Sol, an E-commerce platform seeking to bridge the gap between suppliers and restaurants, and cafes and offices, has closed a SEED round.
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KSA-based E-commerce Platform Sol has closed a SEED round through a group of angel investors. Sol App. was launched from the city of Khobar in 2021 by Abdullah Al Zamel, Hisham Al Hazaa and Abdulaziz Al-Tamimi and it seeks to bridge the gap between suppliers, and restaurants, cafes and offices, and helps them with all payments, billings, printing reports and tracking orders automatically till the moment of delivery.
As recorded in our recently released State of Startup Funding - H1 2022 Emerging Venture Markets Report, E-commerce across MENA, Africa, Pakistan & Turkey is one of the most funded industries this year. Observing almost 90% YoY growth in funding, E-commerce startups across EVMs have crossed the $500M mark in VC funding in H1'22, showing promising signs of growth and emerging VC trends. One exciting VC trend has been investors’ appetite for B2B solutions in the E-commerce space with the likes of KSA’s Nana and n11.com in Turkey raising sizable rounds in 2022 YTD. The lion’s share was recorded by Pakistan-based Bazaar, closing a $70M Series B round. As evident in this round, E-commerce startups across EVMs have been building an innovative Tech Stack to streamline operations between buyers and suppliers.
The VC ecosystem across the MEAPT region has aggregated over $5Bn in funding in H1'22, as seen in our State of Startup Funding - H1 2022 Emerging Venture Markets Report. With MENA-based startups crossing the $2Bn mark in funds, a shift in VC dynamics has been observed. Download the FREE report to get a full diagnosis of the VC ecosystem across the Emerging Venture Markets.
The business of the application focuses on serving restaurants, cafes and offices and meeting their requirements of food stuff; fresh, frozen and dried, beside supplying the cleaning and packaging materials. Sol runs a number of warehouses and refrigerated and equipped trucks in service of its clients to deliver consignments in the best condition and in consideration of the temperature required for each consignment during their transport, storage and delivery. Sol CEO says: “The Application was launched after it had been felt that there was an obvious need to resolve the supply chain issues for the target categories. Now Sol secures more than 2,500 products through more than 230 suppliers via its App.”
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