Supply Chain Solutions provider Qreeb raises $506K in SEED round
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The KSA-based digital B2B e-procurement and facility management platform Qreeb has successfully raised $506K (SAR 1.9m) in its latest funding round. The SEED round was led by Wa’ed the entrepreneurship arm of Aramco.
Founded in 2018 by Abdulaziz Al Abdulkader, Hassan Ikram, and Abdulrahman AlOmair, Qreeb set forth to address the lack of systemized workflow infrastructures that would allow a company’s management to trace and track their procurement orders with vendors. Through their consolidated, customizable platform Qreeb enables buyers to access and select the services of three pre-qualified service providers for facility management, and 125 vendors for the e-procurement or supply chain needs, on its customizable platform, optimizing workflow efficiency by reducing procurement risks, operational expenses, and time wasted communicating with each vendor independently.
It seems that supply chain building, management, and facilitation have been an increasingly attractive venture direction for both startups and VCs in Emerging Venture Markets. In MENA, this comes amidst a wave of global and regional VC interest in the Transport and Logistics (T&L) sector as most recently recorded in our Q3 2021 EVM Transport & Logistics Venture Investment Report. In 2021, a 209% YoY growth of investment backing T&L startups in MENA, was led by Egypt driving 65% of all funds raised by Q3 2021. MENA-based T&L startups closed 40% more rounds by Q3 2021 than the same time last year with 2 deals still to go to equal the amount of FY’2020. This puts Qreeb in a comfortable position as more T&L, E-commerce, and Last Mile delivery operators requiring management software solutions sprout across the MENA region
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The ISO-certified startup, accredited both ISO-9001 (Quality Assurance Management) and ISO-14001 (Environmental Management) certifications, has built its offering around three solutions: a facility management solution offering ticketing and subscription services, an enterprise asset management solution to better structure work orders and asset registrations, and a procurement management solution that provides e-catalogs and quotation auto-comparisons for clients. In light of this market-validating investment Co-founder and CEO of Qreeb Abdulrahman AlOmair highlighted “Qreeb aims to develop a more accurate and collaborative facility management and procurement sector where clients can identify the exact causes behind performance shortages. We look at Wa’ed as a strong strategic investor that can help us expand our presence and client base, and modernize the deeply traditional facility management and procurement sector within the kingdom.”
By integrating its platform to the finance departments of its client companies, Qreeb is able to instantly notify vendors of any purchase orders once the departments send their approvals, as well as open the opportunity for clients to make direct purchases online. Having an accessible database and integrable solution, Qreeb is able to calculate price quotes and order quantities as accurately as possible. with video-upload features for warehouse technicians to confirm the processing of order requests. “Empowering startups such as Qreeb to digitize sectors that are heavily dependent on offline operations like procurement has the potential to revolutionize the internal processes of all parties involved within every single transaction, allowing them to take previously-calculated data-driven decisions in a simplified process,” commented Fahad Alidi, Managing Director at Wa’ed.
The startup became the official digitization arm or platform for Al-Tamimi Holding Group, a multi-conglomerate with over 28 subsidiaries across the kingdom, which are in the process to use Qreeb’s platform to streamline over 1800 vendors directly linked to the company and its subsidiaries. The investment in Qreeb will enable the startup to improve its software and management solution, double the volume of vendor transactions made through its website, and expand its operations across the kingdom. Hassan Ikram, Cofounder and Chairman at Qreeb, and Cofounder and Chief Investment Officer at Falak Investment Hub, an initial investor in the KSA-based startup, concluded “Qreeb showed immense promise looking at the quantified results brought about by process efficiencies and cost-cutting for its users after graduating from Falak’s acceleration program. Qreeb has also received the backing of prominent groups like Tamimi Holding Group, Falak Investment Hub, and now Wa’ed which validates the problem we are solving for and the need for Qreeb’s solution.”
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