We are participating in a $75 million USD (~281.25m SAR) Series C round in Sary, a B2B platform that’s reinventing wholesale starting with FMCG retailers and suppliers.
Since our initial investment, each and every interaction we have with Mohammed and Khaled, Sary’s co-founders, gives us more and more conviction on their strong vision, forward thinking, and outstanding ability to execute as one of the best entrepreneurial teams in KSA. We are proud to announce our participation in Sary’s $75m Series C round, making it the first KSA startup to close a Series C round. The round was led by Sanabil investments, with participation from Wafra International Investment Company, Endeavor Catalyst, and a number of existing investors.
In the past year, Sary has significantly grown its team and has become one of the prime destinations for talent in the local startup scene. The company also successfully built a wide FMCG distribution network, grew in scale by 16x, improved their topline by 14x, and tapped into new verticals.
As Sary is becoming the go-to B2B FMCG platform, they continue to innovate and integrate native and third party solutions that solve massive pain points across the FMCG supply chain, starting with an embedded financing solution that addresses the multi-billion dollar gap in credit offerings and retailer’s cash flow issues. The company is also expanding into new verticals, as well as leveraging its digital offering and existing supplier network that serves the broader GCC market to expand into those markets. The $90bn USD intra-GCC trade market alone more than doubles Sary’s target addressable market, and puts Sary on the global playing field.
Our doubling-down on Sary makes this STV’s 8th follow-on investment - so far. We are proud to continue to work with and support our founders on their journey to create the region’s digital champions.