Saudi SaaS Startup Salla Raises $130 Million Ahead of Its IPO

Saudi Arabia-based SaaS startup Salla has raised $130 million in investments ahead of its initial public offering (IPO). The investment round was led by Investcorp, along with Sanabil Investment and STV.

Founded in 2016 by Nawaf Hariri and Salman Butt, Salla enables entrepreneurs and SMEs to set up e-commerce websites and start selling products online within a few hours. Through the SaaS platform, merchants can also accept online payments and ship products to customers, supporting them throughout the lifecycle of running an online business.

“We are deeply grateful for the trust and investment from Investcorp and Sanabil in Salla, which reflects their confidence in our vision and our platform’s potential,” Nawaf Hariri, CEO and co-founder of Salla, tells StartupScene. “This investment propels us forward in our ongoing mission to open opportunities and empower individuals, SMEs, and enterprises to start and expand their businesses both within and beyond Saudi Arabia. We are committed to delivering innovative, customer-centric solutions that simplify and enhance the e-commerce experience for our merchants.”

According to the startup, it has enabled $7 billion in e-commerce sales since its founding, and currently serves over 80,000 active merchants on its platform.

The investment was made through Investcorp Saudi Pre-IPO Growth Fund LP, which mainly invests in diverse companies based in Saudi Arabia.

In 2018, Salla raised an undisclosed fund from Saudi’s Vision Ventures and Raed Ventures, followed by a $8.5 million Series A  round led by STV in 2020.