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RIYADH: Saudi ecommerce startup marketplace, Soum, has raised $4 million in a seed round led by investors Outliers Venture Capital and Mazen Al-Jubeir.
Founded in 2021, the startup has seen more than 10 percent growth in the industry of re-selling of electronic devices and is aiming to capitalize on that growth, the company said in a statement.
The acquired funds are set to support the startup in expanding its operations and market efforts to become a leading ecommerce platform.
“Although we have grown exceptionally fast, we are still in the very beginning of capturing a huge market opportunity,” CEO and co-founder of Soum, Fahad Al-Hassan, said in a statement.
The round also included participation from venture firms Khwarizmi Ventures, Ammar Al-Khudairy, and multiple angel investors, including Al-Jubeir.
Saudi fintech Malaa Technologies raises $1.7m in seed round
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