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RIYADH: As technology transforms the world from physical to digital, the retail industry, digitally known as e-commerce, has been one of the most rapidly changing sectors in the Middle East and North Africa.

The e-commerce industry in the MENA region is estimated to be valued at $31 billion in 2021 and will reach over $50 billion by 2025. In this edition, Arabian Weekly has compiled a list of the 10 most-funded e-commerce startups in the region.

Sary

Total funding $112 million

Founders Mohammed Aldossary and Khaled Alsiari

Investors Sanabil Investments, Wafra International Investment, Endeavor Catalyst, VentureSouq, Rocketship.vc, Ra’ed Ventures, MSA Capital, Derayah VC, STV and others

Headquarters Saudi Arabia

Sary is a B2B platform that connects small businesses such as mini-markets, restaurants, cafes and hotels with consumer goods wholesalers.

Its latest funding was in 2021, where it secured $75 million in its series C round led by the Saudi Public Investment Fund subsidiary Sanabil Investments.

Mohammed Aldossary and Khaled Alsiari

MaxAB

Total funding $62.5 million

Founders Belal El Megharbel and Mohamed Benhalim

Investors BECO Capital, 4DX Ventures, Flourish Ventures, RMBV, IFC, Crystal Stream Capital, Endeavour Catalyst and Endure Capital

Headquarters Egypt

An e-commerce platform for retailers, MaxAB manages procurement and delivers groceries to shops and store owners can use the application to order goods, request delivery or logistics.

With expansion plans, the startup raised $40 million in a series A funding round led by RMBW in 2021 to increase its staff and market footprint.

Retailo

Total funding $44 million

Founders Talha Ansari, Wahaj Ahmed and Mohammad Nowkhaiz

Investors Shorooq Partners, AgFunder, Arzan Capital, Abercross Holdings

Headquarters Saudi Arabia

Another B2B e-commerce Retailo digitizes the restocking process for small and medium retailers and shops through their mobile app and almost 200,000 square feet of warehousing space.

With a fleet of 200 vehicles serving 50,000 retailers, the company raised $37 million in a series A funding round in 2022.

Millennial Brands

Total Funding $42 million

Founder Alexandra O’Neill

Investors The Global Emerging Markets Group and Al-Attiyah Family Office

Headquarters UAE

The Gen Z direct-to-consumer e-commerce firm Millennial Brands aims to boost ambitious brands across the Middle East, North Africa and Southeast Asia through its platform.

The company used its latest $35 million growth round to launch a new brand, develop consumer tech and expand existing categories.

Brimore

Total Funding $41 million

Founders Mohamed Abdulaziz and Ahmed Sheikha

Investors International Finance Corporation, Endure Capital, Fawry, Flourish, Endeavor Catalyst Fund, Disruptech, Algebra Ventures and Vision Ventures.

Headquarters Egypt

Egypt-based social e-commerce platform Brimore enables small and medium-sized businesses to get their product out to the mass market by connecting them to a vast network of distributors.

Founded in 2017, the
company claims to have grown 400 times in the past three years with more than 300 suppliers as it managed to raise $25 million in its latest series A funding round in 2022.

Nana

Sami Alhelwah

Total funding $80 million

Founders Sami Alhelwah, Abdulmajeed Alsukhan, Bakr Elsherif and Ahmed Alsamani

Investors MEVP, STV, Saudi Venture Capital Company, Watar Partners, Wamda Capital and others

Headquarters Saudi Arabia

Saudi-based online marketplace Nana allows its users to get groceries delivered right to their doorstep within 15-minutes, thanks to its collaboration with Google Cloud.

In February 2022, Nana secured $50 million in its latest round led by FIM Partners and STV to strengthen its presence in Saudi Arabia.

Floward

Total funding $34.2 million

Founders Abdulaziz B. Al-Loughani and Mohammed Alarifi

Investors STV and Impact46

Headquarters Kuwait

Another flourishing e-commerce firm Floward is an online flower and gifting company that sources flowers daily from the best growers and horticulturists worldwide.

The company’s flower delivery services are operating in nine countries following its $27.5 million series B funding round last year.

Capiter

Total funding $33.4 million

Founders Mahmoud Nouh and Ahmed Nouh

Investors Quona Capital, MSA Capital, Savola, Shorooq Partners, Foundation Ventures, Accion Venture Lab, Derayah Ventures and Next Billion Ventures

Headquarters Egypt

Founded by a former chief operating officer of SWVL, Capiter enables merchants to order products through an e-commerce platform with checkout and credit-receiving services available on their purchases.

Having raised $33 million in a series A round, the B2B marketplace serves over 60,000 merchants with more than 1,200 sellers.

Breadfast

Total funding $30 million

Founders Mostafa Amin, Muhammad Habib and Abdallah Nofal

Investors Vostok New Ventures, JAM Fund, Shorooq Partners, Endure Capital, Tinder’s co-founder Justin Mateen, YC Continuity Fund, 4DX Ventures and Flexport

Headquarters Egypt

What started as a bakery delivering fresh bread and pastries to customers, Breadfast now offers more than 2,500 supermarket items, including coffee, dairy and electronic items.

The company has over 250,000 registrations in over 11 cities in Egypt. Moreover, their last funding round was a $26 million series A co-led by Vostok New Ventures and Endure Capital.

Eyewa

Total funding $30 million

Founders Anass Boumediene, Mehdi Oudghiri and Abdullah Al-Rugaib

Investors Kingsway, Nuwa Capital, French Partners, Endeavor Catalyst, Derayah, Palm Drive, Hardy Capital, EQ2 Ventures, Wamda Capital, GS Shop, Equitrust, 500 startups, Khawarizmi and Faith Capital

Headquarters Saudi Arabia, UAE

The D2C omnichannel that went from e-commerce to on-ground retailer Eyewa offers eyewear through its online and offline network in six countries.

In 2021, Eyewa closed a $21 million series B round that was utilized for expansion as it now has 16 stores in Saudi Arabia and the UAE.



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