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Saudi Arabia’s tech scene is witnessing a significant milestone as software startup Salla announced a successful completion of a $130 million investment round, setting the stage for its upcoming initial public offering (IPO). The fundraising, led by global investment company Investcorp, saw participation from Sanabil Investment, a subsidiary of the kingdom’s Public Investment Fund (PIF), and STV, an existing investor.

Investcorp’s contribution stems from its $500 million Saudi-Pre-IPO Growth Fund, established in 2022 to back a diversified portfolio of businesses, with a primary focus on Saudi Arabia. Salla, founded in 2016, has emerged as a game-changer in the software-as-a-service (SaaS) sector, catering primarily to small and medium-sized enterprises (SMEs).

At the core of its offerings is a fully digitized and automated solution empowering merchants to swiftly establish e-commerce websites, commence online sales within hours, seamlessly process online payments, and efficiently manage product shipments to end-users. The platform’s user-friendly interface and comprehensive toolkit have propelled its rapid adoption, witnessing an impressive $7 billion in e-commerce sales since 2020.

With a clientele surpassing 80,000 merchants and featuring a diverse array of 400 applications, Salla is a promising innovation in Saudi Arabia’s tech landscape. The company’s relentless pursuit of excellence is further exemplified by its dedicated team of over 160 developers committed to driving technological advancement and product innovation.

As Salla prepares to embark on its IPO journey, the latest investment injection underscores investor confidence in the company’s growth trajectory and underscores its pivotal role in shaping the future of e-commerce in the region, both domestically and beyond.