Retailo Technologies, a B2B eCommerce platform, claims to have raised $36 million in Series-A funding.
Graphene Ventures, based in Silicon Valley, led the financing and was an early-stage investor in internet heavyweights Snapchat and Lyft. 500 Global, Agility, Aujan, Tech Invest Com, and Mentor’s Fund are among the other investors in the Series-A round, all of whom have relevant experience and investments in retail technology startups.
Retailo also received venture debt from the Nahda Fund in the Middle East. Shorooq Partners, Abercross Holdings, Arzan VC, and AgFunder all participated in the round as repeat investors, demonstrating their continued confidence in Retailo’s performance.
Retailo’s total funding now stands at $45 million, thanks to the current funding. Last year, it stated that it had raised $2.3 million in pre-seed capital and $6.7 million in seed funding.
“Small businesses can find a catalog of over 5,000 SKUs on Retailo’s mobile platform, which are delivered to their doorstep in less than 24 hours,” Retailo said in a press release. “They can also use buy-now-pay-later (BNPL) services, which provide them with payment flexibility and credit lines.”
Retailo, based in Riyadh, was launched in July 2020 by former Careem executives Talha Ansari, Wahaj Ahmed, and Mohammad Nowkhaiz. Retailo has expanded to over ten cities across three countries: Saudi Arabia, the United Arab Emirates, and Pakistan, according to the company.
“Retailo is a scalable organization with hundreds of millions of dollars in annualized revenue and colleagues from a wide range of nationalities and backgrounds who have left leading institutions like Amazon, Delivery Hero, and Goldman Sachs to fulfill Retailo’s mission of building technology that empowers 10 million retailers in the region,” said Himag Vaidya, Retailo’s Head of Strategy.
The Series-A funding will enable Retailo to continue into the next phase of its expansion into additional territories, verticals, and products, according to the company. “As global supply chains become more stressed, pushing up commodity prices and slowing GDP growth, the value of smart supply chains grows even more,” Retailo CEO Talha Ansari said.