Zid, a Saudi-based retail enablement company that helps retailers build their eRetail, announced that it raised $50 million in Series B funding.
The round was led by IMPACT46, with participation from new investors Aramco venture capital arm (Waed Ventures) and Endeavour Catalyst, and previous investors Global Ventures, Elm Company, Arzan, and MSA also participated.
Zid will use the proceeds to expand into new markets in Saudi Arabia and the region, conquer new retail verticals, and digitize and automate more innovative solutions to modernize the retail sector.
Zid has continued its growth in both acquiring new merchants and transactions. Milestones include doubling its revenues from subscriptions and transactions and a 50% increase in orders made via Zid's merchants by over 7 million lifetime consumers.
Commenting on Zid's growth, Co-founder and CEO of Zid, Sultan AlAsmi, said: "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's merchant network now reaches over 7,500 stores across 19 different categories, from small to large merchants in the retail sector.
The company rolled out products and solutions to enable Zid retailers in shipping (ZidShip) and payment (ZidPay), achieving significant growth and adoption of their products. Zid intends to expand the offering of these products to cover financing for retailers and cross-border shipping.
Company: Zid Holding
Round: Series B
Funding Month: October 2022
Lead Investors: IMPACT46
Additional Investors: Aramco venture capital arm, Endeavour Catalyst, Global Ventures, Elm Company, Arzan, and MSA
Company Website: https://zid.sa/
Software Category: Retail Enablement / ecommerce Solution
About the Company: Zid, a Saudi holding company established in 2017, aims to enable the retail sector to enter the world of electronic retail efficiently and professionally. Zid is an e-commerce in-a-box solution that any retailer can use to start their eRetail. Zid helps retailers build their eStores (with their name and identity) and integrates them with the supply chain players to manage them efficiently. Zid started by allowing retailers to sell and grow their online channels online. Now Zid is expanding into a new mission-"modernize the retail sector." The company's goal is to up game the retail sector by offering and enabling business owners and retailers tools and products to improve their operations' efficiency and grow their bottom line.