Riyadh, Saudi Arabia, August 28, 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/
About Rewaa
Rewaa is a b2b software company based in Riyadh, that offers retail management software where merchants can track sales, inventory, invoices, and customer data from one screen. Furthermore, it enables brick and mortar stores to implement omnichannel selling where data is synchronized between online and offline sales channels.
With the size of the funding round, Rewaa’s is the largest Series A SaaS in the MENA region. Since the start, the company has provided solutions to more than 7,000 retailers in Saudi Arabia and abroad and has created over 250 jobs. Rewaa was recently selected by the Ministry of Communications and Information Technology (MCIT), Saudi Arabia among the first cohort of the Saudi Unicorns Program, which supports high-growth tech companies on their way to achieving unicorn status.
To learn more, visit: www.rewaatech.com. For details, contact [email protected]
About Wa’ed Ventures
Wa’ed Ventures is a $500 million institutional venture capital firm wholly owned by Saudi Aramco to promote economic diversification and new business growth in the Kingdom by investing in high-growth tech startups across multiple sectors. Established in 2013, Wa’ed Ventures manages a portfolio of 60+ startups, providing end-to-end support to startups from funding to providing access to partner resources. The company is located in the city of Dhahran, Saudi Arabia. For more info, visit: www.waed.net. For details: Nagham Aleithan; +966 55 503 7143; [email protected]
About CIF by stc
CIF by stc is a fund that aims to invest in early stages startups in various domains including fintech, cybersecurity, artificial intelligence, digital games, Internet of Things, blockchain, and other promising areas.
CIF will make strategic investments to accelerate growth, enhance innovation, and support the KSA Vision 2030 in terms of economic diversification through tapping into new sectors and supporting stc’s strategy-related entrepreneurs and startups at the local, regional, and international levels.
