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Zid, a Riyadh-based start-up that helps businesses to set up online shops, is expanding across the GCC and Egypt after raising $2 million through an early stage funding round led by the UAE’s Global Ventures.
The company will use the capital to boost its presence in Saudi Arabia and expand into newer markets such as the UAE, Kuwait, Oman, Bahrain, Qatar and Egypt, co-founder and chief executive Sultan Al Asmi told
The National.
Other investors in the round included Elm and Arzan Venture Capital.
“There is a huge potential for growth,” says Mr Al Asmi. “We can simplify starting a new business digitally and we can help traditional merchants upgrade their presence to online and offline at the same time.”