Zid, a Saudi Arabian retail enablement company, has successfully raised $50 million with a Series B fundraising led by IMPACT46 with the assistance of two new investors: Waed Ventures, the venture capital arm of Aramco, and Endeavour Catalyst. In the past, investments had been made by Global Ventures, Elm Company, Arzan, and MSA. After a $7 million Series A investment round in March 2021, this is the third round of funding Zid has received since the company was launched in 2017.
Zid will use the money to grow into new markets in Saudi Arabia and the surrounding area, take over new retail niches, and automate and digitize more creative retail industry solutions.
In the beginning, Zid helped retailers develop and sell through their own internet channels. The objective of Zid is now to “modernize the retail industry.” By providing and empowering business owners and retailers with tools and solutions that will boost the effectiveness of their operations and increase their bottom line, the company hopes to up its game in the retail sector.
Also Read: 10 exceptionally promising Arab startups to watch in 2022 and beyond
Zid has kept expanding, both in terms of adding new merchants and in terms of transactions. Milestones include more than 7 million lifetime customers placing 50% more orders via Zid’s merchants and increasing its subscription and transaction revenues. Over 7,500 establishments in 19 various categories, from small to large retailers, are currently part of Zid’s merchant network.
In order to assist Zid retailers with shipping (ZidShip) and payment (ZidPay), the firm launched goods and solutions. This led to a large increase in product growth and adoption. The goal of Zid is to increase the range of these products by adding finance for shops and international shipping.
Sultan AlAsmi, co-founder and CEO of Zid, commented on the company’s expansion by saying: “We appreciate the ongoing belief and faith that our investors have placed in the business, the leadership, and the team. Having demonstrated it in Saudi Arabia, we are committed to becoming the regionally ideal answer for every economy in which we operate.
Zid’s co-founder and chief growth officer, Mazen AlDarrab, continued: “In the previous years, Zid and its team showed the capacity to transform problems into solutions that may help partners and stores expand. To modernize the local retail industry, we shall keep moving in the same approach.
Also Read: Top 10 most funded mobility-tech startups in MENA region
In response to the investment, Abdulaziz AlOmran, Managing Partner at IMPACT46, said: “Zid is developing a community by empowering merchants to master online presence with a full-fledged e-commerce infrastructure outfitted with cutting-edge capabilities. This community is strengthened by the close relationships with the businesses. We are thrilled to lead the round and welcome Zid to the IMPACT46 family. We see excellent founders that complement one another and drive the team to new heights.
Last Updated on November 7, 2022 by Safiya K
