- Saudi Arabia-based e-commerce enabler Zid, has raised $50 million in Series B funding, led by IMPACT46 with participation from new investors: Aramco's venture capital arm (Waed Ventures) and Endeavour Catalyst. Existing investors Global Ventures, Elm Company, Arzan and MSA Capital also participated.
- Founded in 2017 by Sultan AlAsmi and Mazen AlDarrab, Zid enables retailers to sell and grow their own online channels, through its two solutions, ZidShip and ZidPay.
- The proceeds will help Zid expand into new markets inside and outside Saudi Arabia, add new retail verticals, and further automate its solutions.
Saudi-based Retail enablement company, Zid has successfully raised $50 million (~188 million SAR) in a Series B funding led by IMPACT46 with participation from new investors: 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.
The proceeds will be used by Zid to expand into new markets in Saudi Arabia and in the region, conquer new retail verticals, plus digitise and automate more innovative solutions to modernise the retail sector.
Zid has continued its growth in both acquiring new merchants and in 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. 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 by enabling retailers to sell and grow their own online channels. 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 with tools and products that will improve the efficiency of their operations and grow their bottom line.
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's intention is to expand the offering of these products to cover: financing retailers and cross-border shipping.
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.”
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 into solutions that can enable retailers and partners to grow. We will be continuing in the same direction with the aim to modernize the retail sector in the region”
Abdulaziz AlOmran, the Managing Partner at IMPACT46, commented on the investment: “Zid is building a community by enabling merchants to master online presence with a full-fledged e-commerce infrastructure equipped with sophisticated features. The deep connection with merchants is what makes a difference in strengthening this community. Excited to lead the round and welcome Zid to IMPACT46’s family, we see amazing founders that balance each other while pushing the team forward to new frontiers."