Rewaa Closes $27 Million in Series A Funding Led by Wa'ed Ventures
Rewaa, Saudi’s leading omnichannel inventory management system, accounting, and POS platform for the retail industry, announced that it raised $27 million (SAR 100 million) in Series A funding round led by Wa’ed Ventures, a VC fund wholly owned by Aramco.
STC’s Corporate Innovation Fund (CIF), launched recently to invest in early-stage tech companies, participated in the round alongside Silicon Valley’s Graphene Ventures, Sadu Capital, Vision Ventures, Khwarizmi Ventures, RZM Investment, Derayah VC, and Abdulrahman Sulaiman Al Rajhi & Sons Investment Company. This marks a milestone as Rewaa becomes the first venture investment by CIF.
According to the founders, the company has processed over $2 billion in transaction value to date, making it one of the fastest-growing SaaS companies in MENA, serving more than 7,000 retailers in Saudi and abroad, and creating over 250 jobs.
“This investment propels us toward our vision of becoming the optimal tech partner for SMBs in the retail sector. By contributing to the industry’s digital transformation, we aim to make an impact on retail merchants, enabling them to increase efficiency,” said Mohammed Alqasir, Co-Founder and CEO at Rewaa.
Since its foundation in 2018 by Mohammed Alqasir and Abdullah Aljadhai, Rewaa provides a cloud-based solution that interlaces online and physical store inventory. While offering point-of-sale (POS) and accounting modules for an integrated platform, Rewaa aims to become the retailers’ tech partner by providing advanced technical solutions to manage inventory, sales, and payments.
“Rewaa’s revolutionary approach to optimizing operations for scale-up goals for retail SMBs addresses the needs of the fragmented industry,” said Fahad Alidi, Managing Director at Wa’ed Ventures.
He adds: “We’ve known Mohammed and Abdullah since their early days as founders and are proud to back their growth today to turn Rewaa from a digital tool to the go-to cloud-based POS and inventory management platform.”
“We are pleased to invest in Rewaa, which has proven itself through the growth it has achieved recently. Through our investment in it, we seek to participate in developing technologies supporting the retail market, including Rewaa company,” commented Majed AlJarboua, General Manager at CIF.
More information about Rewaa, Waed, and CIF by stc can be found here https://www.rewaatech.com/en/rewaa-series-a/
Rewaa is a b2b software company based in Riyadh, that offers retail management software where merchants can track sales, inventory, invoices, and customer data from one screen. Furthermore, it enables brick and mortar stores to implement omnichannel selling where data is synchronized between online and offline sales channels.
With the size of the funding round, Rewaa’s is the largest Series A SaaS in the MENA region. Since the start, the company has provided solutions to more than 7,000 retailers in Saudi Arabia and abroad and has created over 250 jobs. Rewaa was recently selected by the Ministry of Communications and Information Technology (MCIT), Saudi Arabia among the first cohort of the Saudi Unicorns Program, which supports high-growth tech companies on their way to achieving unicorn status.
To learn more, visit: www.rewaatech.com. For details, contact firstname.lastname@example.org
About Wa’ed Ventures
Wa’ed Ventures is a $500 million institutional venture capital firm wholly owned by Saudi Aramco to promote economic diversification and new business growth in the Kingdom by investing in high-growth tech startups across multiple sectors. Established in 2013, Wa’ed Ventures manages a portfolio of 60+ startups, providing end-to-end support to startups from funding to providing access to partner resources. The company is located in the city of Dhahran, Saudi Arabia. For more info, visit: www.waed.net. For details: Nagham Aleithan; +966 55 503 7143; email@example.com
About CIF by stc
CIF by stc is a fund that aims to invest in early stages startups in various domains including fintech, cybersecurity, artificial intelligence, digital games, Internet of Things, blockchain, and other promising areas.
CIF will make strategic investments to accelerate growth, enhance innovation, and support the KSA Vision 2030 in terms of economic diversification through tapping into new sectors and supporting stc’s strategy-related entrepreneurs and startups at the local, regional, and international levels.
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