأسست عام 1970، بعد انعقاد مؤتمرات مهمة مثل مؤتمر باريس للملكية الصناعية (1883) ومؤتمر حماية المصنفات الأدبية والفنية (1886).
معلومات إضافية:
- الموقع الرسمي : https://www.wipo.int/portal/ar/index.html
- تاريخ تأسيس الويبو: 1970
- المقر الرئيسي: جنيف، سويسرا
- عدد الدول الأعضاء: 193 دولة
Saudi Arabia, Swiss Fund to launch billion-euro zero-emissions investment initiative
06 Feb 2024 Written by Admin AdminIn a move towards bolstering investments in zero-emissions projects, Saudi Minister of Investment Eng. Khalid Al-Falih announced a collaboration with a Swiss fund aimed at launching financing initiatives in the debt market. This partnership is set to mobilize billions of euros, showcasing Saudi Arabia's commitment to becoming a leading destination for sustainable investment. Al-Falih made this announcement during a Saudi-Swiss round table meeting in Riyadh, where he emphasized the Kingdom's ambition to position itself as a global hub for logistics, finance, and industry.
The meeting, attended by notable figures including Swiss Federal Councillor Guy Bernard Parmelin and Saudi Minister of Industry and Mineral Resources Eng. Bandar Alkhorayef, also focused on other areas of cooperation. Besides the investment in zero-emissions areas, the collaboration extends to the insurance industry, which is expected to see significant growth in the coming years.
Highlighting the vast potential for infrastructure development, Al-Falih pointed to Saudi Arabia's plans for mega projects, with more than $3.3 trillion earmarked for various sectors including airports, factories, and green energy networks. A substantial portion of this investment, approximately $1.8 trillion, is anticipated to be financed through bids to attract global investors from Switzerland and beyond, ensuring the highest quality standards for these projects.
Al-Falih also underlined the strong economic partnership and deep-rooted bilateral relations between Saudi Arabia and Switzerland, which are poised to celebrate a century of cooperation by 2027. With the Kingdom's Vision 2030, Saudi Arabia is setting ambitious targets, aiming for an investment volume of $3.3 trillion by 2030.
Eng. Bandar Alkhorayef highlighted the opportunities for future cooperation with Swiss sectors, emphasizing the Kingdom's role as a critical economic bridge linking the Middle East and Africa region with neighboring countries. He outlined Saudi Arabia's strategy to diversify the economy across 12 industrial sectors, categorized into three main groups focusing on national security, maximizing natural resources, and pioneering future industries such as space and renewable energy.
Source: Saudi Gazette
Saudi Arabia, Egypt and the UAE led the way for regional investments
03 Feb 2024 Written by Admin AdminThe Middle East and North Africa region saw sizable startup activity from its top three regional ecosystems of Saudi Arabia, UAE, and Egypt as January came to end.
The Kingdom led this weeks’ movement with two startups raising significant funding sums. Saudi Arabia’s peer-to-peer car rental platform Ejaro secured SR12.3 million ($3.27 million) in a pre-series A funding round spearheaded by the Riyadh-based insurance company Tawuniya and several angel investors.
This fresh influx of capital is earmarked for bolstering Ejaro’s development and expansion strategies.
Founded in 2019 by Mohammed Khashoggi, the company provides car-sharing services to enable individuals to generate additional sources of income.
“Completing this funding round alongside our strategic partnerships reflects our commitment to innovation and meeting the needs of our customers. We are not only working to change the concept of car sharing in the Kingdom but also striving to be leaders in the insurance sector through cooperation with Tawuniya, Najm, and Absher, a pivotal step towards supporting economic growth and innovation in line with Saudi Vision 2030,” Khashoggi said.
Fahad bin Maamar, CEO of Investments at Tawuniya, underscored their confidence in Ejaro’s innovative approach to car-sharing, viewing it as a crucial partner in transforming the mobility landscape across the Gulf Cooperation Council region.
The platform claims to have facilitated over 25,000 days of trips, indicating a growing demand for its services. Moreover, it has enabled more than 100 hosts to collectively earn over SR2.5 million in less than two years, showcasing the tangible benefits and impact of its innovative car-sharing and rental solutions.
Saudi edtech startup iStoria secures $1.3m in funding
Saudi Arabia’s educational technology sector continues to garner investor interest as iStoria secured SR5 million in a seed funding round.
This investment in the app, which specializes in English language learning, involved multiple regional players, including Saudi Arabia’s venture capital firms Nama Ventures and BIM Ventures, US-based edtech Classera, Egypt-based Flat6Labs, and various angel investors.
The investment will enable the enhancement of the app’s features and aid in expanding its global footprint.
Founded by Abdullah Al-Jaberi in 2022, iStoria has quickly gained a substantial user base, surpassing 1 million learners globally.
The company’s approach to English language education focuses on vocabulary building through reading stories at various levels, with comprehension questions and vocabulary tests.
This method prepares learners for global language tests and offers a continually updated and enriching learning experience. The company also achieved a satisfaction rate of 4.6 out of five in the app store. Its recent growth has been bolstered by expanding its services to organizations, including contracts with numerous private and public schools, where it has been integrated into educational curriculums, allowing for direct supervision.
“We are pleased with the conclusion of this investment round. Through this funding, we will continue to pursue our goal of enabling individuals to communicate effectively and confidently in English,” Al-Jaberi said.
He added: “We are optimistic and look forward to the next phase of the application’s growth and the impact we can create, primarily through offering services to organizations and expanding worldwide.”
The company also raised an undisclosed pre-seed funding round from Nama Ventures in 2022 to bolster its operations.
The edtech sector has emerged as one of the top five most-funded sectors in Saudi Arabia. In 2023, the industry saw a total of $50 million raised by Saudi-based startups, a 6 percent growth from the year before. Furthermore, in 2022, the sector witnessed substantial growth, surging by 2,069 percent compared to the previous year.
Egypt’s Roboost raises $3m to boost expansion
Egypt’s artificial intelligence-driven logistics startup, Roboost, completed a $3 million investment round led by Silicon Badia, with contributions from RZM Investment, Flat6Labs, and Saudi Angel Investors.
Founded in 2018 by Mohamed Gessraha, Hassan Gessraha and Mohamed Sadek, Roboost provides AI-powered delivery solutions in Egypt, Saudi Arabia, Kuwait, Morocco, and Tunisia.
The company aims to utilize its capital to further boost its regional presence with a new phase of expansion. The company currently serves leading brands such as McDonald’s Egypt and Kuwait, Buffalo Burger, El Ezaby Pharmacies, and Jumlaty.
Employing proprietary machine learning algorithms, Roboost’s innovation includes pre-delivery technology that enables precision auto-dispatching and smart routes for delivery personnel, optimizing the process for the substantial portion of orders placed offline.
The platform’s suite of tools also features real-time dynamic fleet payroll, and comprehensive customer insights through heat maps and analytics, all aimed at enhancing customer satisfaction. Additionally, Roboost’s AI fleet control offers advanced fraud detection capabilities.
The company claims to provide operational efficiency to its clients with a network of over 15,000 delivery drivers, serving nearly 10 million unique customers, and automating more than 40 million orders. The company says its solutions have doubled delivery speeds by reducing inefficiencies and achieved task automation rates of 99.8 percent.
Furthermore, Roboost has succeeded in decreasing order returns by over 80 percent and operational costs by 30 percent, while also improving average driver productivity by 40 percent and maintaining fraud levels below 5 percent.
UAE’s Plant & Equipment acquires Global Equipment Trading
UAE-based construction technology company Plant & Equipment has announced the acquisition of Global Equipment Trading for an undisclosed amount.
Established in 2018 by Saleh Kuba and Zayd Kuba, Plant & Equipment operates as a marketplace in the construction equipment and machinery sector, facilitating connections between buyers and sellers.
This strategic acquisition is set to bolster Plant & Equipment’s expansion efforts across the region.
The integration with Global Equipment Trading is expected to enhance the company’s service offerings and market reach, aligning with its growth objectives in the construction equipment industry.
Source: Arab News
Saudi Aramco, the world's largest oil company, has made a significant move by injecting an additional $4 billion into its venture capital arm, Aramco Ventures. This substantial investment reflects Aramco's commitment to diversifying its portfolio and embracing innovation in the rapidly evolving energy landscape. The expansion of Aramco Ventures not only signifies a strategic shift towards technology and sustainability but also holds the potential to reshape the startup ecosystem and contribute to economic growth.
Introduction to Aramco Ventures
Aramco Ventures, the venture capital arm of Saudi Aramco, was established to identify and invest in innovative technologies and business models that have the potential to disrupt the energy sector. With a focus on fostering entrepreneurship and driving technological advancements, Aramco Ventures plays a pivotal role in supporting startups and emerging companies.
Aramco's Additional $4 Billion Investment
The injection of an additional $4 billion into Aramco Ventures underscores the company's commitment to nurturing a culture of innovation and embracing transformative technologies. This substantial capital infusion is aimed at fueling the growth of startups and scaling up innovative solutions that align with Aramco's strategic objectives.
Expansion of Aramco Ventures
The significant increase in capital allocation to Aramco Ventures signifies a major expansion of the venture capital arm's investment scope. This expansion presents an opportunity for startups and entrepreneurs to access the necessary funding and resources to drive their ventures forward, ultimately contributing to the development of a vibrant and dynamic startup ecosystem.
Focus on Technology and Innovation
Aramco's heightened focus on technology and innovation through its venture capital arm reflects the company's recognition of the pivotal role that disruptive technologies play in shaping the future of the energy industry. By investing in cutting-edge technologies and innovative business models, Aramco Ventures aims to stay at the forefront of industry transformation and drive sustainable growth.
Aramco's Strategic Investments
The strategic investments made by Aramco Ventures are carefully curated to align with the company's long-term vision and goals. By strategically allocating capital to startups and emerging companies that demonstrate potential for innovation and impact, Aramco Ventures seeks to foster a culture of collaboration and drive positive change within the energy sector.
Impact on the Startup Ecosystem
The substantial injection of funds into Aramco Ventures is poised to have a profound impact on the startup ecosystem, particularly within the energy and technology domains. This influx of capital not only provides startups with the financial backing they need but also opens doors to mentorship, industry expertise, and strategic partnerships, thereby propelling the growth and success of innovative ventures.
Aramco's Contribution to Economic Growth
Aramco's continued investment in technology and innovation through Aramco Ventures is expected to have far-reaching implications for economic growth. By empowering startups and fostering a culture of entrepreneurship, Aramco contributes to job creation, knowledge transfer, and the development of a robust innovation ecosystem, ultimately driving economic prosperity.
Collaboration and Partnerships
Aramco Ventures' expanded investment portfolio creates opportunities for collaboration and partnerships between startups, established companies, and industry experts. This collaborative approach not only fosters knowledge exchange and innovation but also accelerates the development and adoption of transformative technologies that can address complex energy challenges.
Aramco's Vision for the Future
The substantial investment in Aramco Ventures reflects the company's forward-looking vision and commitment to shaping the future of energy. By actively engaging with startups and innovative ventures, Aramco aims to drive sustainable solutions, enhance operational efficiency, and contribute to the global energy transition, aligning with its vision for a more sustainable and resilient energy landscape.
Sustainability and Environmental Initiatives
Aramco's increased focus on sustainability and environmental initiatives is mirrored in its investment strategy through Aramco Ventures. By supporting startups and technologies that prioritize environmental stewardship and sustainable practices, Aramco reinforces its dedication to mitigating environmental impact and advancing the transition towards a low-carbon future.
Aramco's Role in Energy Transition
The expansion of Aramco Ventures underscores the company's proactive role in driving the energy transition. By investing in innovative solutions that promote energy efficiency, renewable energy integration, and carbon reduction, Aramco contributes to the global efforts aimed at addressing climate change and advancing the transition to a more sustainable and diversified energy mix.
Challenges and Opportunities
While the expansion of Aramco Ventures presents significant opportunities for startups and the energy industry, it also brings forth a set of challenges. Navigating the complexities of technological innovation, market dynamics, and regulatory landscapes requires a strategic approach and a deep understanding of the evolving energy ecosystem.
Aramco's injection of an additional $4 billion into Aramco Ventures marks a pivotal moment in the company's journey towards embracing innovation, technology, and sustainability. This substantial investment not only amplifies the support available to startups and emerging companies but also underscores Aramco's commitment to driving positive change within the energy sector. As Aramco Ventures continues to expand its investment portfolio and foster collaboration, its impact on the startup ecosystem and the broader energy industry is poised to be transformative, shaping the future of energy innovation and sustainability.
From Electronics to Cars: Soum Takes Re-commerce Beyond Borders with $18 Million
03 Jan 2024 Written by Admin AdminSaudi Arabia-based re-commerce marketplace Soum has successfully raised $18 million in a Series A funding round, with Jahez leading the investment and participation from Isometry Capital, Khwarizmi Ventures, Alrajhi Partners, and Outliers Venture Capital. Founded in 2021 by Fahad Al Hassan, Fahad Albassam, and Bader Almubarak, Soum serves as a platform for SMEs and individuals to sell their secondhand products.
The latest funding will enable Soum to expedite its regional expansion plans and diversify beyond its core vertical of secondhand electronics. The company aims to broaden its offerings to include products ranging from collectibles to automobiles, tapping into a combined market worth $40 billion.
Since its inception, Soum has experienced remarkable growth, with sales increasing by 40 times and maintaining exceptional unit economics and customer satisfaction scores. The platform has facilitated transactions to and from over 150 Saudi cities, establishing a unified national marketplace for buying, selling, and discovering products with trust and convenience. The Soum app, launched less than two years ago, has garnered over 4 million downloads in the Kingdom of Saudi Arabia and is gaining traction in the United Arab Emirates.
Fahad Alhassan, Co-Founder & CEO of Soum, expressed the company's vision to be the go-to marketplace for buying and selling anything online with convenience and trust. The successful funding round reflects the dedication of the entire team and signifies the commencement of the next phase of growth, aligning with the mission to revolutionize online buying and selling.
Soum acts as a trusted intermediary for each transaction, alleviating the challenges faced by buyers and sellers in the MENA region when navigating spam-infested classified platforms. This approach ensures a seamless and secure transaction experience for all parties involved.
Abdulaziz Alhouti, Chief Investment Officer of Jahez, commended the remarkable achievements of the Soum team, emphasizing their dedication to innovation and customer satisfaction. The investment reflects confidence in Soum's potential to redefine the e-commerce landscape in the Middle East.
With the Series A funding as a catalyst, Soum is poised for continued growth, aiming to set new standards in innovation, customer satisfaction, and market impact in the Middle East. The Soum mobile app is available on the Apple App Store and Google Play Store, offering a seamless platform for buying and selling secondhand products with convenience and trust.
Source: News
Tameed Secures $15 Million to Fuel SME Lending Platform in Saudi Arabia
03 Jan 2024 Written by Admin AdminSaudi Arabia-based fintech company Tameed has successfully secured a substantial $15 million in a Series A funding round, with Alromaih Investments leading the investment. Established in 2019 by Mohammed Al Alshaikh and Mohammed Alomayyer, Tameed specializes in providing SMEs with P2P Shariah-compliant financing options for their government contract purchases through its digital platform.
The infusion of new capital will enable Tameed to expedite its expansion and cater to the growing demand for its digital lending products. The company, which obtained its operating license from the Saudi Central Bank (SAMA) in January 2023, has been operating within SAMA’s FinTech SandBox. Tameed has facilitated SME funding exceeding SAR 400 million, serving investors and borrowers through a mobile app with 50,000 downloads, and achieving a growth rate exceeding 400%.
Tameed's commitment to providing transparent pricing and swift loan processing, completed within three business days through a fully digitalized process, has earned the trust of its clients. The company's focus on efficiency in processing and customization of services translates into tailored products aimed at supporting SMEs in fulfilling their purchase order commitments.
Mr. Mohammed Alomayyer, the CEO and co-founder of Tameed, expressed optimism about the Kingdom’s economic growth and emphasized Tameed's dedication to meeting the needs of SMEs by offering innovative funding products. He highlighted the addition of performance bond financing for projects to serve a wider range of SMEs and support their effective participation in major projects.
Mr. Omar Alromaih, the CEO of Investments at Alromaih Group, underscored the belief in the opportunity and the sector, expressing anticipation for Tameed's continued growth and expansion of investment and funding opportunities to address the financing needs of SMEs and bridge the funding gaps created by Vision 2030 programs and projects.
Furthermore, Alromaih Group's strategy focuses on diversifying investment tools and risk mitigation through acquisitions, transactions, and investment rounds into the FinTech Division, recognized as one of the most promising and targeted sectors in the Kingdom’s Vision 2030.
Mr. Mohammed Al Alshaikh, the co-founder of Tameed, emphasized that the funding round will facilitate the company's growth to serve investors and SMEs requiring funding while innovating on the best technologies and products. He highlighted the recent launch of an Auto-Invest product designed to enable busy investors to engage in short-term funding opportunities based on pre-configured investment preferences.
Source: News
71% of consumers in Saudi Arabia confident about the future, surpassing global average: study
24 Nov 2023 Written by Admin AdminThe comprehensive study, spanning 19 markets worldwide, delves into the preferences and behaviors of consumers in the KSA, providing valuable insights into their outlook compared to their global counterparts
JEDDAH — In a positive spot in the world, Saudi Arabia radiates an optimistic glow, as a remarkable 71% of its population expresses confidence in the future. Surpassing the global average of 43%, this buoyant consumer sentiment unfolds in the latest Toluna Global Consumer Barometer.
The comprehensive study, spanning 19 markets worldwide, delves into the preferences and behaviors of consumers in the KSA, providing valuable insights into their outlook compared to their global counterparts.
The research indicates that a substantial 64% of KSA residents report heightened satisfaction with their current life and a greater sense of optimism about their future, surpassing the global average of 45%.
However, a noteworthy 25% of residents express concerns over personal financial security, attributing them to prevailing global and economic circumstances.
In response to economic uncertainties, KSA residents are taking proactive steps in financial planning. Notably, 29% plan to reduce spending on books and magazines, recognizing the abundance of online resources.
Similarly, 28% intend to cut back on luxury product or service expenses, while 24% will trim their entertainment and subscription budgets.
Additionally, 22% are opting to dine out less, 22% will curtail leisure activities and hobbies, 19% plan to spend less on vacation holidays, and 20% will refrain from buying new cars.
Looking ahead, the study sheds light on anticipated grocery shopping behavior in the next three months. Key drivers for KSA consumers include price, health, product availability, and quality.
Moreover, 45% of shoppers plan to reduce unnecessary purchases, and 39% will compare prices online and offline.
Other strategies include shopping more often to avoid waste and secure the best deals (31%), visiting more stores in search of value (28%), shopping less often but in bulk (30%), switching to cheaper brands (26%), and adjusting the number of snacks purchased (28%).
Georges Akkaoui, enterprise account director & office leader MEA at Toluna, commented on the findings, stating, "These findings reflect the current economic sentiment and consumer behavior in the KSA.
“Amidst positive signals, consumers are seeking value and reliability in their choices. Brands prioritizing quality, affordability, and sustainability will resonate most with today's savvy shoppers."
The study also outlines anticipated spending behavior in the coming quarter, with 26% planning to allocate more towards groceries, 19% towards mobile phones, 26% towards vitamins and minerals, 23% towards food takeaway, 19% towards sports and fitness, 18% towards life insurance, private health insurance (19%), and gaming (15%).
Source: Zawya
