Aramco’s Wa’ed Ventures, stc’s CIF lead $27mln funding round for Rewaa

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Rewaa, a business-to-business (B2B)software firm in Saudi Arabia, raised $27 million, equivalent to SAR 100 million, in a Series A funding round, according to a press release.

The fundraising was led by Wa’ed Ventures, wholly owned by Saudi Arabian Oil Company (Aramco), and Silicon Valley investor Graphene Ventures, along with five venture capital (VC) firms in the region.

Corporate Innovation Fund (CIF) of Saudi Telecom Company (stc) also participated in the funding round, which marked its first venture investment in Saudi Arabia since its launch in February.

Rewaa has processed more than SAR 7 billion in transaction value to date, which made it one of Saudi’s fastest-growing software as a service (SaaS) companies in the MENA region.

Founded in 2018 by Mohammed Alqasir and Abdullah Aljadhai, the tech firm provides retailers with a cloud-based integrated solution that synchronises online and physical store inventory seamlessly, in addition to offering point-of-sale (POS) and accounting modules for a fully integrated platform.

Mohammed Alqasir, Co-Founder and CEO at Rewaa, commented: “This investment propels us toward our vision of becoming the optimal technological partner for small and medium-sized businesses in the retail sector.”

“By contributing to the industry's digital transformation through the creation of a globally competitive product, we aim to make a significant impact on retail merchants, empowering them to deliver unparalleled service with heightened efficiency,” Alqasir highlighted.

Fahad Alidi, Managing Director at Wa’ed Ventures, commented: “Rewaa’s revolutionary approach to digitizing and optimising operational processes based on efficiency and scale-up goals for small and medium enterprises (SMEs) perfectly addresses the needs of the typically-scattered retail industry.”

Majed Aljarboua, General Manager at CIF, noted: “Through our investment, we seek to participate in developing technologies that support the retail market, including Rewaa.”