Sary raises $30.5 million Series B

Sary raises $30.5 million Series B

Saudi Arabia-based B2B marketplace Sary has raised $30.5 million in a Series B round led by VentureSouq with participation from new investors US-based Rocketship.vc and STV alongside current shareholders Ra’ed Ventures, MSA Capital and Derayah.

Founded in 2018 by Mohammed Aldossary and Khaled Alsiari, Sary connects small businesses with a network of wholesalers and manufacturing brands via mobile and web applications.

Since its inception, the company’s apps were installed by over 100,000 users, and during the pandemic alone, Sary was able to serve over 30,000 verified retail businesses, moving 4 million tonnes of goods across Riyadh, Jeddah, and Dammam.

This investment will be used to grow Sary’s geographical footprint, expand its suite of products and services, and move into new categories.

Sary is planning to integrate third-party financial services on its platform and is currently developing native fintech products to diversify revenue away from its marketplace towards fintech streams.

Press release

Sary, the Saudi-based B2B marketplace that connects small businesses with a network of wholesalers and manufacturing brands via mobile and web applications, has raised a $30.5 million Series B round led by VentureSouq (VSQ), which is backed by Fund of Funds – Jada, Al Waha Fund of Funds (Bahrain) and other institutional investors and sovereign