Saudi-based B2B digital marketplace, Sary, has raised SR281 million ($75 million) in its latest funding round from a group of investors led by Sanabil Investments, wholly owned by Saudi's Public Investment Fund (PIF).
Other investors who participated in the startup's Series C round include Wafra International Investment Company and Endeavor Catalyst alongside existing investors STV, MSA Capital, Rocketship.vc, VentureSouq (VSQ), and Ra’ed Ventures.
According to the thriving startup, Sary is now one of the top funded Saudi startups this year by venture capital funds, with a total of $112 million funds raised to date, making it.
Sary was founded in April 2018 by ex-Careem General Manager Mohammed Aldossary and Khaled Alsiari. The platform connects micro, small and medium-sized businesses (MSMEs) with a network of wholesalers and manufacturing brands to procure supply efficiently, leveraging world-class technology to cut the friction in the country’s retail supply chain.
Since its inception, the platform has reached more than 350,000 customers, serving over 40,000 businesses, and moving more than 270,000 pallets of goods across Saudi.
The startup said in a statement that it will use the funds to grow its geographical footprint across the GCC, and broaden its talent pool to build on the recent success of its FMCG distribution network which has witnessed a 16 times growth in scale and a 14 times improvement in the topline since last year.
