Saudi farms business-to-business online marketplaces announce fundraising
( MENAFN )Two competing Saudi business-to-business virtual marketplaces reported fundraising, a sign of the increasing interest in the region’s startups.
During a press release, Sary stated that Sary raised USD30.5 million in a Series B round managed by VentureSouq and joined by new investors US-based Rocketship.vc and STV. Existing shareholders Ra’ed Ventures, MSA Capital and Derayah also added to the funding round.
Retailo declared that Riyadh-based Retailo increased USD6.7 million in a seed round managed by existing investor Shorooq Partners and UK private equity shop Abercross Holdings. Retailo, founded by former Careem executives, now increased USD9 million after being in operation for just nine months.
The two companies represent a platform to link small businesses with wholesalers and fast-moving consumer goods (FMCG) companies, as Sary is the more mature business having being founded in 2018.
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