Saudi Arabia-based e-commerce enablement platform Zid, has raised $7 million (SAR 26 million) in a Series A funding round, led by Global Ventures alongside existing investors Elm and Arzan VC.
Founded in 2017, Zid helps retailers build their own online stores and then integrates them with the supply chain and third-party logistics companies.
Over the past two years, Zid’s gross merchandise volume (GMV) has grown 10x. Its merchant network now boasts more than5,300 stores across 14 different categories.
“Zid has transformed from a single product to a company providing a rich-toolbox and variety solutions helping our customers and improving the e-commerce ecosystem. This achievement is due to the hard work and dedication of our stellar team, capable of achieving any goal,” said Sultan AlAsmi, co-founder and CEO of Zid.
Zid will use the new funds to grow its footprint, expand to other retail verticals, attract talent, and automate more tools to improve the e-commerce experience for its customers.
“We enable merchants on Zid’s platform to achieve their business goals through seamlessly tracking their sales and operations and working diligently on innovative solutions for the challenges facing the sector in Saudi Arabia and the region. We look forward to expanding Zid outside Saudi Arabia, and to bring to new markets our values that deliver a meaningful impact by building and enabling effective communities,” said Mazen AlDarrab, Zid’s co-founder and chief growth officer.
In Q3 2020, Zid launched Zid Ship, a shipping management solution connecting logistics providers directly with merchants. The platform currently includes more than 20 service providers.
Noor Sweid, founder and general partner of Global Ventures said: “We are confident Zid’s team, and its ambition, will make them one of our highest performing portfolio companies. Zid is a vital building block for the future of the industry through its innovative retail and fintech solutions, as well as a gig and community development."