Mowarrid, Egypt-based B2B marketplace acquired by Saudi Arabia-based B2B e-commerce platform, Sary
Mowarrid, an Egyptian leading B2B Marketplace which focuses on B2B food and grocery, allowing retailers to procure their needs across its platform digitally has been acquired by the Saudi Arabian-based B2B e-Commerce platform, Sary for an undisclosed amount.
Last December, the start-up secured the biggest E-commerce funding round in Egypt ($75 million Series C), bringing the total funding raised by the startup to $112 million. This acquisition underlines Sary’s strategic goal of dominating the North African and Middle Eastern markets, beginning with Egypt, Africa’s second-largest economy.
Sary’s acquisition marks the start of a series of growth initiatives aimed at realizing its objective of leading B2B e-commerce in emerging countries, commencing with MENAP. A regional network can link buyers and sellers across marketplaces by bridging its regions.
Ahmed Essam built the firm to a $25 million run rate, allowing more than 10,000 shops to digitally acquire all of their needs from the platform’s more than 1000 items.
The rapidly expanding Saudi B2B marketplace extended across the region focused on providing a frictionless experience and employing cutting-edge technology to link MSMEs with the largest network of worldwide brands and regional players.
“We are excited to join forces with Ahmed and the amazing team at Mowarrid, their hyper-local understanding of the Egyptian market is profound, and we believe that our visions are in harmony toward reinventing the B2B ecosystem across the region.” Mohammed AlDossary, Co-Founder and CEO of Sary, said.
“Egypt is a strategic market for us and has a huge synergy with the Saudi and GCC markets. The industry has witnessed significant growth in the past years with very strong digitization in the wholesale and retail trade industry, which accounted for around 15% of Egypt’s GDP.” He added.
The Egypt-based B2B platform was able to bootstrap its early-stage investment into scaling success as it enters an elevated level of operation since its inception. Mowarrid was able to leverage the power of intelligent technologies, focusing on an underserved SME segment rooted with potential, to create a unique market offering and make its way to Exit. At the same time, this acquisition’s valuation and financial details remain undisclosed.
“Since 2018, Mowarrid’s journey has been rewarding by enabling small businesses in Egypt with smarter supply chain solutions. Today, joining forces with Sary to build one stronger entity with a solid footprint, regional network, and technological capabilities in two of the most important economies in the region.” founder and CEO of Mowarrid Ahmed Essam explained.
Sari served over 40,000 companies in 15 Saudi cities and moved over 270,000 pallets of products.
“Sharing many values and principles, our combined force is our greatest advantage in the next years as we continue to solidify our grounds in the current markets and continue the expansion journey with a solid head start.” Mohammed AlDossari said.