SOUM raises $18mln series A round led by Jahez

SOUM raises $18mln series A round led by Jahez

Funding round sees participation from Isometry Capital, as well as existing investors Khwarizmi Ventures, Alrajhi Partners, and Outliers Venture Capital Soum has seen 40x growth, 4 million downloads and is present across 150+ cities Soum is targeting $40 billion MENA second hand markets with regional expansion Riyadh, Kingdom of Saudi Arabia: Soum, the Riyadh-headquartered marketplace for secondhand products, has successfully secured $18 million in Series A funding. This funding round is led by Jahez, with participation from Isometry Capital along with existing investors participating, Khwarizmi Ventures, Alrajhi Partners, and Outliers Venture Capital. Founded by Fahad Al Hassan, Bader Almubarak, and Fahad Albassam, Soum has witnessed tremendous growth since its seed round 18 months ago. The company’s sales have grown by 40x, underpinned by strong and improving unit economics, and maintaining an outstanding customer satisfaction score. Soum has delivered to and from 150+ Saudi cities, effectively building a first-of-its-kind unified national marketplace to buy, sell, and discover products with trust and convenience. The Soum app launched less than two years ago has already received more than 4 million downloads in the Kingdom of Saudi Arabia (KSA) and is seeing traction in the United Arab Emirates.  Soum’s Series A funding will accelerate the