Saudi-based B2B platforms Sary and Retailo raise combined $37.2m

Saudi-based B2B platforms Sary and Retailo raise combined $37.2m

RIYADH: Two competing Saudi business-to-business online marketplaces have announced fundraising, a further sign of the growing interest in the region's startups. Sary raised $30. 5 million in a Series B round led by VentureSouq and joined by new investors US-based Rocketship. vc and STV, Sary said in a press release. Existing shareholders Ra'ed Ventures, MSA Capital and Derayah also contributed to the funding round. Riyadh-based Retailo raised $6. 7 million in a seed round led by existing investor Shorooq Partners and UK private equity shop Abercross Holdings, Retailo said a separate press release. Retailo, founded by former Careem executives, has now raised $9 million after being in operation for just nine months. While Sary is the more mature business having being founded in 2018, both companies offer a platform to connect small businesses with wholesalers and fast-moving consumer goods (FMCG) companies. Sary plans to use the funds to grow geographically and expands the services it offers including credit provision. "Core to VentureSouq's overall fintech thesis is the emerging trend of embedded financial services," VentureSouq Co-Founder and General Partner Suneel Gokhale said in the press release. "In Sary's case, we see this move into credit as directly contributing to top-line growth,