Saudi-based community-driven e-commerce platform Zid has recently raised $2 million from Connecticut-based Elm Street Ventures along with few other global VCs and angel investors.
The newly raised funds will be deployed to attract new segments in the retail industry and expand Zid’s presence across Saudi Arabia.
“Thanks to all of our customers who believed in us since the beginning, this investment came to support the growth that we’ve been keen on achieving. We are witnessing daily growth in the e-commerce industry, not only in Saudi but in the region. We started Zid with a very simple mission: to enable retailers to capture the opportunity in e-commerce and provide them the whole experience in a box”.
– Mazen AlDarrab – Co-founder, Zidstartupbahrain.com
Apart from providing a seller account and generating sales, Zid also extends merchants’ experience by bringing onboard Zid Academy that educates merchants to improve their market reach through educational content.
Zid is witnessing a 500 percent growth rate every year, which is the prime reason behind investors’ growing interest in the startup. Zid’s net sales are estimated to $37 million from 2017 to the present.
ⓘ Image credits: Startup Bahrain