Wa’ed Ventures Leads a US $27 Million Series A Round for Rewaa, with Participation from STC’s CIF, the Largest Series A Round for a SaaS Company in MENA
Rewaa, Saudi’s leading omnichannel inventory management system, accounting, and POS platform for the retail industry, announced that it raised $27 million in Series A funding round led by Wa’ed Ventures, a VC fund wholly owned by Aramco.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230830318673/en/
Rewaa Founders Mohammed Alqasir (left) Abdullah Aljadhai (right) (Photo: AETOSWire)
STC’s Corporate Innovation Fund (CIF) 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.
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 MENA, serving more than 7,000 retailers in Saudi and abroad, and creating over 250 jobs.
“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,” said Mohammed Alqasir, Co-Founder and CEO at Rewaa.
Since its foundation in 2018 by Mohammed Alqasir and Abdullah Aljadhai, Rewaa provides a cloud-based solution that interlaces online and physical store inventory. While offering point-of-sale (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.
“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,” said Fahad Alidi, Managing Director at Wa’ed Ventures.
He adds: “We had the privilege of knowing Mohammed and Abdullah since their early days as founders. We are proud to back their growth today 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.
Through our investment in this company, we seek to participate in developing technologies supporting the retail market, including Rewaa'a company,” commented Majed AlJarboua, General Manager at stc corporate funds & entrepreneurship.
More information can be found here https://www.rewaatech.com/en/rewaa-series-a/
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Alipay Supports Over 100 Million Digital Torchbearers to Join the First-Ever Digital Cauldron Lighting for Asian Games24.9.2023 16:17:00 EEST | Press release
The Hangzhou Asian Games has begun with the evening opening ceremony on September 23. The opening ceremony combined Chinese traditions, culture and digital innovations at the Hangzhou Olympic Sports Center Stadium for a spectacular kickoff event. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230924810542/en/ Digital torchbearers joining to light the cauldron for the Hangzhou Asian Games (Photo: Business Wire) As the Official Prestige Partner and technology provider of Hangzhou Asian Games, Alipay has supported over 100 million digital torchbearers to join the first-ever digital cauldron lighting in Asian Games history during the ceremony. These digital torchbearers were combined as one digital torchbearer avatar to light the cauldron together with swimming Olympic champion Wang Shun. The Asian Games Digital Torchbearer Online Relay campaign was launched on June 15, 2023, the 100-day countdown to the Games. Participants can
Unitedprint.com collaborates with Pexels.com24.9.2023 11:00:00 EEST | Press release
The e-commerce technology company Unitedprint.com has announced several exciting innovations for its brands Easyprint.com and print24.com. On top of the launch of interactive 2D and 3D product preview visualisations, the company is expanding its offering through a partnership with Pexels.com, a Canva.com company, and is also making more than 12 million premium design templates available to its users. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230920567824/en/ Easyprint's FreeDesign tool offers over 3 million royalty-free stock photos and 12 million free design templates (Photo: Business Wire) Cooperation with Pexels.com In close collaboration with Pexels, a subsidiary of Canva.com, Easyprint is expanding its offering to include 3 million royalty-free stock images that users can access free of charge and without restriction for their individual projects. “This partnership will allow our customers to take their creativity
SLB Announces Third-Quarter 2023 Results Conference Call22.9.2023 20:00:00 EEST | Press release
SLB (NYSE:SLB) will hold a conference call on October 20, 2023 to discuss the results for the third quarter ending September 30, 2023. The conference call is scheduled to begin at 9:30 am US Eastern time and a press release regarding the results will be issued at 7:00 am US Eastern time. To access the conference call, listeners should contact the Conference Call Operator at +1 (844) 721-7241 within North America or +1 (409) 207-6955 outside of North America approximately 10 minutes prior to the start of the call and the access code is 8858313. A webcast of the conference call will be broadcast simultaneously at www.slb.com/irwebcast on a listen-only basis. Listeners should log in 15 minutes prior to the start of the call to test their browsers and register for the webcast. Following the end of the conference call, a replay will be available at www.slb.com/irwebcast until November 20, 2023, and can be accessed by dialing +1 (866) 207-1041 within North America or +1 (402) 970-0847 outsid
Energy Dome's CO2 Battery™ to Revolutionize U.S. Energy Landscape With First Installation Slated for 202622.9.2023 18:45:00 EEST | Press release
A groundbreaking development in sustainable energy storage is on the horizon for Columbia County, Wisconsin, U.S., spearheaded by Alliant Energy in collaboration with Energy Dome and other key stakeholders. Alliant Energy has just announced its selection to receive a federal grant of up to approximately $30 million from the U.S. Department of Energy's Office of Clean Energy Demonstrations (OCED) for the pioneering Columbia Energy Storage Project, a proposed 200-megawatt hour energy storage system, based on Energy Dome’s signature technology: the CO2 Battery™. This visionary battery system, aptly named the “Columbia Energy Storage Project”, is poised to be a trailblazer in the United States, marking a pivotal stride towards a more sustainable, reliable, and cost-effective energy future. Claudio Spadacini, CEO of Energy Dome, declared: “I’m honored to be part of this remarkable journey alongside Alliant Energy. The Columbia Energy Storage Project marks the genesis of a new era, where the
Settlement Administrator Angeion Group Announces Proposed Settlement In U.S. Dollar LIBOR-Based Instrument Class Action22.9.2023 16:00:00 EEST | Press release
There are lawsuits impacting individuals and institutions that entered into over-the-counter financial derivative and non-derivative instruments directly with 17 banks and that received payments tied to U.S. Dollar LIBOR. A Settlement totaling $101 million has been reached with Coöperatieve Rabobank U.A. (“Rabobank”), Lloyds Banking Group plc, Lloyds Bank plc, HBOS plc, and Bank of Scotland plc (together, “Lloyds”), Royal Bank of Canada (“RBC”), and Portigon AG and Westdeutsche Immobilien Servicing AG (together “Portigon”). Earlier settlements totaling $680 million were reached with Barclays, Citibank, Deutsche Bank, HSBC, MUFG, Norinchukin, and SocGen bringing the total settlement amount to $781 million. The remaining Non-Settling Defendants include Bank of America, Credit Suisse, JPMorgan Chase, Royal Bank of Scotland, and UBS. What does the Settlement provide? The Settlement will create a Settlement Fund totaling $101 million that will be used to pay eligible Class Members who submi
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom