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The global re - Commerce Department marketplace is poised for growth as consumersincreasinglysettle for pre - possess goods to save on cost , and as some discover witting pulmonary tuberculosis . With the global re - commerce food market expected to continue itsgrowthspurt , market place like Saudi Arabia’sSoumare wait to becharm user in the Middle East and North Africa ( MENA ) region .
Soum was launch in the Kingdom of Saudi Arabia in 2021 , and is now eyeing increment expansion to other MENA country , beginning with the United Arabs Emirates . The plans are get by its recent $ 18 million Series A funding .
The round was precede by Saudi ’s Jahez Group with participation from New York - based Isometry Capital alongside existing investors Khwarizmi Ventures , AlRajhi Partners and Outliers Venture Capital . It follows $ 4 million in seed funding in 2021 .
Beyond enlargement , the inauguration , whose top list are electronics , is also increasing the category it hatch by including products like automobiles and collectibles .
“ We are expanding into different geographics and are looking at the whole MENA region . We have also started testing raw categories to fulfill our visual sensation of being a property where you’re able to sell everything from telephone to automobiles , ” saidFahad Al Hassan , who co - founded Soum withBader AlmubarakandFahad Albassam .
“ We require to make purchasing and sell well-off and accessible to everyone , ” said Al Hassan , who antecedently work out as a advisor at PwC and strategy director at Saudi ’s midland translation ministry .
Abdulaziz Alhouti , the chief investiture officer of Jahez Group , the parent company of Jahez , the Saudi nutrient manner of speaking platform that go bad public in 2021 , point out on the beat told TechCrunch : “ The second - bridge player food market has been only overtop by classifieds and they did a good caper , but as we progress in the digital age , we require to see something that is more convenient , frictionless , sustainable and that insure trust . This is the preposition that Soum brings to the table . ”
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Omniful , a provision range and e - commerce enablement inauguration , emerge from stealing with $ 5.85 M
Soum manages the entire process from listing to delivery . Deliveries are supported by third - party logistics partners . To list products , sellers are required to send images of their items for pre - favourable reception . The inauguration also treat and holds payments until buyers affirm receipt , as a precautional measure for sham .
Al Hassan said most good take three to four days to deliver , and users have 24 hour to originate retort , if products are unsatisfactory . It has plan to extend the rejoinder time period to a workweek or even a calendar month for some product .
The inauguration makes money through commissions for every particular sold . The charge is based on a stove of factors including provision and need .
“ The direction ranges between 10 and 20 % of the product note value . The high the product value the less percentage and the more frequent the trafficker is the less it becomes ; so , multiple cistron are considered , ” say Al Hassan , add that Soum gets more than 30,000 listings every month . iPhones and laptops are the top merchandising product .
Al Hassan expect greater growth for the company as the intake of homegrown solutions retain , and follow Saudi Arabia ’s push for local solution to wade off reliance on international market . Besides , the country is said to be in the midst of a technical school microphone boom , with data designate a stiletto heel in the number of tocopherol - commercebusinessesand uptake of e - services .
Saudi-Arabian shopping and BNPL platform Tamara tops $ 1B valuation in $ 340 M Series C funding
