Only nine months into operations, Retailo has successfully closed a $6.7 million seed investment round, the largest seed capital raised by a Saudi startup. Retailo’s pre-seed funding of $2.3 million in October 2020 led by Shorooq Partners, was also the largest ever pre-seed round raised by a Saudi startup. Collectively, Retailo’s senior management has decades of experience of launching and growing businesses in seven countries in the MENAP region. Along with institutional investors, key individual investors also include Junaid Iqbal, former MD of Careem Saudi Arabia and Pakistan, who also serves as an adviser to the Retailo team. He said: “Informal retail is an extremely large market that is the backbone of employment and consumer spending in the MENAP region.

Source: The North Africa Journal May 20, 2021 08:03 UTC