Saudi Arabia-based retail enablement company, Zid has raised $50 million in Series B funding led by IMPACT46 with participation from new investors Aramco’s venture capital arm, Waed Ventures, and US-based Endeavour Catalyst.
The proceeds will be used by Zid to expand into new markets in Saudi Arabia, conquer new retail verticals, as well as digitize and automate more creative ways to modernize the retail industry.
Previous investors Global Ventures, Elm Company, Arzan, and MSA also participated in the funding round.
According to the statement, “The company rolled out products and solutions to enable Zid retailers in shipping (ZidShip) and payment (ZidPay), achieving significant growth and adoption in their products.”
Zid has continued its growth in both acquiring new merchants and in transactions. The company’s goal is to improve the retail sector by offering and enabling business owners as well as retailers with tools and products that will improve the efficiency of their operations.
Commenting on the company’s growth, Co-founder and CEO of Zid, Mr. Sultan AlAsmi said that, “We appreciate the continuous belief and trust that our investors have put into the company, the leadership, and the team. We are focused on being the regional optimum solution for each economy we operate in, having proved it in Saudi Arabia.”
“Zid and its team showed the ability in the past years to turn challenges into solutions that can enable retailers and partners to grow. We will be continuing in the same direction with the aim to modernize the retail sector in the region,” commented Mr. Mazen AlDarrab, Co-founder and Chief Growth Officer at Zid.