• With the size of the funding round, Rewaa’s Series A is the largest Series A SaaS in the MENA region.
• The Series A investor cohort includes Aramco’s Wa’ed Ventures and STC’s Corporate Investment Fund (CIF), and Silicon Valley investor Graphene Ventures, along with five of the top venture capital firms in the region.
• Since its founding, the company has provided solutions to more than 7,000 retailers in the Kingdom and abroad and has created over 250 local jobs.
• Rewaa was recently selected by Ministry of Communications and Information Technology (MCIT) among the first cohort of the Saudi Unicorns Program, a national program supporting high-growth tech companies on their way to achieving unicorn status.
Riyadh, Saudi Arabia - August 28, 2023 – Rewaa, the leading full-stack inventory management platform for the retail industry, has raised $27 million (SAR 100 million) in a Series A funding round. The round was led by Wa’ed Ventures, the Kingdom-based VC fund wholly owned by Aramco.
STC’s Corporate Innovation Fund (CIF), launched earlier in February to invest in early-stage tech companies across various digital sectors, participated in the round. Rewaa marks CIF’s first venture investment in Saudi Arabia since its launch.
Other participating investors included Silicon Valley’s Graphene Ventures, Sadu Capital, Vision Ventures, Khwarizmi Ventures, RZM Investment, Derayah VC, and Abdulrahman Sulaiman Al Rajhi & Sons Investment Company.
According to the founders, the company has processed over SAR 7 billion in transaction value to date, positioning it as one of Saudi’s fastest-growing SaaS companies in the MENA region. The company specializes in omnichannel inventory management software.
“This investment propels us toward our vision of becoming the optimal technological partner for small and medium-sized businesses in the retail sector. By contributing to the industry's digital transformation through the creation of a globally competitive product, we aim to make a significant impact on retail merchants, empowering them to deliver unparalleled service with heightened efficiency,” said Mohammed Alqasir, Co-Founder and CEO at Rewaa.
Founded in 2018 by Mohammed Alqasir and Abdullah Aljadhai, Rewaa provides retailers with a cloud-based integrated solution that synchronizes online and physical store inventory seamlessly, in addition to offering Point-of-Sale (POS) and accounting modules for a fully integrated platform. The company aims to become the technical partner for retailers by providing advanced technical solutions to manage inventory, sales, and payments which facilitate various business functions all from one portal.
Since its inception, Rewaa has served more than 7,000 retailers in the Kingdom and abroad, creating over 250 local jobs. The company’s innovation and success led to its recognition as one of the 35 tech companies in the Saudi Unicorns Program. The program itself was announced during LEAP, the region’s largest technology conference, as a joint initiative by the Ministry of Communication and Information Technology (MCIT), the National Technology Development Program (NTDP), and Misk Foundation.
“Rewaa’s revolutionary approach to digitizing and optimizing operational processes based on efficiency and scale-up goals for SMEs perfectly addresses the needs of the typically-scattered retail industry,” said Fahad Alidi, Managing Director at Wa’ed Ventures.
“We had the privilege of knowing Mohammed and Abdullah since their early days as founders. We are proud to back their growth today as they transform Rewaa from a simple digital tool to the go-to cloud-based POS and inventory management platform for local and regional retailers,” he adds.
“We are pleased to invest in Rewaa, which has proven itself through tremendous in recent months, thanks to a and thanks to a great team behind these achievements. Through our investment, we seek to participate in developing technologies that support the retail market, including Rewaa'a company,” commented Majed Aljarboua, General Manager at stc Corporate Funds & Entrepreneurship.
