Zid, a Saudi-based retail enablement company, raises $50 million in a Series B funding round led by IMPACT46 with participation from new investors Waed Ventures and Endeavour Catalyst. The round also witnessed participation from Global Ventures, Elm Company, Arzan, and MSA.
The funds raised will be used by Zid to expand into new markets in Saudi Arabia and in the region, launch new retail verticals, and digitize and automate more of its innovative solutions.
Zid launched in 2017 and started by enabling retailers to sell and grow their own online channels. The startup is now offering and enabling business owners and retailers with tools and products that will improve the efficiency of their operations and grow their bottom line.
The company also rolled out products and solutions to support Zid retailers in shipping (ZidShip) and payment (ZidPay) and help them grow.
“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,” Abdulaziz AlOmran, the Managing Partner at IMPACT46, said.
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