Saudi-based Community-driven E-Commerce Platform Zid Raises $2 million

Saudi-based Community-driven E-Commerce Platform Zid Raises $2 million


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, Zid

startupbahrain.com

Founded in 2017 by entrepreneurs Mazen AlDarrab and Sultan AlAsmi, Zid helps brick and mortar stores and sellers to create their merchant accounts and reach buyers online.

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


Rate this Article

What to get your Startup Story published? We are all ears!

Submit Startup Story ➔

About the author

Editorial Staff

The Editorial Staff at LAFFAZ encompasses fandoms of startup culture, crazy researchers, data analysts and writers who decrypt strenuous information into graspable news, produce noteworthy features and compelling stories.

Connect with us!
FacebookTwitterInstagram

View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *