Six Retail Technology Funding Cycles You Need to Know About – Retail Technology Innovation Hub

4. Zid

Saudi Arabia-based e-commerce specialist Zid has raised $50m in a Series B funding round led by IMPACT46 with participation from new investors, the venture capital arm of Aramco (Waed Ventures ) and Endeavor Catalyst.

Previous backers Global Ventures, Elm Company, Arzan and MSA were also involved.

This is the third round of investment Zid has received since the company was founded in 2017, and follows a $7 million Series A round in March 2021 led by Global Ventures.

The product will be used to expand into new markets in Saudi Arabia and the region, enter new retail verticals, as well as digitize and automate more retail solutions.


Kenzz, an e-commerce startup focused on the Egyptian and MENA markets, completed a $3.5 million seed funding round involving Outliers Venture Capital, Foundation Ventures and Samurai Incubate.

The proceeds will be used to recruit new talent, develop product categories and assemble a wide variety of products to meet the preferences and tastes of different consumer segments.

The company also plans to invest in technology and launch its new app soon.

Ahmed Atef, CEO of Kenzz, says, “Now is the time to fully optimize e-commerce in Egypt and the MENA region. We’ve designed Kenzz to specifically appeal to people who aren’t yet convinced that e-commerce is a convenient and mainstream way to shop.

“We are revolutionizing the shopping experience to deliver relevance, convenience, trust and value, and look to the future with great confidence.”

Sarah AlSaleh, Partner at Outliers Venture Capital, comments, “Kenzz solves two key problems that today’s e-commerce incumbents aren’t addressing: affordable and reliable last-mile logistics and an uncompromising philosophy of customer trust.”

“The diversity and depth of Kenzz’s founding team strongly positions them to combine a wealth of experience and expertise in building a category-defining business and e-commerce champion for Egypt. .”

6.Max AB

Egyptian B2B e-commerce platform for food and groceries, MaxAB, has closed a $40 million pre-Series B funding round involving Silver Lake, British International Investment (BII) and DisruptAD, the spin-off venture capital fund from ADQ, with participation from existing investors, Beco Capital, 4DX Ventures, Flourish Ventures and Africa Platform Capital.

The new investment will bolster its geographic expansion plans, including full coverage of Morocco by the end of 2023 and entry into Saudi Arabia. It will also be used to develop its e-commerce arm and the FinTech part of its business.

Amer Al Ameri, Head of Venture Capital and Technology Investments at ADQ, said, “MaxAB develops technology-driven products and services that solve problems related to better integrated, efficient and secure grocery supply chains. reliable for the MENAP region.

“By digitizing the largely traditional, multi-layered and fragmented food and grocery sector supply chain, they have broken the mold and presented a domino effect of opportunities, one of which is the launch of the FinTech vertical. “

“We are excited to embark on this journey with MaxAB and look forward to providing strategic guidance for continued growth and impact.”

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