Saudi-based Rewaa scores $27m in Series A, eyes retail industry transformation
Saudi Arabia’s fast-growing retail tech platform, Rewaa, has secured $27 million in a Series A funding round. The financing was spearheaded by Wa’ed Ventures, a venture capital fund fully owned by Aramco. Also joining the high-profile round were 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.
Rewaa Processes $2bn in Transactions, Serves 7,000 Retailers
The company, specializing in omnichannel inventory management, accounting, and point-of-sale (POS) solutions, boasts an impressive $2 billion in processed transactions. Rewaa is on the rise as one of the fastest-growing SaaS companies in the MENA region. It serves over 7,000 retailers in Saudi Arabia and abroad while creating more than 250 jobs.
Rewaa Targets SMBs, Enables Retail Digital Transformation
Mohammed Alqasir, Co-Founder and CEO of Rewaa, envisions the platform as the ultimate tech ally for small-to-medium-sized businesses (SMBs) in the retail sector. “This investment propels us toward our vision of becoming the optimal tech partner for SMBs in the retail industry. We aim to make an impact by increasing efficiency through the industry’s digital transformation,” Alqasir stated.
Integrated Solutions Since 2018
Founded in 2018 by Mohammed Alqasir and Abdullah Aljadhai, Rewaa offers a cloud-based solution that seamlessly blends online and physical store inventory. The platform also provides integrated POS and accounting modules, aspiring to be the go-to tech solution for retailers to manage inventory, sales, and payments.
Wa’ed Ventures Supports Rewaa’s Revolutionary Approach
Fahad Alidi, Managing Director at Wa’ed Ventures, lauded Rewaa’s approach to digital transformation for retailers. “Rewaa’s revolutionary approach to digitizing and optimizing operational processes based on efficiency and scale-up goals perfectly addresses the needs of the typically-scattered retail industry,” he noted.
Long-term Backing and Future Growth
“We had the privilege of knowing Mohammed and Abdullah since their early days as founders. We’re proud to back their growth today as they transform Rewaa into the go-to cloud-based POS and inventory management platform for local and regional retailers,” added Alidi.
STC’s Corporate Innovation Fund Invests in Rewaa’s Success
Majed AlJarboua, General Manager at STC’s Corporate Innovation Fund & Entrepreneurship, expressed satisfaction in investing in Rewaa. “Through our investment, we seek to participate in developing technologies that support the retail market, including the fast-growing and efficient platform that Rewaa has become,” he said.
