- MDD, a Riyadh-based logistics startup, completed its Series A funding round, securing investment from an individual investor with a 5% stake sold.
- The company’s valuation surpassed SAR100 million ($26 million).
- Founded in mid-2019, MDD specializes in supply chain and procurement management.
- It received preliminary approval from the Saudi Central Bank (SAMA) for its business model.
- The investment will support MDD’s growth, enabling further expansion and service development.
Saudi Arabia-based logistics startup MDD has successfully completed its Series A funding round, securing investment from an individual investor. This round saw the sale of a 5% stake in the company, with the overall valuation surpassing SAR100 million ($26 million).
Founded in Riyadh in mid-2019, MDD specializes in supply chain and procurement management, offering innovative solutions to tackle challenges in these areas for businesses.
The company employs a comprehensive approach known as the “OFSP” methodology, which integrates financial technology with supply chain and procurement processes. This methodology covers the entire spectrum from order initiation to financing, sourcing, and payment.
MDD has received preliminary approval for its business model from the Saudi Central Bank (SAMA), reflecting its commitment to bridging existing gaps in the sector, particularly those related to financing.
By combining fintech with supply chain management, MDD aims to streamline operations and enhance efficiency for businesses.
The recent investment will support MDD in its mission to provide advanced supply chain solutions, fostering growth and innovation in the sector.
With this funding, MDD is well-positioned to continue its expansion and further develop its services, addressing the evolving needs of the business sector in Saudi Arabia and beyond.
Follow us on Instagram, LinkedIn, and Twitter for startup & business news and inspiring stories of MENA businesses, entrepreneurs, startups, innovators, investors, and change-makers.
To report any issue or error in the story, please email us editor [at] rasmal [dot] com.
Last Updated on May 18, 2024 by Safiya K
