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Aramco’s VC unit leads tech startup’s $27m funding round

Mohammed Alqasir and Abdullah Aljadhai, co-founders of Rewaa Wa'ed Ventures
Mohammed Alqasir and Abdullah Aljadhai, co-founders of Rewaa

Technology startup Rewaa has raised SAR100 million ($26.6 million) in a Series A funding round led by Wa’ed Ventures, Saudi Aramco’s venture capital fund.

Saudi Telecom Company’s Corporate Innovation Fund (CIF), launched in February to invest in early-stage tech companies across various digital sectors, also participated in the round.

Other investors included Silicon Valley’s Graphene Ventures, Sadu Capital, Vision Ventures, Khwarizmi Ventures, RZM Investment, Derayah VC and Abdulrahman Sulaiman Al Rajhi & Sons Investment Company.

Riyadh-based Rewaa has processed over SAR7 billion in transaction value to date, rising to become one of Saudi’s fastest-growing software-as-a-service companies in the Mena region. The startup specialises in inventory management software.

“This investment propels us toward our vision of becoming the optimal technological partner for small and medium-sized businesses in the retail sector,” said Mohammed Alqasir, co-founder and CEO at Rewaa.

Founded in 2018, Rewaa provides retailers with a cloud-based platform that synchronises online and physical store inventory, in addition to offering point-of-sale and accounting functions. 

Since its inception, the startup has served more than 7,000 retailers in the kingdom and abroad and has created more than 250 local jobs.

Saudi Arabia earlier this month launched a $200 million fund to invest in local and global high-tech companies as part of plans to diversify and create more high-quality technical jobs.

The funding is part of the strategy that Crown Prince Mohammed bin Salman unveiled for the King Abdullah University of Science and Technology.

In March, Saudi Arabia’s Capital Market Authority and Financial Sector Development Program launched the Investment in Fintech VC fund.

Abdullah Alswaha, minister of communication and information technology, said just before the launch that the country had attracted more than $9 billion in investments.

Capital market fintech companies such as Manafa, Wethaq, Dawul and Malaa have all completed fundraising rounds, he added.

The fintech industry raised $239 million in funding in 2022, according to venture data firm Magnitt.