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KSA's Sary Raises $30.5 Million Series B Round from VentureSouq

The investment looks to take advantage of a large boom in digital startups in the MENA region, which was further expedited by the conditions and limitations of the Coronavirus pandemic.

Saudi-based B2B marketplace Sary has raised $30.5 million in a Series B round by VentureSouq, which saw participation from a number of existing shareholders as well as new contributions from US-based investors Rocketship.vc and STV.

“Core to VentureSouq’s overall fintech thesis is the emerging trend of embedded financial services,” VentureSouq Co-Founder and General Partner Suneel Gokhale said. “In Sary’s case, we see this move into credit as directly contributing to top-line growth, diversifying revenue streams, and improving unit economics for a strong, proven vertical-specific technology company.”

The investment looks to take advantage of a large boom in digital startups in the MENA region, which was further expedited by the conditions and limitations of the Coronavirus pandemic and its subsequent lockdown, which placed digital platforms at an unexpected advantage. Sary plans to use this investment to expand its offerings to include services such as credit provision, and to develop its geographical reach across the region.