Home Startups Saudi Arabia’s Sary acquires Egyptian B2B marketplace Mowarrid.

Saudi Arabia’s Sary acquires Egyptian B2B marketplace Mowarrid.

by Weddy Thuranira
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Sary, the MENAP’s leading B2B e-commerce platform, has announced the acquisition of “Mowarrid,” one of Egypt’s most popular B2B marketplaces.

Sary’s acquisition reflects a significant move in the company’s expansion aspirations in North African countries, beginning with Egypt, Africa’s second-largest economy and the Arab world’s third-largest, with a $60 billion wholesale and retail trade industry.

This acquisition marks the start of a series of expansion initiatives for the company as it pursues its aim of leading B2B e-commerce in emerging countries, beginning with MENAP, which will enable a regional network to connect buyers and sellers across several regions.

With extensive e-commerce, fintech and startup experience coming from Fawry Pay, Jumia and Cognitev; Ahmed Essam founded Mowarrid in 2018 focusing on the B2B Food & Grocery markets. He led the company toward unlocking a 25 million USD run rate allowing more than 10,000 retailers to digitally procure all their needs across a variety of more than 1000 products in the platform.

Mohammed AlDossary, co-founder and CEO of Sary commented, “we are excited to join forces with Ahmed and the amazing team at Mowarrid, their hyperlocal understanding of the Egyptian market is profound, and we believe that our visions are in harmony toward reinventing the B2B ecosystem across the region”

He added. “Egypt is a strategic market for us and has a huge synergy with the Saudi and GCC markets. The industry has witnessed significant growth in the past years with very strong digitization in the wholesale and retail trade industry which accounted for around 15% of Egypt’s GDP.”

Ahmed Essam, the founder, and CEO of Mowarrid commented, “Since 2018, Mowarrid’s journey has been rewarding by enabling small businesses in Egypt with smarter supply chain solutions. Today, joining forces with Sary to build one stronger entity with a solid footprint, regional network, and technological capabilities in two of the most important economies in the region.”

He added. “Sharing many values and principles, our combined force is our greatest advantage in the next years as we continue to solidify our grounds in the current markets and continue the expansion journey with a solid head start.”.

Sary has raised a total of $112 million in funding since its inception, and after closing its series C round last December, it became Saudi Arabia’s first late-stage financing round.

The company is expanding throughout the region with a focus on creating a seamless experience and employing cutting-edge technologies to connect MSMEs with the world’s largest international brands and regional players, empowering them to grow smartly.

In 15 cities across Saudi Arabia, the company has reached over 350,000 clients and helped over 40,000 businesses, transporting over 270,000 pallets of goods.

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