Wa’ed Ventures Leads a US $27 Million Series A Round for Rewaa, with Participation from STC’s CIF, the Largest Series A Round for a SaaS Company in MENA
Rewaa Founders Mohammed Alqasir (left) Abdullah Aljadhai (right) (Photo: AETOSWire)
RIYADH, SAUDI ARABIA--(Business Wire / Korea Newswire) September 01, 2023 -- Rewaa, Saudi’s leading omnichannel inventory management system, accounting, and POS platform for the retail industry, announced that it raised $27 million in Series A funding round led by Wa’ed Ventures, a VC fund wholly owned by Aramco.
STC’s Corporate Innovation Fund (CIF) 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.
According to the founders, the company 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 digitizing and optimizing operational processes based on efficiency and scale-up goals for SMEs perfectly addresses the needs of the typically-scattered retail industry,” said Fahad Alidi, Managing Director at Wa’ed Ventures.
He adds: “We had the privilege of knowing Mohammed and Abdullah since their early days as founders. We are proud to back their growth today as they transform Rewaa from a simple digital tool to the go-to cloud-based POS and inventory management platform for local and regional retailers.”
“We are pleased to invest in Rewaa, which has proven itself through the tremendous growth it has achieved in recent months and thanks to the great team behind these achievements.
Through our investment in this company, we seek to participate in developing technologies supporting the retail market, including Rewaa’a company,” commented Majed AlJarboua, General Manager at stc corporate funds & entrepreneurship.
More information can be found here https://www.rewaatech.com/en/rewaa-series-a/
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This is a news release distributed by Korea Newswire on behalf of this company.