Previous Post
Egypt’s Female Environmental Entrepreneurs Put Under The Spotlight In This New EBRD Programme
Next Post
Dsquares, Loyalty Solutions Provider, Scores Investment From Algebra Ventures And Ezdehar

Saudi Delivery Startup, Mrsool, Closes A Multimillion-Dollar Series A Funding

The capital will be used to expedite Mrsool’s expansion plans in Saudi Arabia and the wider region.

Mrsool, the leading Saudi on-demand delivery service, snags a multimillion-dollar series A investment round led by STV and Raed Ventures with Saudi angel investor Mazen Al Jubeir also joining the funding round. This transaction marks Mrsool’s first fundraising to tap the on-demand delivery industry – a sector with significant growth potential in a region driven by increasing consumer adoption of digital and mobile commerce.

The capital will be used to expedite Mrsool’s expansion plans in Saudi Arabia and the wider region. “We have established our footprint and grown remarkably in the Saudi market, building on our customer service satisfaction,” say Mrsool’s Co-founders Ayman Al-Sanad and Naif Al-Samri. “This round comes at the right time, especially with Mrsool looking to strengthen its position amongst the leading Saudi on-demand delivery service companies while also exploring the opportunity to access other regional markets.”

Founded in 2015, Mrsool is the first and largest on-demand delivery network in Saudi Arabia, with a total of 4 million registered users at the end of 2018. Mrsool can deliver anything, from anywhere, in just minutes, crowdsourcing delivery by matching shoppers with couriers. Users place orders for items from any store in their city, which can then be fulfilled by any other user willing to act as courier by purchasing and delivering the items. Mrsool processed more than SAR 1 billion (approx. $270 million) in transactions in 2018.

The app’s potential hinges on rapidly growing consumer demand for fast delivery services and Mrsool’s user-friendly experience. It fulfills orders beyond food to include instant delivery, targeting merchants, local groceries and department stores in addition to food deliveries.

Fueling the Middle Eastern on-demand economy are record mobile penetration rates throughout the MENA region. GSMA, the trade body representing mobile network operators worldwide, estimates that 76 percent of the GCC population are mobile subscribers, with mobile device penetration reaching 93 percent in Saudi Arabia. In 2017, 22.85 million people in the kingdom accessed the internet through their mobile phones, and this figure is projected to reach 26.44 million users by 2022, according to business intelligence portal Statista.

Sign up for the daily Startup Digest.

Startup stories straight to your inbox

Sign up for the weekly newsletter