KSA Ecommerce Startup Zid to Expand into New Markets After $7M Fund
The investment will also allow the ecommerce-in-a-box specialist to automate and digitise the ecommerce process for retailers, merchants and consumers alike.
KSA-based ecommerce enabler, Zid, has announced that it has raised $7 million in Series A funding, marking the second round of investment the startup has raised since it was founded in 2017. Led by GLobal Ventures and with participation from existing investors, Elm and Arzan VC, it follows a pre-Series A investment of $2 million in July 2019.
As an 'ecommerce-in-a-box' solution that enables businesses to go online, Zid helps clients build their own eStores. Over the last two years the startup has achieved 10x growth in gross merchandise volume and increased merchant orders to 3.6 million consumers. Its merchant network includes over 5,300 stores across 14 different categories in the retail sector.
“Zid has transformed from a single product to a company providing a rich-toolbox and variety solutions helping our customers and improving the E-commerce ecosystem,” said co-founder and CEO of Zid, Sultan Al Asmi. “This achievement is due to the hard work and dedication of our stellar team, capable of achieving any goal.”
With the investment, Al Asmi and co will look to expand into new markets and retail verticals, while also digitising and automating more of the ecommerce experience for retailers, merchants and consumers alike.
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