The leading full-stack inventory management platform for the retail industry Rewaa announced it raised US$27 million in a Series A funding round, led by by Wa’ed Ventures, the Kingdom-based VC fund wholly owned by Aramco.STC’s Corporate Innovation Fund (CIF) has also participated in the round. The investment in Rewaa is the first for CIF since its launch.
Other investors included Silicon Valley’s Graphene Ventures, Sadu Capital, Vision Ventures, Khwarizmi Ventures, RZM Investment, Derayah VC, and Abdulrahman Sulaiman Al Rajhi & Sons Investment Company.
The company specializes in omnichannel inventory management software.
Rewaa provides retailers with a cloud-based integrated solution that synchronizes online and physical store inventory seamlessly, offering Point-of-Sale (POS) and accounting modules for a fully integrated platform.
The company aims to become a technical partner for retailers by providing advanced innovative solutions to manage inventory, sales, and payments, boosting companies’ operational processes via one portal.
Rewaa has served more than 7,000 retailers in the Kingdom and abroad, creating over 250 local jobs.
“This investment propels us toward our vision of becoming the optimal technological partner for small and medium-sized businesses in the retail sector. By contributing to the industry’s digital transformation by creating a globally competitive product, we aim to make a significant impact on retail merchants, empowering them to deliver unparalleled service with heightened efficiency,” said Mohammed Alqasir, Co-Founder and CEO at Rewaa.
The company was founded in 2018 by Mohammed Alqasir and Abdullah Aljadhai.“We are pleased to invest in Rewaa, which has proven itself tremendous in recent months, thanks to a and thanks to a great team behind these achievements. Through our investment, we seek to participate in developing technologies that support the retail market, including Rewaa’a company,” commented Majed Aljarboua, General Manager at STC Corporate Funds & Entrepreneurship.
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