Rewaa Raises US$27M in Series A Funding

Rewaa, a Riyadh, Saudi Arabia-based omnichannel inventory management system provider, raised US$27M in Series A funding.

The round was led by Wa’ed Ventures, a VC fund wholly owned by Aramco, with participation from STC’s Corporate Innovation Fund (CIF), Graphene Ventures, Sadu Capital, Vision Ventures, Khwarizmi Ventures, RZM Investment, Derayah VC, and Abdulrahman Sulaiman Al Rajhi & Sons Investment Company.

The company intends to use the funds to expand operations and its business reach.

Founded in 2018 by Mohammed Alqasir and Abdullah Aljadhai, Rewaa provides a cloud-based solution that connects online and physical store inventory and enables companies to manage inventory, sales, and payments. It also features point-of-sale (POS) and accounting modules for an integrated platform. According to the founders, the company processed over $2 billion in transaction value to date, serving more than 7,000 retailers in Saudi and abroad, and creating over 250 jobs.

FinSMEs

30/08/2023