Zid – Retail enablement company – raises $50 million in Series ‎‏B ‎funding to modernize the retail sector

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 goal is to upgame the retailer sector by offering and enabling ‏business owners and retailers with tools and products that will improve their ‏operations efficiency and  grow their bottomline. ‏

The company rolled out products and solutions to enable Zid retailers in ‏shipping (ZidShip) and payment (ZidPay), achieving significant growth and ‏adoption in their products. Zid’s intention is to expand the offering in these ‏products to cover : financing retailers and cross-border shipping. ‏

Commenting on Zid’s growth, Co-founder and CEO of Zid, Sultan AlAsmi, said: ‏

‏“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, added: ‏

‏“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, commented on the ‏investment: “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”‏