KSA's B2B Online Marketplace Sary Scores $6.6 Million Investment
The Saudi digital marketplace is thriving during the Coronavirus crisis as demand for online shopping and delivery services soar when people stay home.
A digital marketplace that connects retailers with wholesalers, Sary has seen demand skyrocket during the Coronavirus crisis that has seen online shopping and delivery services emerge as pandemic-proof sectors in the last months.
Raising a massive $6.6 million in its Series A round this week, Sary has proven that some business models will certainly flourish in these uncertain times. Connecting mini-marts, supermarkets, restaurants and hotels with wholesalers to procure their FMCG inventory, the digital marketplace has seen a spike in transactions due to the increasing need for retailers to continue selling through online and phone orders while Saudi Arabia enforces lockdown measures during the pandemic.
The Series A round was led by early-stage venture capital fund, Raed Ventures, and follows suit with the Kingdom’s business reforms that seeks to diversify the economy away from oil and gas.
“We mainly focus on the micro and small enterprises, but because of coronavirus a lot of medium-sized enterprises and supermarket chains have decided to adopt our technology,” Sary’s CEO, Mohammed Aldossary, told Reuters in a phone interview.
