Details

Written by: Admin Admin

Category: News

Published: 04 March 2024

Hits: 1167

• Saudi Arabia
• Salla

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

Details

Written by: Admin Admin

Category: News

Published: 03 March 2024

Hits: 834

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.

Details

Written by: Admin Admin

Category: News

Published: 06 February 2024

Hits: 1065

• Saudi Arabia
• Swiss

In 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

Details

Written by: Admin Admin

Category: News

Published: 23 January 2024

Hits: 1155

• Saudi Arabia
• Startup
• Aramco

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.