Saudi Arabia-based Zid, which stylises itself as a retail enablement company, has raised $50m for its Series B funding round.
IMPACT46 served as the lead investor to the round. Commitments also came from Aramco’s venture capital arm Waed Ventures and Endeavour Catalyst. Previous investors Global Ventures, Elm Company, Arzan and MSA also joined the round.
Zid will use the capital to expand into new markets in Saudi Arabia and in the region. It also plans to enter new retail verticals and build more innovative solutions to modernise the sector.
Founded in 2017, the FinTech company launched by enabling retailers to sell and grow their own online channels online. It has since expanded its mission, which is now to modernise the retail sector.
The retail enablement company has released products to support shipping and payments. Its technology allows retailers to sell, ship and process payments from a single dashboard.
Some of the milestones Zid has achieved include doubling its revenues from subscription and transactions and a 50% increase in orders made via Zid’s merchants by over seven million lifetime consumers. Its merchant network currently sits at over 7,500 stores across 19 different categories from small to large merchants in the retail sector.
IMPACT46 managing partner Abdulaziz AlOmran said, “Zid is building a community by enabling merchants to master online presence with a full-fledged e-commerce infrastructure equipped with sophisticated features.
“The deep connection with merchants is what makes a difference in strengthening this community. Excited to lead the round and welcome Zid to IMPACT46’s family, we see amazing founders that balance each other while pushing the team forward to new frontiers”
The FinTech company previously raised $7m in its Series A round back in March 2021. The Series A was led by Global Ventures.
Another Saudi Arabia-based FinTech company to recently raise funds is erad. The company, which offers an alternative financing platform for businesses, recently secured $2.4m in funding.
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