Saudi Logistics Startup MDD Secures Series A with $27M Valuation
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MDD Saudi Arabia, a prominent player in supply chain and procurement management, has successfully concluded its Series A investment round, securing funding from a private investor.
Although the precise financial details remain undisclosed, the company revealed that the investment facilitated the sale of 5% of its shares, valuing the transaction at over 100 million Riyals.
Established in Riyadh in 2019, MDD's core objective is to tackle the prevailing challenges within the business sector's supply chain and procurement landscape.
The company's innovative approach combines financial technology with supply chain and procurement management, offering end-to-end solutions encompassing order initiation, financing, sourcing, and payment processes, under its distinctive "OFSP" methodology.
Highlighting its commitment to innovation and regulatory compliance, MDD disclosed that it had secured preliminary approval for its business model from the Saudi Central Bank (SAMA).
The company is dedicated to addressing existing gaps in the sector, with a particular focus on enhancing access to financing solutions for businesses operating within the supply chain and procurement sphere.
Source: EntArabi
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