Salla, which claims to be among the leading SaaS e-commerce enablers in Saudi Arabia, has raised $130 million in a Pre-IPO funding round which has been “co-led by Investcorp and Sanabil, and with the participation of STV as the largest investor.”
This new investment is said to “represent a milestone in Salla’s journey and a testament to the platform’s monumental impact on the regional e-commerce ecosystem.”
Since their initial investment in Salla in 2020, the company explains that it has “developed a comprehensive SaaS solution integrated with over 400 applications, empowering merchants to seamlessly build their e-commerce websites, manage inventories, process payments, and fulfill orders, all within a few hours.”
Today, the company claims that it “supports 80,000 active merchants generate over $7 billion in e-commerce sales.”
According to the firm, this growth not only “underscores the escalating demand for e-commerce solutions in the region, but also highlights Salla’s pivotal role in the digital economy: by providing a robust, scalable solution, Salla facilitates the transition of traditional businesses to the digital world and supports new entrepreneurs in launching their ventures.”
The firm’s decision to double down on Salla is said to “reflect their confidence in Nawaf Hariri and his team of over 160 developers focused on technology and product development to continue innovating and scaling, as they see a clear path for the company to become a flagship tech brand on the public market.”
The team says it is grateful to be “part of Salla’s remarkable growth journey in enabling e-commerce landscape in MENA.”
During the past 10 years, the Middle East and the wider MENA region has emerged as a major global economic hub. That’s why the adoption of innovations like those developed by Fintechs and large Insurtech firms are required so that the region can expand business operations and diversify its economy.
Although the majority of Middle Eastern nations have accumulated a large sovereign wealth fund due to their massive oil reserves, a lot more diversification in their economies is needed and Fintech provides a way to enable the region’s fast-growing digital economy.
