Riyadh – Zid, a Saudi-based retail enablement firm, has raised $50 million (SAR 188 million) in a Series B funding round led by IMPACT46 and Wa'ed Ventures, the venture capital (VC) arm of the listed Saudi Arabian Oil Company (Aramco).
Endeavour Catalyst was also part of the funding round with the participation of previous investors, including Global Ventures, Elm Company, Arzan, and MSA.
The transaction marks Zid's third funding round since its incorporation in 2017 and follows a Series A investment round worth $7 million that was led by Global Ventures in March 2021, according to a press release
The firm will use the investment proceeds to expand into new markets in both the Kingdom and the region, in addition to digitising more advanced solutions to develop the retail sector.
Zid has reinforced its growth through new acquisitions and transactions, recording a 50% increase in orders that were delivered to more than 7 million consumers. Currently, the firm's merchant network covers above 7,500 stores across 19 different categories in the retail sector.
Meanwhile, the Saudi company aims to bolster the retail sector by enabling business owners to enhance the efficiency of their operations and grow their profits.
Abdulaziz Al Omran, a managing partner at IMPACT46, commented: “Zid is building a community by enabling merchants to master online presence with a full-fledged e-commerce infrastructure equipped with sophisticated features.”
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