PHOTO
Saudi riyal. Image used for illustrative purpose. Getty Images
Saudi Aramco’s venture capital arm Wa’ed Ventures has led a $27 million funding round for Middle East tech start-up Rewaa.
The Series A includes investments from Saudi Telecom Company’s (STC) Corporate Investment Fund (CIF), Silicon Valley investor Graphene Ventures, Sadu Capital, Vision Ventures, Khwarizmi Ventures, RZM Investment, Derayah VC and Abdulrahman Sulaiman Al Rajhi & Sons Investment Company.
The company did not specify the amount of investment from Wa’ed.
Founded in 2018, the company provides technical solutions to manage the inventory, sales and payments of retailers.
It has so far handled over SAR7 billion ($1.86 billion) worth of transactions and created more than 250 jobs in the kingdom.
Rewaa has been recognised as one of the 35 tech businesses in the Saudi Unicorns Program.
“Rewaa’s revolutionary approach to digitising and optimising processes based on efficiency and scale-up goals for SMEs perfectly addresses the needs of the typically scattered retail industry,” said Fahad Alidi, Managing Director of Wa’ed Ventures.
(Writing by Cleofe Maceda; editing by Seban Scaria)
