Abu Dhabi-based Shorooq Partners, Riyadh-based B2B e-commerce company in a pre-seed round led $2.3 million. The round was also attended by 92 Ventures and 500 Durian i.e. 500 Startups Fund for Southeast Asia, along with angels from ‘famous startups in the country and foremost management consulting firms.’
Established a little time ago, by Muhammad Nowkhaiz, Talha Ansari and Wahaj Ahmed, Retailo wants to enable the usage of real-time data and technology in the wholesale region of North Africa, Middle East and Pakistan by more than 10 million SMEs. Its marketplace helps retailer to buy inventory for its shops.
In Saudi Arabia and Pakistan, Retailo starts with small grocery stores, which is an opportunity of $100 billion. Apparently, Retailo was introduced a few months ago in Pakistan’s largest city, Karachi, and also in Riyadh recently. The company announced that it would concentrate on Saudi as its home market.
“The technologies and operations of Retailo combine to provide retailers, suppliers, distributors, and wholesalers with a clear value proposition. It focuses on delivering fair prices for SMEs; a one-stop shop to find out items and a chance to instruct everything which they desire, at any time they want,” the startup proclaimed.
The three founders commented on the occasion, “By giving them opportunities to boost their earning capacity, we truly believe in making an impact on people’s lives. By unlocking the production delta which is among the district and international targets, the MENAP area has a big chance to improve its economic condition. To 700 million people and 10 million small and medium-sized businesses, MENAP is a home and its disorganized retail sector offers the ideal chance to improve the supply chain’s productivity through the usage of real-time data and technology.”
Interestingly, both in Pakistan and Saudi Arabia, their rivalry comprises startups established by Careem alumni. Mohammed Aldossary, a former general manager of Careem, co-founded and led Sary, the leading Saudi player in space. Earlier this year the $6.6 million Series A closed. Saad Jangda, who was one of Careem’s founders, now is the co-founder of Bazaar, the Pakistani B2B e-commerce company that raised $1.3 million pre-seed earlier this year.
Shane Shin, Shorooq Partners Founding Partner, believes Retailo is headed by outstanding founders, “Seed stage investment is completely about supporting the correct individuals. We have taken a deep look at this and are happy to invest in an amazing team which is behind Retailo, which we have faith that it will develop into a big, national and international company successfully.”
“Although they run by one of the world’s fastest growing business simulations, their performance in the rural commodities and SMEs are much prosperous, has much prosperity and food security,” said Khailee Ng, Managing Partner, 500 Durian. “Technology is capable of the next billion will have an impact, and we are now watching it here with what Retailo did,” he further added.
