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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.
Oryx Fund launches with first close of its fund to invest in Mena early-stage startups
UK-based international investment firm Hambro Perks has announced the launch and initial close of its Abu Dhabi-based $50 million VC fund, Oryx Fund, targeting early-stage startups in the Middle East and North Africa (Mena) region.
The fund has attracted commitments from a number of regional and international investors, including Jada Fund of Funds, Saudi Venture Capital Company (SVC), and Riyadh Valley Company alongside prominent regional family offices. The company said in its release that it looks to invest primarily in startups in fintech, healthtech, and edtech.
Jada to invest in Merak Capital
Jada Fund of Funds Wednesday made an official commitment to Merak Technology Ventures Fund, which focuses on early-stage technology companies in the Kingdom, and is managed by Merak Capital, a blind pool venture capital (VC).
Merak Capital launched one of the first VC funds operating under the jurisdiction of the Capital Market Authority (CMA) in Saudi Arabia, focusing on the growth and scaling of small to medium enterprises (SMEs) and startups operating in the fields of the digital economy and infrastructure, financial technologies (FinTech) and emerging fourth industrial revolution (4IR) technologies.
Adel Al Ateeq, CEO of Jada, commented on the commitment: “Jada’s commitment to Merak Capital demonstrates our appetite for Emerging Managers, which is a testament to our core belief that emerging fund managers can propel Saudi’s venture capital sector forwards, once they have the right structures, strategy, governance and alignment of interest
Jada makes commitment to Merak Capital to support early stage tech startups in Saudi Arabia January 13, 2021
Adel Al Ateeq, CEO of Jada, and Merak Capital CEO Abdullah Altamami, during the agreement that will focus on the growth and scaling of small to medium enterprises (SMEs) and startups operating in the fields of the digital economy and infrastructure, financial technologies (FinTech) and emerging fourth industrial revolution (4IR) technologies.
RIYADH Jada Fund of Funds Wednesday made an official commitment to Merak Technology Ventures Fund, which focuses on early-stage technology companies in the Kingdom, and is managed by Merak Capital, a blind pool venture capital (VC).