Saudi Arabia's SARY secures $6.6M in Series A funding from Raed Ventures, MSA Capital & Derayah Ventures
Sary, the digital B2B marketplace connecting small businesses with merchant wholesalers of fast moving consumer goods, announced today a Series A investment of $6.6 million led by Raed Ventures, with participation from MSA Capital and Derayah Ventures.
“Sary’s platform delivers a highly efficient supply chain solution, supporting micro and SME owners as they serve their communities at this critical time,” said Talal Alasmari, Raed Ventures’ Founding Partner. “The platform also simplifies procurement and KSA tax compliance for users by providing digitized statements, leaving us excited by the double value potential for businesses and Government alike.”
The Saudi-based startup was founded in 2018 by Careem ex-General Manager Mohammed Aldossary, and his partner Khaled Alsiari, to fix the broken supply chain in the wholesale industry. Customers can order wholesale items directly from their devices, ranging from a dozen packs of cereals, to a truck of mixed stock, and take delivery within three hours.
“We are on a mission to empower small business owners in the region to make smarter purchasing decisions,” explained Mohammed Aldossary. “Now more than ever, we understand that the market doesn’t need more warehouses and trucks, but rather technology that synchronizes the fragmented industry into real-time virtual inventory.”
Sary’s app has attracted more than 20,000 downloads by SME owners, and served mini-market chains, convenience shops “Bakala’, and HoReCa in 15 KSA cities over the last 12 months.
“As we saw in China with SARS, and now Covid-19, these moments provide critical pain points for regional supply-chain businesses, forcing improvements in logistics, technology integration, and consumer touchpoints,” said MSA Capital’s Managing Partner Ben Harburg “Sary is uniquely positioned to help lead these evolutions in the Saudi market, ensuring that products are available on demand, under all conditions.”
Sary is in the process of expanding its Saudi footprint, with two new offices planned by the end of this year, catering to an additional 25 cities. The investment will also support the development of new revenue streams, the creation of an enhanced product roadmap, and the optimization of an innovative user experience, taking Sary to untapped customer segments.
E-commerce deals in MENA-based startups have tripled from 2016 to 2019. Find out more details behind this trend and many more in our 2019 MENA E-commerce Venture Investment Report HERE