Middle East focused B2B e-commerce marketplace Retailo Technologies has announced raising of $36 million in Series A funding.
Based in Riyadh and was founded by former CEO Careem Talha Ansari, Wahaj Ahmed and Mohammad Nokhaiz in July 2020. The company says its growth has been rapid, with Retailo expanding to more than 10 cities in three countries: Saudi Arabia, the United Arab Emirates and Pakistan.
The funding round was hosted by Silicon Valley-based Graphene Ventures, an early investor in tech giants Snapchat and Lyft. Other investors are Global, Agility, Aujan, Tech Invest Com and Mentor’s Fund, all of which have sizable positions in the Tech space.
Retailo also raised project debt from the Middle East Renaissance Fund. In addition, Shurooq partners Ubercross Holdings, Arzan VC and AgFunder took part in the round as regular investors, demonstrating their continued belief in Retailon’s successful future.
The latest funding brings Retailo’s total funding to $45 million. The company previously raised $2.3 million in seed funding and $6.7 million in seed funding last year.
The Series A funding will help Retailo move into the next phase of expansion into new geographies, sectors and products. “As global supply chains are under pressure, resulting in higher commodity prices and slower GDP growth, the cost “Smart supply chains are becoming increasingly important,” said Talha, CEO of Retailo.
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