Rewaa’s US$27 million Series A: Leading a New Era in Retail Inventory Solutions

10X Technology

Mokshita P.
10X Technology
Published:

Rewaa’s US$27 million Series A: Leading a New Era in Retail Inventory Solutions

The investment will further Rewaa's mission to transform retail industry efficiency. The cloud-based platform integrates online and physical store inventory, offering Point-of-Sale and accounting modules, catering to small and medium-sized retailers.

Rewaa, a prominent full-stack inventory management platform catering to the retail industry, has successfully secured US$27 million [SAR 100 million] in a recent Series A funding round led by Wa’ed Ventures, a Saudi Arabia-based venture capital fund fully owned by Aramco.

With the backing of substantial funding and a formidable vision, Rewaa is poised to solidify its status as a transformative force within the retail technology landscape, ushering in enhanced operational efficiency for businesses across Saudi Arabia and beyond.

Participation in this funding round also featured STC’s Corporate Innovation Fund [CIF], which was introduced in February of this year with the objective of investing in early-stage technology companies across diverse digital sectors. The investment in Rewaa stands as CIF’s inaugural venture investment within Saudi Arabia since its establishment.

Rewaa has emerged as a pivotal player within the retail tech landscape by offering a cloud-based integrated solution that seamlessly synchronises inventory data between online and physical stores. The platform also provides comprehensive modules for Point-of-Sale (POS) and accounting, creating an all-encompassing toolkit for retailers.

To date, Rewaa has impressively processed over SAR 7 billion in transaction value, solidifying its status as one of Saudi Arabia's fastest-growing Software as a Service (SaaS) companies in the Middle East and North Africa (MENA) region. The company specialises in omnichannel inventory management software, positioning itself as a critical partner for the digital transformation of businesses.

Mohammed Alqasir, the Co-Founder and CEO of Rewaa, expressed his excitement about the investment, stating, "This funding accelerates us towards our vision of becoming the ultimate technological ally for small and medium-sized retail businesses. By spearheading the industry's digital evolution with our globally competitive product, we aim to revolutionise the retail landscape, enabling merchants to deliver unparalleled service with heightened efficiency."

Fahad Alidi, Managing Director at Wa’ed Ventures, lauded Rewaa's innovative approach to digitising and optimising operational processes. He remarked, "Rewaa’s revolutionary approach to digitising and optimising operational processes based on efficiency and scale-up goals for SMEs perfectly addresses the needs of the typically-scattered retail industry."

Since its inception, Rewaa has served a substantial client base of more than 7,000 retailers both within the Kingdom and internationally. The company's impact extends beyond its technological prowess, having created over 250 local jobs and earned recognition as one of the 35 tech companies within the Saudi Unicorns Program.