PHOTO
Saudi-based B2B platform Sary has raised $75 million in its Series C funding led by the kingdom's PIF-owned Sanabil Investments and with participation from other investors.
The digital marketplace has now raised $112 million to date. Other participants in its latest round of funding included Wafra International Investment Company and Endeavor Catalyst.
The startup which already has 350,000 customers and serves more than 40,000 businesses, raised $30.5 million in its Series B funding earlier this year.
Founded by Mohammed Aldossary, former general manager of Careem and his co-founder Khaled Alsiar in April 2018, Sary connects small businesses with wholesalers and brands in one place to procure supply efficiently, according to the company’s website.
“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,” UAE-based Magnitt quoted Mohammed Aldossary as saying.
The new funding is expected to help Sary expand its geographical reach across the GCC states and ramp up its FMCG distribution network.
(Writing by Seban Scaria; editing by Daniel Luiz)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021
