Soum raises $18 million Series A round led by Jahez

Soum raises $18 million Series A round led by Jahez

Saudi Arabia-based re-commerce marketplace Soum, has raised $18 million in Series A funding in a round led by Jahez, with participation from Isometry Capital along with existing investors Khwarizmi Ventures, Alrajhi Partners, and Outliers Venture Capital. 

Founded in 2021 by Fahad Al Hassan, Fahad Albassam, and Bader Almubarak, Soum, is a marketplace that enables SMEs and individuals to sell their secondhand products.

Soum, which claims to have grown 40x since its launch, will use the latest round of funding to accelerate its expansion plans regionally and scale beyond its core vertical of secondhand electronics. The startup will soon enable users to sell products ranging from collectibles to cars. 

Press release:

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