The funds come less than a year after Retailo raised $2.3 million in a pre-seed round, bringing the E-commerce marketplace startup’s total financing to $9 million.
Saudi-based business-to-business (B2B) E-commerce marketplace startup Retalio has closed a $6.7 million seed investment round—the largest seed round investment on record for a Saudi startup.
Led by Shorooq Partners and Abercross Holdings, and with the participation of AgFunder, Arzan Venture Capital, and former Careem executive Junaid Iqbal, the round saw an investor base with strong regional roots and an extensive global reach.
Investors were clearly impressed with what they had recently seen with Retailo, given that the record funding comes less than a year after Retailo raised $2.3 million in a pre-seed round—already one of the highest in the region—and followed it up with an average of 35 percent monthly growth. This raises the Saudi-based startup’s total financing to $9 million.
Co-founder Talha Ansari was bullish in the wake of the record funding, “with this investment, Retailo is geared for hyper-growth to rapidly build on what we have already achieved in a short time. The current round of $6.7 million will not only help us expand our existing verticals across MENAP but also build new, much-needed technology products for the highly underserved SME market, and bring us closer to achieving our grand vision of unlocking the earning potential of 10 million SMEs.”
Boasting a high-calibre senior leadership with experience stemming from a range of companies including Careem, McKinsey, Rocket Internet, Amazon, Ebay, Dubizzle, Daraz, and Foodpanda, Retailo was founded in 2020 by former Careem leaders Talha Ansari, Muhammad Nowkhaiz, and Wahaj Ahmed. It seeks to digitise, streamline, and ultimately supercharge retail using innovative technology to simplify complex supply chains.
Currently, Retailo operates in Riyadh and Karachi, offering next-day delivery to thousands of stock-keeping units (SKUs) from leading fast-moving consumer goods (FMCG) brands. Retailo has its own fulfilment centres, a last-mile delivery network, and has already provided services to over 30,000 retailers.
The startup will use the new investment to expand scope in existing markets, continue growing its team, and further develop their products. In the short period it has been operating, it has expanded to two key markets in the MENAP region and is on track to become a leading regional player in the B2B E-commerce realm.