Saudi-based marketplace Soum emerges to raise $4m seed round 

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.