RIYADH: Rewaa, a leading full-stack inventory management platform for the retail industry, has raised $27 million (SR100 million) in a Series A funding round.
The round was led by Wa’ed Ventures, the Kingdom-based VC fund wholly owned by Aramco. STC’s Corporate Innovation Fund, launched earlier in February to invest in early-stage tech companies across various digital sectors, participated in the round. Rewaa marks CIF’s first venture investment in Saudi Arabia since its launch.
Other participating investors included Silicon Valley’s Graphene Ventures, Sadu Capital, Vision Ventures, Khwarizmi Ventures, RZM Investment, Derayah VC, and Abdulrahman Sulaiman Al Rajhi & Sons Investment Company.
According to the founders, the company has processed over SR7 billion in transaction value to date, positioning it as one of Saudi’s fastest-growing SaaS companies in the MENA region. The company specializes in omnichannel inventory management software.
“This investment propels us toward our vision of becoming the optimal technological partner for small and medium-sized businesses in the retail sector. By contributing to the industry's digital transformation through the creation of a globally competitive product, we aim to make a significant impact on retail merchants, empowering them to deliver unparalleled service with heightened efficiency,” said Mohammed Alqasir, co-founder and CEO at Rewaa.
Rewaa provides retailers with a cloud-based integrated solution that synchronizes online and physical store inventory seamlessly, in addition to offering point-of-sale and accounting modules for a fully integrated platform.
Since its inception in 2018, Rewaa has served more than 7,000 retailers in the Kingdom and abroad, creating over 250 local jobs. The company’s innovation and success led to its recognition as one of the 35 tech companies in the Saudi Unicorns Program.
“Rewaa’s revolutionary approach to digitizing and optimizing operational processes based on efficiency and scale-up goals for SMEs perfectly addresses the needs of the typically-scattered retail industry,” said Fahad Alidi, managing director at Wa’ed Ventures.
“Through our investment, we seek to participate in developing technologies that support the retail market, including Rewaa'a company,” commented Majed Aljarboua, general manager at stc Corporate Funds and Entrepreneurship.
