Saudi retail enablement company Zid raises $50m in Series B funding

Saudi-based Retail enablement company, Zid has raised $50m in a Series B funding.

The funding was led by IMPACT46 with participation from investors including Aramco venture capital arm (Waed Ventures) and Endeavour Catalyst, Global Ventures, Elm Company, Arzan and MSA.

The proceeds will be used by Zid to expand into new markets in Saudi Arabia and in the region, pursue new retail verticals, as well as digitise and automate innovative solutions to modernise the retail sector.

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 $7m in March 2021 led by Global Ventures.

Zid has doubled its revenues from subscription and transactions and achieved a 50 per cent increase in orders made via its merchants. Zid’s merchant network now reaches over 7,500 stores across 19 different categories.

The company rolled out products and solutions to enable Zid retailers in shipping (ZidShip) and payment (ZidPay) and aims to expand the offering in these products to cover financing retailers and cross-border shipping.

“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,” said co-founder and CEO of Zid, Sultan AlAsmi.

Abdulaziz AlOmran, managing partner at IMPACT46, added: “Zid is building a community by enabling merchants to master online presence with a full-fledged e-commerce infrastructure equipped with sophisticated features. Excited to lead the round and welcome Zid to IMPACT46’s family.”