E-commerce platform Zid raises $7M Series A funding
Zid, KSA-based E-commerce enablement platform, has successfully raised $7M (26M SAR) in a Series A funding round, led by Global Ventures and alongside existing investors Elm and Arzan VC.
This is the second round of investment Zid has received since the business was founded in 2017 and follows a pre-series A investment round of $2M in July 2019, led by Elm.
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Zid is an - E-commerce in a box - solution that retailers can use to begin their eRetail. Zid helps them to build their own eStores (with their own name and identity) and integrates them with the supply chain players to enable them to manage and with ease.
Over the past 2 years, Zid has reached several milestones including a 10x growth in Gross Merchandise Volume, with merchant orders increasing to up to 3.6 million consumers, the startup has shared. Its merchant network now includes over 5,300 stores across 14 different categories from small to large merchants in the retail sector.
In Q3 2020, Zid launched Zid Ship, a shipping management solution connecting logistics providers directly with merchants, via Zid’s dashboard, to provide a seamless and more integrated experience to merchants. The platform currently has more than 20 service providers.
Commenting on Zid’s growth, Co-founder and CEO of Zid, Sultan AlAsmi said, “Zid has transformed from a single product to a company providing a rich-toolbox and variety solutions helping our customers and improving the E-commerce ecosystem. This achievement is due to the hard work and dedication of our stellar team, capable of achieving any goal.”
Mazen AlDarrab, Zid’s Co-founder and Chief Growth Officer commented, “We enable merchants on Zid’s platform to achieve their business goals through seamlessly tracking their sales and operations and working diligently on innovative solutions for the challenges facing the sector in Saudi Arabia and the region. We look forward to expanding Zid outside Saudi Arabia, and to bring to new markets our values that deliver a meaningful impact by building and enabling effective communities.”
Noor Sweid, Founder and General Partner of Global Ventures added, “We are confident Zid’s team, and its ambition, will make them one of our highest performing portfolio companies. Zid is a vital building block for the future of the industry through its innovative retail and fintech solutions, as well as a gig and community development."
Zid will use the new funds to expand into new markets, conquer new retail verticals and attract top talent, as well as digitize and automate more innovative solutions to improve the E-commerce experience for retailers, merchants, and consumers.
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