Waed Ventures Fund leads a series “A” investment round of ‎SR100 mln in “Rewaa”‎

Rewaa, a leading software-as-a-service (SaaS) company, has announced the closing of a Series A investment round of $27 million (SAR 100 million), led by Waed Ventures, one of the world’s largest venture capital funds in startups wholly owned by Saudi Aramco. This round is the largest investment round of its kind for a Saudi company within the field of Software as a Service (SaaS) in the Middle East and North Africa region.

The Saudi Telecom Company (STC) also participated in the round, through its institutional venture capital fund (CIF), which was launched in February of this year with the aim of investing in early-stage technology companies within various digital sectors. This investment constitutes a milestone, as Rewaa is considered the first bold capital investment by the (CIF) Fund in the Kingdom of Saudi Arabia since the fund’s inception.

A number of prominent regional and global venture capital funds, such as Sadu Capital Fund, Vision Ventures, Khawarizmi Ventures, Razam Investment Company, Derayah Investment Fund, Abdul Rahman Sulaiman Al Rajhi Company, American Graphene Ventures Fund, and other investors, also participated in the tour. ‏

Since its establishment in 2018, Rewaa has been keen on being at the forefront of innovation in the field of digitizing the retail sector by providing an integrated and easy-to-apply cloud solution that provides accounting systems, inventory and point-of-sale management solutions, and the ability to connect Branch stores seamlessly store online stores. ‏

The company aims to be the first technical partner for the local merchant, as the value of transactions that have taken place today through the Rewaa platform since its inception has exceeded (8) eight billion riyals, making it one of the fastest growing technology companies in the region. ‏

“This investment helps us achieve our vision to be the ideal technology partner for small and medium-sized companies in the retail sector, and to contribute to advancing digital transformation in the sector. By building an integrated product that competes with platforms in the same field, we seek to achieve a fundamental difference for the local merchant after adopting the best possible service to digitize and manage its inventory with high efficiency.

In the context of Rewaa’s accelerating success, the company announced its acceptance into the “Saudi Billionaires” program launched by the Saudi Ministry of Communications during the LEAP conference, which is the largest technical conference in the Middle East and North Africa region. The Billionaire Companies Program was established as a joint national initiative between the Ministry of Communications and Information Technology (MCIT), the National Information Technology Development Program (NTDP) and the Misk Foundation, with the aim of accelerating the growth of local startups during their journey. To become billionaire companies or what I know as (unicorn). ‏

For his part, Eng. Fahd Al-Eidi, Managing Director of Waed Ventures Fund, said: “Rewaa has succeeded in leading a qualitative digital transformation in the local retail field, as it contributed to providing an integrated cloud platform that enables local retailers to link their operations in an easier way, and we are proud today Supporting the development process led by entrepreneurs Mohammed and Abdullah, and sharing their goal towards enhancing the role of digitization in fast-growing sectors.

Majid Al-Jarbou, General Manager of the Institutional Venture Investment Fund (STC), said: “We are pleased to support Rewaa, which has proven its success through the exceptional growth it has achieved recently thanks to the pioneering founding team behind these achievements, and we seek through our investment To participate in the development of technologies and innovations that accelerate the technical transformation in the retail sector in the Kingdom

Rewaa has provided solutions to more than 7,000 retailers in the Kingdom and abroad, and has created more than 250 local job opportunities for Saudi youth, which reflects the company’s commitment to achieving sustainable growth and an effective contribution to the digital transformation in the sector.