Saudi-based Retail enablement company, Zid , has successfully raised $50 million in a Series B funding led by IMPACT46 with participaction from new investors including, Aramco venture capital arm (Waed Ventures) and Endeavour Catalyst. Previous investors: Global Ventures, Elm Company, Arzan and MSA also participated.
This is the third round of investment Zid has received since the business was founded in 2017, and follows a Series A investment round of $7 million in March 2021 led by Global Ventures.
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.”
The proceeds will be used by Zid to expand into new markets in Saudi Arabia and in the region, conquer new retail verticals, plus digitizing and automating more innovative solutions to modernizing the retail sector.
Zid has continued its growth in both acquiring new merchants and in transactions. Milestones include doubling its revenues from subscription and transactions and a 50% increase in orders made via Zid’s merchants by over 7 million lifetime consumers. Zid’s merchant network now reaches over 7,500 stores across 19 different categories, from small to large merchants in the retail sector.
Zid started with enabling retailers to sell and grow their own online channels online. Now Zid is expanding into a new mission – “modernize the retail sector”. The company’s goal is to upgame the retailer sector by offering and enabling business owners and retailers with tools and products that will improve their operations efficiency and grow their bottomline.
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’s intention is to expand the offering in these products to cover : financing retailers and cross-border shipping.
Mazen AlDarrab, Zid’s Co-founder and Chief Growth Officer, added:“Zid and its team showed the ability in the past years to turn challenges to solutions that can enable retailers and partners to grow. We will be continuing on the same direction with the aim to modernize the retail sector in the region”
