A Saudi Arabian ecommerce business services company has secured $7 million in a Series A funding round, the firm has announced. The investment was led by the UAE-based Global Ventures.
Zid enables any retailer to move its business from traditional retail to modern retail by setting up a dedicated online store, and integrate direct payment, warehousing, and delivery providers.
The platform already has more than 20 service providers providing an outstanding delivery success-rate to customers.
“Zid has transformed from a single product to a company providing a rich-toolbox and variety solutions helping our customers and improving the ecommerce ecosystem,” Co-founder and CEO of Zid, Sultan al-Asmi, said.
This is the second round of investment Zid has received since the business was founded in 2017, and follows a pre-series A investment round of $2 million in July 2019. Zid has grown in the past two years, with the pandemic accelerating growth.
Milestones include a 10x growth in Gross Merchandise Volume (“GMV”), and orders made via Zid’s merchants up to 3.6 million consumers. Zid’s merchant network now boasts over 5,300 stores across 14 different categories from small to large merchants in the retail sector.
In the second half of 2020 the company launched Zid Ship, a transport management solution connecting logistics providers directly with merchants.
Zid will use this round to expand into new markets, conquer new retail verticals and attract top talent, as well as digitize and automate more innovative solutions to improve the e-commerce experience for retailers, merchants and consumers.