Saudi Arabia-based retail supply chain startup, Retailo has raised US$ 2.3M in a pre-seed funding round held in October 2020. Retailo’s funding round was led by Shorooq Partners along with participation from 500 Startups, 92-Ventures strategic angel investors from the middle-eastern region. This investment is stated to be 92-Ventures first investment and therefore establishes Retailo as the first startup in its portfolio.
Retailo’s funding
Talha Ansari, Mohammad Nowkhaiz and Wahaj Ahmed founded the startup in this year September itself. Retailo offers a mobile app that provides retailers, manufacturers, distributors, and traders access to a list of suppliers. The B2B startup aims to encourage the 10 million SMEs in the Middle East, North Africa, Afghanistan and Pakistan (MENAP) region with instantaneous data and technology so as to make their retail supply chain suppler and more flexible. Retailo states that with funding it will first concentrate on Saudi Arabia as it is its home market. Then create a presence in the Pakistan market after proving itself in the former region.
The founders collectively said that The MENAP region is home to 700 million people and over 10 million SMEs. Its disorderly retail sector presents in front of them the perfect chance to increase the efficiency and productivity of the supply chain by using technology and real-time data. They further stated that they strongly believe in creating a positive impact in the lives of people by giving them occasions to augment their earning potential.
They quoted, “The MENAP region has a significant opportunity to increase its economic prosperity by unlocking the productivity delta that exists between the region and global benchmarks.”
About Shorooq Partners
Abu Dhabi based Shorooq Partners is a renowned seed-stage venture capital fund. They invest in startups in the Middle East, North Africa and Turkey. They strive to engage with startups founders’ on their journey from as early as the pre-seed stage. When they venture into a startup, they like to lead the round and help the rest of the course take flight seamlessly.
Their cohort of clients includes Spry, LumaHealth, PureHarvest, Joi, Sarwa, Clara, ImpactGuru, RENTSHER, LunchON, QuickBus, Lean, Capiter among many more.
The startup has multiple recognitions to its name, which includes:
- Investor of the Year 2018
- Fastest Growing VC Award in 2019
- Fintech Investor 2019
- Recognized by Forbes Middle East as a part of the top 20 VCs in the Middle East. Top 10 in UAE and No.1 in Abu Dhabi
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