Rewaa, Saudi’s innovative omnichannel inventory management system, accounting, and point-of-sale (POS) platform for the retail industry, announced that it raised $27m in Series A funding round led by Wa’ed Ventures, a Venture Capital fund wholly owned by Aramco.
Additionally, stc’s Corporate Innovation Fund (CIF) also participated in the round alongside Silicon Valley’s Graphene Ventures, Sadu Capital, Vision Ventures, Khwarizmi Ventures, RZM Investment, Derayah VC, and Abdulrahman Sulaiman Al Rajhi & Sons Investment Company.
What does the funding mean for Rewaa?
Since its foundation in 2018 by Mohammed Alqasir and Abdullah Aljadhai, Rewaa is a cloud-based solution that interlaces online and physical store inventory. While offering POS and accounting modules for an integrated platform, Rewaa aims to become the retailers’ tech partner by providing advanced technical solutions to manage inventory, sales, and payments.
According to the founders, the company processed over $2 billion in transaction value to date, making it one of the fastest-growing SaaS companies in Middle East and North Africa, serving more than 7,000 retailers in Saudi and abroad, and creating more than 250 jobs.
Commenting on the new funding, Mohammed Alqasir, Co-Founder and Chief Executive Officer at Rewaa, said, “This investment propels us toward our vision of becoming the optimal tech partner for SMBs in the retail sector. By contributing to the industry’s digital transformation, we aim to make an impact on retail merchants, enabling them to increase efficiency.”
What are the investors’ thoughts on Rewaa?
“Rewaa’s revolutionary approach to digitizing and optimizing operational processes based on efficiency and scale-up goals for SMEs perfectly addresses the needs of the typically-scattered retail industry,” commented Fahad Alidi, Managing Director at Wa’ed Ventures.
“We had the privilege of knowing Mohammed and Abdullah since their early days as founders. We are proud to back their growth as they transform Rewaa from a simple digital tool to the go-to cloud-based POS and inventory management platform for local and regional retailers.”
“We are pleased to invest in Rewaa, which has proven itself through the tremendous growth it has achieved in recent months and thanks to the great team behind these achievements.”
Commenting on Rewaa, Majed AlJarboua, General Manager at stc Corporate Funds & Entrepreneurship, said, “Through our investment in this company, we seek to participate in developing technologies supporting the retail market, including Rewaa’a company.”
More information can be found here.