e-Retail enablement company Zid has raised $50M in a Series B funding round led by IMPACT46 with participation from new investors such as Aramco Venture Capital arm (Waed Ventures) and Endeavour Catalyst and previous investors took part too such as Global Ventures, Elm Company, Arzan, and MSA.
Zid was established in 2017 with the goal of assisting shops in developing their own online sales channels. The objective of the startup is to “modernize the retail sector” b y providing and empowering business owners and retailers with tools and products that will boost the efficiency of their operations and increase their bottom line.
Sultan AlAsmi, co-founder and CEO of Zid, commented on the company’s expansion. “We appreciate the continuous belief and trust that our investors have put into the company, the leadership, and the team. We are focused on being the regional optimum solution for each economy we operate in, having proved it in Saudi Arabia.”
The business launched services to enable Zid retailers with shipping (ZidShip) and payment (ZidPay), producing a large increase in sales and adoption of their products. “Zid and its team showed the ability in the past years to turn challenges to solutions that can enable retailers and partners to grow. We will be continuing on the same direction with the aim to modernize the retail sector in the region,” shared Mazen AlDarrab, Zid’s Co-founder and Chief Growth Officer.
Zid will use the funds to expand into new markets across Saudi Arabia and the surrounding region, dominate new retail niches, as well as digitize and automate more creative ways to modernize the retail industry.
Abdulaziz AlOmran, Managing Partner at IMPACT46, added: “Zid is building a community by enabling merchants to master online presence with a full-fledged e-commerce infrastructure equipped with sophisticated features. The deep connection with merchants is what makes a difference in strengthening this community. Excited to lead the round and welcome Zid to IMPACT46’s family, we see amazing founders that balance each other while pushing the team forward to new frontiers.”