Zid, a Saudi-based retail enablement company, raised $50 million in Series B funding to expand operations and modernize the retail sector.

Information on the Target

Zid, a retail enablement company based in Saudi Arabia, has successfully raised $50 million (approximately 188 million SAR) in a Series B funding round. The round was led by IMPACT46, with participation from new investors including Waed Ventures, the venture capital arm of Aramco, and Endeavour Catalyst. Previous investors—Global Ventures, Elm Company, Arzan, and MSA—also contributed to this funding round.

This marks the third round of investment for Zid since its establishment in 2017 and follows a Series A investment of $7 million that took place in March 2021. The capital raised will be utilized to expand Zid's operations in new markets within Saudi Arabia and throughout the region while also exploring new retail verticals. Furthermore, it will focus on digitizing and automating innovative solutions aimed at modernizing the retail sector.

Industry Overview in Saudi Arabia

The retail sector in Saudi Arabia is experiencing substantial growth, driven by the rapid digital transformation and the adoption of e-commerce. Consumer behavior has shifted dramatically, leading many r