Retail technology startup Zid raises $50m and eyes new markets and verticals
Saudi Arabia-based e-commerce specialist Zid has raised $50 million in a Series B funding round led by IMPACT46 with participation from new investors, Aramco venture capital arm (Waed Ventures) and Endeavour Catalyst.
Previous backers Global Ventures, Elm Company, Arzan and MSA were also involved.
This is the third round of investment Zid has received since the business was founded in 2017, and follows a Series A round of $7 million in March 2021 led by Global Ventures.
The proceeds will be used to expand into new markets in Saudi Arabia and in the region, enter new retail verticals, plus digitising and automating more retail solutions.
Zid started out by enabling retailers to sell and grow their own online channels.
The company is now rolling out products and solutions for shipping (ZidShip) and payments (ZidPay).. The aim is to expand its offering to cover financing for retailers and cross-border shipping.
Co-founder and CEO, Sultan AlAsmi, says: “We appreciate the continuous belief and trust that our investors have put into the company, the leadership, and the team. We are focused on being the regional optimum solution for each economy we operate in, having proved it in Saudi Arabia.”
Mazen AlDarrab, Zid’s Co-founder and Chief Growth Officer, adds: “Zid and its team showed the ability in the past years to turn challenges to solutions that can enable retailers and partners to grow. We will be continuing on the same direction with the aim to modernize the retail sector in the region”
Abdulaziz AlOmran, Managing Partner at IMPACT46, comments: “Zid is building a community by enabling merchants to master online presence with a full fledged e-commerce infrastructure equipped with sophisticated features.”
“The deep connection with merchants is what makes a difference in strengthening this community. Excited to lead the round and welcome Zid to IMPACT46’s family, we see amazing founders that balance each other while pushing the team forward to new frontiers'.”
