October 13

Retailo Raises $2.3 Million in Seed Round To Boost Financial Inclusion

Retailo, the Riyadh-based B2B eCommerce startup, has announced $2.3 million of funding in a pre-seed round to go toward boosting small to medium-sized businesses (SMBs) in the Middle East, according to a press release.

The round was led by Abu Dhabi-based Shorooq Partners, while 500 Durian (the 500 Startups fund for Southeast Asia) and 92 Ventures chipped in as well, along with angels from the region’s top startups and leading management consulting firms, according to the release.

This was the second-largest pre-seed round in the Middle East, North Africa and Pakistan, as well as the largest for a Saudi-headquartered startup.

Photo courtesy of MegaPixl.

Source: PYMNTS (link opens in a new window)

Finance, Technology
financial inclusion, startups