Saudi Arabia-based re-commerce marketplace Soum has secured $18 million in a Series A funding round led by Jahez, according to a press release.

Soum, which enables both small and midsize enterprises (SMEs) and individuals to sell in its marketplace, will use the funding to accelerate the company’s expansion regionally.

Isometry Capital also participated in the fundraising transaction, along with existing investors, Khwarizmi Ventures, Alrajhi Partners, and Outliers Venture Capital.

Founded by Fahad Al Hassan, Bader Almubarak, and Fahad Albassam, Soum’s sales hiked by 40x due to strong unit economics and maintaining customer satisfaction scores.

Soum delivered business to and from more than 150 Saudi cities, building a first-of-its-kind unified national marketplace to buy, sell, and discover products.

The app was launched less than two years ago and received over 4 million downloads in Saudi Arabia, with a promising presence in the UAE.

Furthermore, Soum will enable users to sell products ranging from collectibles to automobiles, tapping a combined $40 billion market.

Fahad Alhassan, Co-Founder and CEO of Soum, commented: "With the backing of the region’s leading investors, we are excited to kick off our next stage of growth while continuing on our mission to transform how customers buy and sell online."

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