stc’s Corporate Investment Fund (CIF) participates in an investment round for “Rewaa”
- The funding round (A) for the company “Rewaa” recorded a new record for the most prominent “Software as a Service” (SaaS) (A) rounds in the Middle East and North Africa region in terms of funding volume.
- The list of major investors in the Series A funding round includes stc’s Corporate Investment Fund, led by Aramco’s Wa’ed Ventures fund, along with several other funds.
Riyadh, 28th August 2023 – stc Group, an engine of digital transformation in the MENA region announces the participation of its Corporate Investment Fund (CIF) in an investment round (A) totaling $27 million (100 million Saudi Riyals) in Rewaa, the leading retail management software. The round was led by Aramco’s “Wa’ed Ventures” venture capital fund, and the list of other investors participating in the round included Graphene Ventures from Silicon Valley, Sado Capital, Vision Ventures, Khwarizmi Ventures, Razm Investments, and other Venture Capitals.
stc’s CIF participation in this round aligns with its strategy to expand and grow and underscores its commitment to innovation. It also amplifies the Group’s ongoing strategy to influence the broader corporate landscape by embracing groundbreaking technologies, avant-garde business models, and pioneering innovation.
Such steps are pivotal in augmenting stc’s suite of services, furthering its growth trajectory and expansive development. Central to stc’s investment strategy is its focus on startups that resonate with the local market’s needs. By empowering these startups, stc aims to weave a tapestry of services and solutions that boost its offerings and catalyze the local entrepreneurial ecosystem.
On this occasion, Majed Ibrahim Aljarboua, Corporate Fund and Entrepreneurship General Manager said: “Our investment in Rewaa is a strategic step to support the core technologies of the retail sector. The remarkable progress that Rewaa has achieved in recent months is a testament to the efficiency of the project and the team. We look forward to being a part of Rewaa’s journey towards developing advanced retail solutions as a catalyst for digital transformation in the region.”
Rewaa, co-founded in 2018 by Mohammed Al-Qasir and Abdullah Aljadhai, offers a cloud-based system to manage the inventory of traditional store retailers and online sales outlets. The company has successfully met the needs of 7,000 retailers in the Kingdom and beyond, creating more than 250 local job opportunities.
stc will work to support Rewaa by leveraging its complete technological ecosystem capabilities, providing consultations to the team, and connecting with all sectors within the group and stc’s subsidiaries.
It is worth mentioning that stc is one of the pioneering companies in supporting entrepreneurship by investing in several startups through other funds such as STV. It also supports entrepreneurs by offering distinguished services like offices, logistical, marketing, and financial support through the inspireU program.
