Jada Fund of Funds, wholly owned by the Public Investment Fund (PIF), has become the anchor investor of Saudi Arabia-based Energy Capital Group’s (ECG) new fund.
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A three-year-old company in Saudi Arabia that built an e-commerce platform for wholesalers has raised $30.5 million from backers including VentureSouq, a venture capitalist backed by the kingdom s Public Investment Fund.
Sary was founded in Riyadh in April 2018 by former Careem general manager Mohammed Aldossary, and Khaled Alsiari.
The company connects wholesalers of consumer goods directly to small and medium-sized retailers.
The application has served more than 30,000 verified retail businesses in Riyadh, Jeddah and Dammam.
“Covid-19 was a catalyst for digital transformation and Sary was strongly positioned to provide the Supply Chain 2.0 that gives wholesalers, manufacturers and retailers instant accessibility and better visibility to buy and sell goods via a single platform,” Mr Aldossary said.
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Hambro Perks, a London-based investment firm, achieved the first close of a new $50 million venture fund focused on technology investments in the Middle East and North Africa.
The Oryx fund will be domiciled in Abu Dhabi Global Market and has received backing from Jada Fund of Funds (owned by Saudi Arabia s Public Investment Fund), the Saudi Venture Capital Company and Riyadh Valley Company, among others.
“There is a wealth of talented entrepreneurs developing innovative businesses and we are excited about partnering with them to help them develop their ideas and scale their companies, Dominic Perks, co-founder and chief executive of Hambro Perks, said in a statement.