Series A

Seed

Series B

Pre-Series A

Series C

Africa

Riyadh

Elm offers a wide range of ready-made and customized digital solutions in many areas. By availing of their diverse and flexible business models, they ensure providing products that are seemingly tailored to customers' needs and aspirations.

Foodics

Software Dev/Test

Foodics is a restaurant management system that manages sales, transactions, inventory, employee schedules, and customer relationships.

Unifonic

Support & Management Services

Marketing/Sales

Customer Experience

Customer engagement platform that unifies communication channels to enable organizations to delight customers.

Syarah

Fintech

E-Commerce

Automotive

Marketplace

Syarah specializes in online car sales, offering assistance with purchases and financing options in Saudi Arabia and the region.

Zid زد

eRetail enablement company that enables any retailer or merchant to move from traditional retail to modern retail.

Telgani

Transportation

Leading car rental platform in which customers can quickly and easily rent car at a very competitive price.

Cura

Healthcare

Technology

Telehealth platform, providing consultations, diagnosis and well-being sessions through instant messaging and live video calls

Youverify

AI/IoT

Reachware

SaaS

Business Intelligence

Artificial Intelligence

Cloud Services

Reachware is the top IPaaS in the Middle East, connecting systems for a unified ecosystem. Trusted by global enterprises.

Saudi-based Retail enablement company, Zid has successfully raised $50 million (~188 million SAR) in a Series B funding led by IMPACT46 with participation from new investors: Aramco venture capital arm (Waed Ventures) and Endeavour Catalyst. Previous investors: Global Ventures, Elm Company, Arzan and MSA also participated. 

This is the third round of investment Zid has received since the business was founded in 2017, and follows a Series A investment round of $7 million in March 2021. 

The proceeds will be used by Zid to expand into new markets in Saudi Arabia and in the region, conquer new retail verticals, plus digitise and automate more innovative solutions to modernise the retail sector.

Zid has continued its growth in both acquiring new merchants and in transactions. Milestones include doubling its revenues from subscriptions and transactions and a 50% increase in orders made via Zid’s merchants by over 7 million lifetime consumers. Zid’s merchant network now reaches over 7,500 stores across 19 different categories, from small to large merchants in the retail sector.

Zid started by enabling retailers to sell and grow their own online channels. Now, Zid is expanding into a new mission - “modernize the retail sector”. The company’s goal is to up game the retail sector by offering and enabling business owners and retailers with tools and products that will improve the efficiency of their operations and grow their bottom line. 

The company rolled out products and solutions to enable Zid retailers in shipping (ZidShip) and payment (ZidPay), achieving significant growth and adoption of their products. Zid's intention is to expand the offering of these products to cover: financing retailers and cross-border shipping. 

Commenting on Zid’s growth, Co-founder and CEO of Zid, Sultan AlAsmi, said: “We appreciate the continuous belief and trust that our investors have put into the company, the leadership, and the team. We are focused on being the regional optimum solution for each economy we operate in, having proved it in Saudi Arabia.”

Mazen AlDarrab, Zid’s Co-founder and Chief Growth Officer, added: “Zid and its team showed the ability in the past years to turn challenges into solutions that can enable retailers and partners to grow. We will be continuing in the same direction with the aim to modernize the retail sector in the region”

Abdulaziz AlOmran, the Managing Partner at IMPACT46, commented on the investment: “Zid is building a community by enabling merchants to master online presence with a full-fledged e-commerce infrastructure equipped with sophisticated features. The deep connection with merchants is what makes a difference in strengthening this community. Excited to lead the round and welcome Zid to IMPACT46’s family, we see amazing founders that balance each other while pushing the team forward to new frontiers."

Zid raises $50 million Series B round led by IMPACT46

The leading online car marketplace Syarah, secured $20 million (SAR75 million) for its Series B investment round co-led by Impact46 and Elm company. The investment round aims to broaden the platform’s offering, improve the quality of the services and expand to new markets across the region. The investment round included participation from Budget (United International Transportation Co.), Vision Ventures, and Yousef Al-Rashidi, the founder of Haraj.

Founded back in 2015 by Salah Sharef and Fayez Al-Anazi, a team with deep experience in the automotive and e-commerce industries, their collective experience is a reflection of the growth the platform has achieved. Syarah is redefining how cars are being bought in the automotive industry in Saudi Arabia, providing consumers with a convenient and hassle-free experience for buying cars online and having the cars delivered to their doorstep. Seeing the adoption of technology and the high demand for buying cars online, in 2019, Syarah has expanded its offering by selling used cars online in addition to new cars. Each used car sold online comes with a free car inspection report, a five-day money-back guarantee, and a one-year warranty. Through the platform, Syarah provides its users with a wide selection of more than 2,300 new and used cars available for sale online.

"Syarah’s technology-focused model has been a huge fuel to the growth of the platform exceeding SAR300 million in sales and a rapid growth rate within a very short period. As the platform continues to improve its services in the local market, Syarah is planning to expand its operation in the Mena region,” said Fayez Al-Anazi, the co-founder of Syarah.

Syarah plans to use the recently acquired fund to further shape its offering towards users' needs, provide complementary and wide options of services and strengthen its activities by establishing its own distribution centres in Saudi Arabia. The warehouse represents a milestone in Syarah’s development efforts, where it aims to increase its stock to more than 1,000 used cars that have gone through an in-house inspection and reconditioning phase and are available to collect from the platform.

Salah Sharef, CEO and co-founder of Syarah commented: "We have successfully sold more than 6,000 cars online so far, and with this new investment, we intend to significantly grow our inventory and sales over the next few months."

Majid Alarifi, the Vice President of Marketing At Elm, said: “Elm investment is in line with the company strategy in building a strong base and supporting the ecosystem locally, creating a promising future for a startup in different sectors. Elm follow-on investment in Syarah reflects the platform's ability to continue achieving remarkable events and driving Syarah further."

"The platform is targeting a largely fragmented market in the Kingdom and it has created an opportunity within by providing digital solutions that cater to the consumer trends and facilitates the process of buying cars online. We’re proud to continue the journey with Syarah led by Salah and Fayez in expanding their footprint to new markets،" said Abdulaziz Al-Omran, Managing Partner of Impact46.

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