Zid – Retail enablement company – raises $50mln in Series B funding

Zid – Retail enablement company – raises $50mln in Series B funding

Saudi-based Retail enablement company, Zid (http://zid.sa), has successfully raised $50 million (~188 million SAR) in a Series B funding led by IMPACT46 with participaction from new investors: Aramco venture capital arm (Waed Ventures) and Endeavour Catalyst. Previous investors: Global Ventures, Elm Company, Arzan and MSA also participated.

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 $7 million in March 2021 led by Global Ventures.

The proceeds will be used by Zid to expand into new markets in Saudi Arabia and in the region, conquer new retail verticals, plus digitizing and automating more innovative solutions to modernizing the retail sector.

Zid has continued its growth in both acquiring new merchants and in transactions. Milestones include doubling its revenues from subscription and transactions and a 50% increase in orders made via Zid’s merchants by over 7 million lifetime consumers. Zid’s merchant network now reaches over 7,500 stores across 19 different categories, from small to large merchants in the retail sector.

Zid started with enabling retailers to sell and grow their own online channels online. Now Zid is expanding into a new mission - “modernize the retail sector”. The company’s