The new funding will be used to expand into new markets in Saudi Arabia and across the region.
Zid, a Saudi Arabia-based retail enablement company, has raised $50 million in a Series B funding round led by IMPACT 46 with participation from new investors, including Aramco's venture capital arm (Waed Ventures) and Endeavour Catalyst, as well as previous investors such as Global Ventures, Elm Company, Arzan and MSA.
Founded in 2017 by Sultan AlAsmi and Mazen AlDarrab, the startup enables retailers to grow their business online by selling, shipping and processing payments through the Zid platform.
“Zid and its team showed the ability in the past years to turn challenges into solutions that can enable retailers and partners to grow,” Mazen AlDarrab, Zid’s Co-founder and Chief Growth Officer, tells StartupScene. “We will be continuing in the same direction with the aim to modernize the retail sector in the region.”
Zid has grown substantially since its founding five years ago. According to the startup, it has witnessed a 50% rise in orders made via Zid’s merchants by over 7 million lifetime consumers. Its merchant network has also reached over 7,500 stores across 19 different categories, ranging from small to large merchants.
Today, the company aims to modernize the retail sector by offering business owners and retailers tools and products that will improve the efficiency of their operations and grow their bottom line.
This is Zid’s third funding since 2017, following a Series A investment round of $7 million in March 2021.
The new funding will be used to expand into new markets in Saudi Arabia and across the region, add new retail verticals, and further automate and digitize its solutions to retailers.
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