RIYADH: Saudi Arabia's fast-growing e-commerce platform Retailo has raised $36 million in its series A funding round with more than 80 percent of the amount raised in equity, Magnitt reported.
The remaining 20 percent was raised through venture debt.
The round was led by Silicon Valley-based Graphene Ventures and joined by leading investors that include 500 Global, Agility, Aujan, Tech Invest Com and Mentor’s Fund.
The funds will go towards digitizing the region’s retail shops by leveraging technology to offer a one-stop portal through which they can order products at better margins, Bloomberg reported.
“With global supply chains under pressure that drives up commodity prices and slows GDP growth, it becomes increasingly important to secure smart supply chains,” Jawlah reported citing the company’s chief executive officer, Talha Ansari.
The new investment also comes in line with the startup’s expansion plans into new countries, sectors, and products.
Also participating in the round were Shorooq Partners, Abercross Holdings, Arzan VC and AgFunder as recurring investors.
With operations across Pakistan, UAE, and the Kingdom, Retailo has raised a total of SR202 million to date, which marks a milestone in the regional startup ecosystem.
Ansari noted that, “The retail sector serves 700 million people in the MENAP region, contributes about 20 percent of GDP and employs tens of millions.”
“By providing technology solutions to this underserved market, we are not only improving people’s lives but also helping to raise the bar for the economy of the entire MENAP region,” he added.
Riyadh-based Retailo was founded in 2020 by former Careem leaders Talha Ansari, Muhammad Nowkhaiz, and Wahaj Ahmed.
