erad Raises $22M Series A

erad, a Riyadh-based fintech company providing Shariah-compliant working capital to small and medium enterprises, has raised $22 million in a Series A funding round. The company has facilitated over $133 million in financing to date and is currently expanding its product offerings into sectors including logistics, manufacturing, and wholesale across the GCC.

Investors

This round was led by Middle East Venture Partners (MEVP). Additional participating investors included 500 Global, Saudi Venture Capital Company (SVC), S60 Ventures, ANB Capital, Conjunction Capital, Araya Ventures, Khwarizmi Ventures, Nuwa Capital, Aljazira Capital, Oraseya Capital, and Joa Capital.

erad Use of Funds

erad plans to use the capital to develop financing products tailored to industrial, logistics, and manufacturing businesses. Additionally, the company intends to hire for technology and commercial roles to support its ongoing regional expansion.

About erad

Founded in 2022 by Salem Abu-Hammour, Faris Yaghmour, Abdulmalik Almeheini, and Youssef Said, erad provides Shariah-compliant working capital to businesses in Saudi Arabia and the UAE. The company uses proprietary AI models to analyze business data and assess creditworthiness, enabling rapid approvals for financing of up to $2.7 million to support inventory purchases, fleet expansion, and other growth needs.

Funding Details

Company Website: https://erad.co

Company: erad
Raised: $22M
Round: Series A
Funding Date: September 28, 2026
Lead Investor: Middle East Venture Partners (MEVP)
Additional Investors: 500 Global, Saudi Venture Capital Company (SVC), S60 Ventures, ANB Capital, Conjunction Capital, Araya Ventures, Khwarizmi Ventures, Nuwa Capital, Aljazira Capital, Oraseya Capital, Joa Capital
Software Category: Fintech
Source: https://www.fwdstart.me/p/erad-raises-22m-series-a-led-by-mevp-as-sme-financing-reaches-133m