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Jeddah-based ecommerce platform Resal has closed a USD 9 mn funding round from Derayah Ventures Fund, Al Wafrah AlThanya Investment Company, Venture Souq, Ad Diriyah Asset Management, Nomad Holdings, and Bugshan Investment Group, according to a press release.
What we don’t know: Information about which funding stage this is and the structure of the investment wasn’t disclosed. It’s also unclear how much each institution invested in the round, and how much share they are receiving in return.
Use of proceeds: The startup plans to use the fresh funds to expand into new verticals, diversify its offering by launching new products, and expand “its partner network and infrastructure across several different sectors.” The company claims to have onboarded 1k brands on its platforms.
Background: This investment round follows a pre-series A round in 2019 when the digital payments and rewards startup raised USD 800k led by Business Incubators and Accelerators Company, with participation from Derayah Ventures and Riyadh-based events company Nayyara.
A snapshot of KPIs: “We have doubled our sales growth recently and have increased the number of beneficiaries of our solutions to more than 1.5 mn users and over 1k entities and organizations across more than 15 sectors,” said Co-founder and CEO of Resal Hatem Kameli.
Regional footprint: Resal currently operates in Saudi, the UAE, Bahrain, Kuwait, Qatar, and Oman, with plans for further expansions into the MENA region.
Among Resal’s most notable partners: Careem, Max, Marsool, Adidas, Netflix, Noon, Shein, and Almosafer.
About Resal: Founded in 2016 by Hatem Kameli and Fouad AlFarhan, the startup provides digital solutions that connect merchants, companies, and consumers, enabling the management and exchange of loyalty points, prepaid cards, and vouchers. The company’s three platforms — Resal for Merchants, Resal for Business, and Resal Wallet app — are tailored to meet the needs of each user group. Resal’s app can be downloaded on the App Store or Google Play.
