Soum E-Commerce Platform Closes $18 Million Series A Funding, Accelerates Expansion in MENA Markets

Brand Ark recently reported that Soum, an e-commerce platform in the Middle East, has successfully closed a Series A funding round worth $18 million. The funding will primarily be utilized to expand its footprint in the Middle East and North Africa (MENA) region.

The lead investor is Jahez Group, alongside New York-based Isometry Capital, and several repeat shareholders who have already invested in Soum before, including Khwarizmi Ventures, AlRajhi Partners, and Outliers Venture Capital.It's worth noting that prior to Prior to this funding, Soum had already managed to raise $4 million in seed funding in 2021.

Founded in 2021 and headquartered in Saudi Arabia, Soum's main business is selling electronics, such as cell phones and computers. The platform offers its services to customers at commission rates ranging from 10% to 20% and promises to deliver goods within three to four days. In addition, consumers can request a refund within 24 hours if they are not satisfied with the product.

Since its launch, Soum's app has rapidly gained popularity in the Saudi Arabian region, with over 4 million downloads. According to the company, Soum's business has grown 40 times since its inception. With this new round of funding, Soum plans to accelerate its expansion in the region and further expand its product line into core vertical markets for electronics.

To summarize, Soum's latest funding demonstrates its potential for rapid growth and expansion in the e-commerce space, especially in the strategically important market of the Middle East and North Africa. With the injection of funds, Soum is expected to become a major player in the e-commerce space in the region in the coming years.