Rewaa Seed Round
Kingdom of Saudi Arabia, Riyadh, 15 September 2020:
Rewaa has announced closing their three-million Saudi Riyal ($800k) seed round. The round was led by Abdulaziz Alyabis, with participation from the Saudi Venture Capital Company (SVC) and several other high-profile investors.
Rewaa offers the retail industry a cloud-based Inventory Management System. The system facilitates multi-channel selling using one screen, which integrates multiple branches, digital marketplaces, shopping carts, and local delivery applications. The Rewaa system is already being used by more than 1,000 retailers around the Kingdom of Saudi Arabia.
Mohammed Alqasir, co-founder and CEO of Rewaa, pointed out that this round will reflect on Rewaa’s growth and enable retailers to start their digital transformation with ease and at a reasonable price. He added, “With Rewaa platform, we aim to create an end-to-end digital ecosystem designed specifically for retailers to enable them to sell in multiple and different channels easily. Furthermore, we automate operational processes, therefore lowering the overall operational costs, and improve the quality of services provided to consumers through integrations with retail applications and platforms.”
Abdullah Aljadhai, co-founder and COO of Rewaa, added, “We are looking forward to the day when e-commerce will be considered the first choice for retailers. This can become a reality through enabling to list and display their branches’ products digitally in multi-channels and providing the technical tools to support in shipping orders from the nearest branch to the customer while minimizing errors whether related to an order canceled by the retailer due to stock shortage or other logistical challenges.”
Abdulaziz Alyabis, who led the seed round, said, “Rewaa is considered one of the most promising startups in the Kingdom as it managed to achieve enormous successes with its customers in no time. Rewaa continued growing despite the pandemic that affected most of the industries negatively. Leading the investment round came from a belief in Rewaa’s prosperous future with its great team’s leadership and the retail industry’s need for innovative software solutions to cope with the rapid change of consumers’ behaviors. We expect to see Rewaa become one of the leading cloud-based software companies in the Kingdom of Saudi Arabia and the world.”
It is worth mentioning that Rewaa is considered one of the leading companies in the region. They offer a service that focuses on providing a wide range of integrations with systems and is built specifically to serve the retail industry while developing products that are based on innovative solutions.