Rewaa secures $27m in Series A funding led by Wa’ed ventures
By Delisha Fernandes
Rewaa, a full-stack inventory management platform for the retail industry, has raised $27 million (SAR 100 million) in a Series A funding round. The round was led by Wa’ed Ventures, the Kingdom-based VC fund wholly owned by Aramco.
“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,” said Mohammed Alqasir, Co-Founder and CEO at Rewaa.
STC’s Corporate Innovation Fund (CIF), launched earlier in February to invest in early-stage tech companies across various digital sectors, participated in the round. Rewaa marks CIF’s first venture investment in Saudi Arabia since its launch.
Other participating investors included 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 has processed over SAR 7 billion in transaction value to date, positioning it as one of Saudi’s fastest-growing SaaS companies in the MENA region. The company specializes in omnichannel inventory management software.
Rewaa 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. The company aims to become the technical partner for retailers by providing advanced technical solutions to manage inventory, sales, and payments which facilitate various business functions all from one portal.
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.
IBSi Daily News Analysis
September 27, 2023
Global merchants increase spending to combat eCommerce fraudRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage
Other Related News
September 26, 2023