News
Retail Enablement Company Zid Raises $50 Million
Saudi-based retail enablement company, Zid, has successfully raised $50 million in a funding drive led by IMPACT46.
![retail enablement company zid raises $50 million](https://techmgzn.com/wp-content/uploads/2022/10/retail-enablement-company-zid-raises-50-million.jpg)
Zid, the Saudi Arabian retail enablement company, has seen investment from the likes of Aramco venture capital arm (Waed Ventures) and Endeavor Catalyst in a recent round of fundraising, led by IMPACT46, paving the way for future expansion into new markets and helping to further modernize the retail sector.
The recent funding comes after a string of successes for Zid, after the company doubled its revenues from both subscriptions and transactions, as well as seeing a 50% increase in orders, with 7 million users now having made transactions through the platform.
Zid was created to enable merchants to grow their online selling channels. It is now taking on a broader mission to modernize the entire retail sector, improving efficiencies and helping business owners increase their profits.
The company has rolled out solutions enabling retailers to improve both shipping (ZidShip) and payments (ZidPay) and plans to offer financial and cross-border shipping products in the near future.
Also Read: Aramex Has Successfully Tested Drone Deliveries In Oman
“We appreciate the continuous belief and trust that our investors have put into the company, the leadership, and the team. We are focused on being the regional optimum solution for each economy we operate in, having proved it in Saudi Arabia,” says Sultan AlAsmi, Co-founder and CEO of Zid.
Like international giants such as Shopify, Zid is building a community that enables merchants to master online selling with a full-fledged eCommerce ecosystem equipped with sophisticated features. Unlike larger corporations, however, Zid is focused on fostering deep connections with merchants and strengthening the community as a whole. After completing the recent round of funding with help from asset management and advisory organization IMPACT46, the future looks bright for this progressive retail enablement company.
News
Mamo Completes $3.4M Funding Round To Enhance Fintech Services
The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.
![mamo completes $3.4 million funding round to enhance fintech services](https://techmgzn.com/wp-content/uploads/2024/07/mamo-completes-3.4-million-funding-round-to-enhance-fintech-services.jpg)
UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.
Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.
Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.
Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.
Also Read: A Guide To Digital Payment Methods In The Middle East
Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.
To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.
-
News4 weeks ago
Amazon Prime Day 2024: Get Ready For 6 Days Of Amazing Deals
-
News4 weeks ago
Samsung Unpacked 2024: What To Expect From The July 10 Event
-
News4 weeks ago
Coursera Report Shows Surge In UAE Interest In AI Upskilling
-
News4 weeks ago
Meet Dubai’s Groundbreaking Smart Robot Delivery Assistant