Saudi-based E-Commerce enablement platform, Zid, on Wednesday, raised $7 million in its Series-A funding round led by Global Ventures, with participation from Elm and Arzan Venture Capital.
Founded in 2017 by Mazen AlDarrab and Sultan AlAsmi, Zid raised $2 million Pre-Series A led by Elm VC in 2019.
The company claims that it has grown manifold during the pandemic period and its milestones include 10x growth in Growth Merchandise Volume (GMV) and orders made via Zid’s merchants up to 3.6 million consumers – whilst maintaining 99.99% up-time to it’s services. Zid says that its merchant network encompassed over 5,300 stores across 14 different categories from small to large merchants in the retail sector.
The company in Q3 2020 launched Zid Ship, a shipping management solution connecting logistics providers directly with merchants, via Zid’s dashboard, to provide a seamless and more integrated experience to merchants. The platform already has more than 20 service providers providing an outstanding delivery success-rate to customers.
Commenting on the latest development, Sultan AlAsmi, Co-founder & CEO of Zid, in a statement said,
“Zid has transformed from a single product to a company providing a rich-toolbox and variety solutions helping our customers and improving the e-commerce ecosystem. This achievement is due to the hard work and dedication of our stellar team, capable of achieving any goal.”
Mazen AlDarrab, Co-founder & Chief Growth Officer, added,
“We enable merchants on Zid’s platform to achieve their business goals through seamlessly tracking their sales and operations and working diligently on innovative solutions for the challenges facing the sector in Saudi Arabia and the region. We look forward to expanding Zid outside Saudi Arabia, and to bring to new markets our values that deliver a meaningful impact by building and enabling effective communities.”
Noor Sweid, Founder and General Partner of Global Ventures, added,
“We are confident Zid’s team, and its ambition, will make them one of our highest performing portfolio companies. Zid is a vital building block for the future of the industry through its innovative retail and fintech solutions, as well as gig and community development.”
The company is planning to deploy the fresh funds towards expansion into new markets, tap into new retail verticals, attract top talent, as well as digitize and automate more innovative solutions to improve the e-commerce experience for retailers, merchants and consumers.