Saudi Arabia-based re-commerce marketplace Soum has secured $18 million in a Series A funding round led by Jahez, according to a press release.
Soum, which enables both small and midsize enterprises (SMEs) and individuals to sell in its marketplace, will use the funding to accelerate the company’s expansion regionally. Isometry Capital also participated in the fundraising transaction, along with existing investors, Khwarizmi Ventures, Alrajhi Partners, and Outliers Venture Capital.
Founded by Fahad Al Hassan, Bader Almubarak, and Fahad Albassam, Soum’s sales hiked by 40x due to strong unit economics and maintaining customer satisfaction scores.”—Zawya
