Zid, a Saudi Arabia-based e-commerce enabler has raised $50 million in Series B funding, led by IMPACT46 with participation from Aramco's venture capital arm (Waed Ventures) and Endeavour Catalyst.
- This funding round follows a Series A investment of $7 Million in March 2021 led by Global Ventures.
- Zid will use this new funding to expand into new markets in Saudi Arabia and in the region, conquer new retail verticals, plus digitise and automate more innovative solutions to modernise the retail sector.
- Founded in 2017 by Sultan AlAsmi and Mazen AlDarrab, Zid enables retailers to sell and grow their own online channels, through its two solutions, ZidShip and ZidPay.
- The company aims to expand the offering of its two products to cover financing retailers and cross-border shipping.
- Zid has continued its growth in both acquiring new merchants and in transactions. The startup claims it has doubled its revenues from subscriptions and transactions.
- It has also recorded 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.