KSA’s Soum Closes $18 Million Series A Round
The startup will soon enable users to sell anything from cars to collectibles, giving it access to a $40 billion market.
Saudi Arabia-based re-commerce marketplace Soum has wrapped up a $18 million series A funding in a round led by Jahez, with participation from Isometry Capital along with existing investors Khwarizmi Ventures, Alrajhi Partners, and Outliers Venture Capital, according to a press release.[1]
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Founded in 2021 by Fahad Al Hassan, Fahad Albassam, and Bader Almubarak, Soum has created KSA's first-ever unified marketplace for purchasing and selling goods, with deliveries to and from more than 150 Saudi cities.
In Saudi Arabia, the Soum app, which lets people and SMEs sell items on its marketplace, has been downloaded over 4 million times. It is also gaining popularity in the UAE.
The funding will go toward expanding Soum's scope beyond its primary sector of used electronics, where it leads the market in Saudi Arabia, and speed up its regional expansion.
In addition, the startup will soon enable users to sell anything from cars to collectibles, accessing a $40 billion market overall.
In 2022, Soum raised $4 million in seed funding, led by Outliers Venture Capital and Mazen Aljubeir, with participation from Khwarizmi Ventures, Ammar AlKhudairy, and multiple angel investors.