Saudi Software Startup Rewaa Closes USD 27 Million Series A Round
With the new funds, Rewaa aims to provide retailers with technical solutions to facilitate inventory, sales and payments.
Saudi software startup Rewaa has closed a Series A funding round of USD 27 million, led by Aramco owned and Saudi-based venture capital fund, Wa’ed Ventures.
A number of leading investors participated in the round including Graphene Ventures, Vision Ventures, Derayah VC, and STC’s Corporate Innovation Fund (CIF), which marked the CIF’s first foray into the Saudi market.
Founded in 2018 by Mohamed Alqasir and Abdullah Aljadhai, Rewaa provides retailers with a cloud-based solution to allow easy management of inventories. With the new funds, Rewaa aims to further provide retailers with technical solutions to facilitate inventory, sales and payments through one portal.
“This investment propels us toward our vision of becoming the optimal technological partner for small and medium-sized businesses in the retail sector,” Mohamed Alqasir, co-founder and CEO of Rewaa, tells StartupScene. “By contributing to the industry's digital transformation through the creation of a globally competitive product.”.
Rewaa has already processed SAR 7 billion in transactions and is one of the Kingdom’s fastest growing SaaS companies in the MENA. Rewaa has served over 7000 retailers both in Saudi as well as globally and has generated around 250 jobs in the Kingdom.