Riyadh-based re-commerce marketplace Soum has successfully closed an $18 million Series A funding round, spearheaded by Jahez, according to a recent press release. The infusion of capital is poised to propel Soum’s regional expansion efforts, consolidating its position in the burgeoning e-commerce landscape.
The funding round, which saw participation from Isometry Capital, alongside existing investors Khwarizmi Ventures, Alrajhi Partners, and Outliers Venture Capital, underscores investor confidence in Soum’s disruptive business model. Founded by Fahad Al Hassan, Bader Almubarak, and Fahad Albassam, Soum has experienced a remarkable 40-fold surge in sales, attributed to robust unit economics and unwavering customer satisfaction metrics.
With a reach extending to over 150 cities in Saudi Arabia, Soum has pioneered a unified national marketplace catering to diverse consumer needs, from collectibles to automobiles. Since its inception less than two years ago, the platform has garnered over 4 million downloads in Saudi Arabia alone, signaling a promising trajectory of growth and market penetration, particularly in the UAE.
Fahad Alhassan, Co-Founder and CEO of Soum, expressed enthusiasm for the company’s next phase of growth, leveraging the support of prominent regional investors. He emphasized Soum’s commitment to revolutionizing the online buying and selling experience, reaffirming the platform’s dedication to customer-centric innovation and market disruption.
