ⓘ Featured image: Sary co-founders – Khaled Alsiari (L) and Mohammed Aldossary (R); Credits: MENAbytes
Dammam, Saudi Arabia-based on-demand digital marketplace Sary that connects small businesses with merchant wholesalers yesterday raised $6.6 million in a Series A round to match the skyrocketing demand amid Coronavirus outbreak. The round was led by Raed Ventures, MSA Capital and Derayah Ventures.
The latest investment will enable Sary to expand its footprint deeper across Saudi Arabia with the opening of two new offices by the end of 2020 to cater to 25 more cities.
Sary was founded in 2018 by Mohammed Aldossary, the former General Manager of Careem, and Khaled Alsiari in a move to fix the broken supply chain of the wholesale industry. The company enables merchants to directly order stock from the wholesalers and get them delivered within 3 hours.
Commenting on the investment round, Talal Alasmari, founding partner of Raed Ventures in a press statement said,
“Sary’s platform delivers a highly efficient supply chain solution, supporting micro and SME owners as they serve their communities at this critical time,”
“The platform also simplifies procurement and KSA tax compliance for users by providing digitized statements, leaving us excited by the double value potential for businesses and Government alike.”
In light of the arisen demand for consumer goods and grocery amid Covid-19 outbreak, Ben Harburg, MSA Capital’s Managing Partner commented,
“As we saw in China with SARS, and now Covid-19, these moments provide critical pain points for regional supply-chain businesses, forcing improvements in logistics, technology integration, and consumer touchpoints,”
“Sary is uniquely positioned to help lead these evolutions in the Saudi market, ensuring that products are available on demand, under all conditions.”