Soum, a Riyadh-based C2C marketplace, raised $4 million in seed funding led by Outliers Venture Capital and Mazen Aljubeir. The round also included participation from Khwarizmi Ventures, Ammar AlKhudairy, and multiple angel investors with strong entrepreneurial and operational backgrounds.
Soum is reimagining recommence in the MENA region and beyond by building a convenient, trustworthy, and transparent recommence marketplace, starting with consumer electronics in Saudi Arabia.
“We are tackling a serious customer pain point and offering a solution that is an order-of-magnitude better than any other substitute. Although we have grown exceptionally fast, we are still in the very beginning of capturing a huge market opportunity. The key to unlocking this opportunity is building a highly independent and capable team of doers and problem-solvers pursuing a common goal of building a category-defining company that delights buyers and sellers. I am very proud of our team, and I am thrilled to go through this journey with every Soumer,” Fahad Al Hassan, co-founder and CEO, said.
Soum is productizing trust in the transaction and unlocking an opportunity worth more than $40 billion. The startup is already processing millions of dollars of annualized sales.
“Today, only 12% of second-hand consumer electronic sales happen digitally today, and more than 80% of digital sales are captured by the incumbent. Soum is unlocking the opportunity both on the supply side as well as the demand side and is led by three outlier founders who are exceptionally positioned to build Soum, bottoms-up, into a multi-country and multi-category successful business. We are thrilled to partner with Bader, Fahad & Fahad,” Mohammed Almeshekah, Outliers’ managing partner, said.
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