Sign in
Egyptian supply chain tech startup Qara successfully closed a USD 2.6 mn funding round led by strategic investors, CEO and co-founder Hassan Abouzeed told EnterpriseAM. The funding will go towards the startup’s expansion plans which include expanding its footprint in Saudi Arabia, he said.
(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)
Already established in the Kingdom: Qara entered the Saudi market six months ago and has active clients there after it was one of 15 global companies selected for relocation incentives from the Saudi National Technology Development Program’s (NTDP) Relocate Initiative, but “we can grow and totally disrupt the market in Saudi Arabia,” Abouzeed added.
Qara has its eyes on the rest of the region and beyond once it makes its mark on the kingdom: “The obsession right now is success in KSA — hands down,” but the priority after this is the UAE, the entire region, and then Europe and Africa, he said. The company’s SaaS model makes the product scalable across different geographies without having to be there in person.
No slowing down: Qara plans to launch a new funding round in spring 2025 to further its product development and fuel international growth, Abouzeed said.
About Qara: The startup offers a platform enabling manufacturers to verify product authenticity, streamline supply chain operations, and make data-driven decisions. Its flagship app, Asly, allows users to scan unique QR codes to verify the authenticity of products, combat counterfeiting, and access warranties and detailed product information. Qara has authenticated over 28 mn product units across Egypt, Saudi Arabia, and Kenya, connecting manufacturers with over 50k business users.
