Growth Avenue Company acquires 20 per cent stake in SororApp
- Growth Avenue Company has acquired a 20 per cent stake in Saudi Arabia-based on-demand delivery app SororApp, for an undisclosed sum.
- Founded in 2020 by Musfer Alyami and Abbas Safadieh, Soror App provides on-demand home services in various sectors and regions of Saudi Arabia through authorised service providers.
- Soror will use the funds to improve its user experience and expand the range of its services across the Kingdom.
SororApp announced the closure of its investment round, with the acquisition of a 20 per cent stake by Growth Avenue Company, a subsidiary of Maharah Human Resources Company, on Thursday, December 29, 2022.
Soror App was founded in Riyadh in 2020 by Musfer Alyami and Abbas Safadieh with the goal of providing on-demand home services in various sectors and regions of Saudi Arabia through authorised service providers.
In a statement, co-founder and chairman of the board Musfer Alyami said that this investment reflects confidence in Soror's future plans and the compatibility of its vision with Mahara's aim to enable technology to provide distinguished services in the Kingdom.
Co-founder and CEO Abbass Safadieh added that the on-demand home services industry is a promising and emerging sector estimated at SAR10 billion. Soror currently offers nearly 200 services to customers through more than 500 accredited service providers across the Kingdom. We plan to improve the user experience and enable service providers to benefit more from Soror's technological infrastructure in the coming period, and expand the range of services available in different regions of the Kingdom to meet the growing demand for on-demand home services.