Saudi Arabia’s digital marketplace Sary has raised $75 million in a Series C funding round to expand its services across the Gulf region.
According to the statement, the company intends to increase its workforce and expand its range of products and services.
The funding round was led by Public Investment Fund-backed Sanabil Investments, bringing Sary’s total funding raised till date to $112 million. “New investors in the latest round include Wafra International Investment Company and Endeavor Catalyst – with STV, MSA Capital, Rocketship.vc, VentureSouq and Ra’ed Venture as existing investors,” as per the company.
“Over the last 24 months, Sary has built one of the largest and most efficient FMCG [fast moving consumer goods] distribution networks in KSA. As a Saudi-based start-up, the $1.59 trillion broader GCC market is a natural next step for us,” commented Mr. Mohammed Aldossary, co-founder of Sary.
According to the statement, Sary aims to capitalize on the intra-trade volumes across the Gulf countries by offering local traders a digitalized supply chain. Further, Sary noted that it will use the funding to integrate local and third-party services.
Founded in 2018, Sary connects wholesalers of consumer goods directly to small and medium-sized retailers. The Sary application has served more than 30,000 verified retail businesses in Riyadh, Jeddah, and Dammam.
“Sary’s rapid growth reflects the progress the company has made over the last few years to build Saudi Arabia’s largest B2B digital marketplace platform. As business requirements ease across the GCC, Sary’s innovative operations and cutting-edge technologies will give the company a huge advantage as it expands across the region while generating greater value through additional products and services,” a Sanabil Investments official said.
