stc Institutional Investment Fund (CIF) participates in ‎investment round in “Rewaa” ‎

stc Institutional Investment Fund (CIF) announced its participation in an investment round (A) totaling $27 million (SAR 100 million) in Rewaa, a leading retail management software company. The Aramco venture capital fund, Waed Ventures, led the round. Other investors participating in the round included Graphene Ventures from Silicon Valley, Sudu Capital, Vision Ventures, Khawarizmi Ventures, Razam Investments and other funds.

stc’s participation in this tour comes as part of the group’s expansion and growth plans, which is in line with its “Dare” strategy, and its objectives that include enabling the digital economy, supporting innovation, new technologies and business models by investing in promising companies to create value in turn. It is added to the local and international markets in a way that is consistent with the objectives of Saudi Vision 2030

In this regard, Majed Al-Jarbou, General Manager of the Company and Entrepreneurship Fund, said: “Our investment in “Rewaa” is a strategic step to support the growth of basic technologies for the retail sector. The remarkable progress that Rewaa has made in the past few months is a testament to The efficiency of the project and the work team, and we look forward to being part of Rewaa’s journey towards developing advanced retail solutions as an enabler for digital transformation in the region.” ‏

Rewaa, which was founded in 2018 by Mohammed Al-Qaseer and Abdullah Al-Jadhei, offers the cloud-synchronized system for managing the inventory of retailers in regular stores, as well as online outlets. The company has succeeded in meeting the needs of 7,000 retailers in the Kingdom and abroad, creating more than 250 job opportunities locally.

stc will also work to support Rewaa Company to benefit from the great capabilities of the group and its integrated technical system, by providing consultations to the work team from all sectors of the group and its subsidiaries.

It is worth noting that stc occupies a leadership position in supporting the entrepreneurship system in the Kingdom of Saudi Arabia by investing in several promising projects through the STV Fund and the inspireU program, which provides a package of distinguished services, on top of which is the provision of equipped work areas and support Logistics and marketing services.