This is the second round of investment Zid has received since the company was founded in 2017.
Saudi Arabia-based e-commerce enablement platform Zid has successfully raised $ 7 million (SAR 26 million) in Series A funding led by international venture capital firm Global Ventures and with existing investors Elm and Arzan Venture capital raised.
This is the second round of investments Zid has received since the company was founded in 2017, and follows a $ 2 million Pre-Series A round of investments in July 2019 led by ElmVC.
Sultan AlAsmi, Co-Founder and CEO of Zid, said, “Zid has moved from a single product to a company that offers a rich toolbox and diverse solutions to help our customers and improve the e-commerce ecosystem. This success is thanks to the hard work and dedication of our excellent team, able to achieve any goal. “
Zid has grown strongly in the past two years, with the pandemic accelerating growth. The milestones include a 10-fold increase in the gross volume of goods and orders from Zids dealers for up to 3.6 million consumers. Zid’s dealer network now includes over 5,300 stores in 14 different categories from small to large retailers.
Zid’s dedicated team and infrastructure have seamlessly mastered the pandemic-induced surge on its platform, handling the above 10x growth while maintaining 99.99 percent availability for its services.
Mazen AlDarrab, Zid Co-Founder and Chief Growth Officer, added, “We enable merchants on Zid’s platform to achieve their business goals by seamlessly tracking their sales and operations and diligently working on innovative solutions to the challenges facing the Saudi sector. Arabia and the USA work region. We look forward to expanding Zid outside of Saudi Arabia and bringing our values, which make a meaningful impact by building and enabling effective communities, to new markets. “
In the third quarter of 2020, Zid launched Zid Ship, a shipping management solution that connects logistics providers directly with merchants via Zid’s dashboard to provide merchants with a seamless and more integrated experience. The platform already has more than 20 service providers who offer their customers an excellent delivery success rate.
Noor Sweid, Founder and General Partner of Global Ventures, added: “We are confident that the Zid team and ambition will make them one of our best performing portfolio companies. With its innovative retail and fintech solutions as well as gig and community development, Zid is an important building block for the future of the industry. Zid will use this round to expand into new markets, enter new retail industries and attract top talent, as well as digitize and automate more innovative solutions to improve the e-commerce experience for retailers, merchants and consumers. ” – [email protected]