Saudi Online Auto Part Marketplace QVM Raises Seed Funding

Saudi-based SaaS startup, QVM ,has raised an undisclosed seed round, led by Awab Holding Company and included some angel investors. QVM, which was founded earlier this year by Tariq Rezai (CEO), Farid Rezaei (CTO, and Abdullah Al Zain (CMO) is a B2B marketplace (SEM) platform that serves auto parts merchants such as retailers, wholesalers, and online B2C marketplaces.

The startup currently has a large daily user base with its electronic warehouse valuing at over SAR 1 billion across three countries: Saudi Arabia, Bahrain and the UAE. With this latest funding, QVM will further expand the platform capabilities with the addition of new features and services.

“The auto spare parts market is a huge market and it grows annually by 5 per cent,” CEO of QVM, Tariq Rezai said.  “But the method of work still lacks the basics of development, and thus business owners locally and regionally in the market suffer by working manually with the daily operations, and QVM covers this gap and provides to the merchants a value that increases their performance at work and increases their profits.”