Saudi 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