Saudi’s Sary raises $75M Series C
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Saudi-based B2B digital marketplace Sary has successfully raised an exceptional $75M in its latest funding round following its $30.5M Series B fundraise earlier this year. The Series C round was led by Sanabil Investments, wholly owned by the Public Investment Fund (PIF), with participation from new investors Wafra International Investment Company and Endeavor Catalyst alongside existing investors STV, MSA Capital, Rocketship.vc, VentureSouq (VSQ), and Ra’ed Ventures With this fundraise, the startup has now raised a total of $112M in funding to date.
Founded in April 2018 by ex-Careem GM Mohammed Aldossary and his co-founder Khaled Alsiari, Sary connects micro, small and medium-sized businesses (MSMEs) with a network of wholesalers and manufacturing brands to procure supply efficiently, leveraging world-class technology to cut the friction in the country’s retail supply chain.
As most recently observed in our Q3 2021 EVM E-commerce Venture Investment Report, the E-commerce space across MENAPT has had an unprecedented year of VC funding in 2021. Following a 3-year consecutive growth, funding in the E-commerce space across MENAPT has grown by more than 900% since 2019. For the first time, Turkey-based E-commerce has taken the lion’s share of investment, accounting for 82% of all funds raised by Q3 2021 driven by one Decacorn deal of $1.5Bn by Turkey-based Trendyol. Two trends could be spotted in this year’s VC focus, where Q-commerce and B2B retailing have been on top of investor portfolios throughout the year. An unprecedented $11M Pre-SEED round closed by Egypt-based Q-commerce platform Rabbit showed big promise for instant delivery, alongside a recent $6M Pre-SEED for Pakistan-based Krave Mart, and $2.3M Pre-SEED by UAE-based Yalla Mart. B2B E-commerce and payment solution startups across MENA have also observed funding success this year, with Morocco-based Chari.ma and Waystocap raising stellar rounds, and Egypt-based MaxAB and Capiter raising the highest E-commerce funding rounds of the year.
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Since its inception, the platform has reached more than 350,000 customers, serving over 40,000 businesses, and moving more than 270,000 pallets of goods across Saudi. The Saudi-based startup has already started to develop embedded finance capabilities to create a seamless procurement experience that is expected to lower cash flow friction during transactions. It will also cater to unbanked MSMEs in the Middle East region which currently faces a $240 billion credit gap. Sary Co-Founder Mohammed Aldossary stated “Over the last 24 months, Sary has built one of the largest and most efficient FMCG distribution networks in KSA. As a Saudi-based startup, the $1.59 trillion broader GCC market is a natural next step for us. We believe the $90 billion intra-trade across the six countries can be realized with a digitized supply chain that brings efficiency, connectivity, and scalability to local creators and traders.”
With this new round of investment, Sary will grow its geographical footprint across the Gulf Cooperation Council (GCC) and broaden its talent pool to build on the recent success of its FMCG distribution network which has witnessed a 16 times growth in scale and a 14 times improvement in the topline since last year. Sary will also add new verticals and evolve its platformization model by expanding its offering to integrate native solutions and other third-party services. A spokesperson for Sanabil Investments concluded “Sary’s rapid growth reflects the progress the company has made over the last few years to build Saudi Arabia’s largest B2B digital marketplace platform. As business requirements ease across the GCC, Sary’s innovative operations and cutting-edge technologies will give the company a huge advantage as it expands across the region while generating greater value through additional products and services. Sanabil continues to invest in entrepreneurs and startups, reflecting our commitment to promote more opportunities to VC investors regionally and internationally in line with Sanabil’s objectives, which contributes to PIF’s strategy. We are excited to be part of Sary’s long-term journey towards becoming a leading digital marketplace in the region.”
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