Saudi Arabia’s eCommerce Enablement Startup Zid, Raises $2M led by Elm VC
Zid, a Saudi based e-commerce company, announced a 2M USD (7.5M Saudi Riyals) pre-series A investment led by Elm VC and joined by regional and international VCs, as well as super angel investors.
The company has witnessed 5-fold growth year-on-year in number of orders by the e-commerce businesses they support, with sales valued at over 140M Saudi Riyals. This investment will allow Zid to focus on attracting new segments in the retail industry and expanding into new geographical markets.
Zid is an e-commerce-in-a-box solution that allows offline retailers or first-time sellers to setup an online presence and expand their customer reach. The Zid community provides services beyond basic technical hosting and payment, with over 20 ecosystem partners contributing their services in a plug-and-play manner, as well as Zid Academy which provides educational programs to improve merchant performance across sectors.
Established in 2017, by Mazen AlDarrab, a serial entrepreneur, and his partner Sultan AlAsmi. The company’s team is based in Saudi Arabia with more than 35 team members all focused on the single mission: Enabling merchants to scale their sales using online and digital channels.
“Thanks to all of our customers who believed in us since the beginning, this investment came to support the growth that we’ve been keen on achieving. We are witnessing daily growth in the e-commerce industry, not only in Saudi but in the region. We started Zid with a very simple mission: to enable retailers to capture the opportunity in e-commerce and provide them the whole experience in a box,” Mazen AlDarrab, Zid’s founder commented.
Sultan AlAsmi, Zid’s co-founder adds, “At Zid we aim to re-define the retail sector with the power of digital solutions. We firmly believe that the retail sector in the region needs disruption. Given the company’s growth, 5x annually, along with the significant growth in e-commerce adoption we’re witnessing, places us in a unique position to lead this transformation”
Zid has joined leading entities such as SMEA, NCPD, Chamber Of Commerce and SDF, in efforts to establish programs that further enable the Saudi e-commerce industry, and improve the maturity of retailers and consumers alike.