RIYADH – A Saudi-based emerging company and e-commerce platform, known as Sary, has successfully raised $130 million from investors, including Investcorp. This is anticipated to be the company’s final financing round before its planned initial public offering (IPO).
Investcorp disclosed that it led this investment round, which also saw participation from Sanabil Investments, owned by the Saudi Public Investment Fund, and the venture capital firm STV.
Established in 2016 in Mecca, Sary aims to bolster the entrepreneurial ecosystem in the Kingdom by providing small and medium-sized businesses and aspiring entrepreneurs with a dedicated solution to realize their e-commerce ambitions.
Today, Sary’s platform enables merchants to tap into a $20 billion e-commerce market, expected to grow by more than 25% annually in the coming years.
Since 2020, Sary has facilitated e-commerce sales worth $7 billion and currently serves over 80,000 active merchants on its platform.
STV had previously supported Sary, which offers programs for e-commerce companies to create their own websites and handle online payments.
