Secondhand product marketplace Soum raised $18 M Series A funding from Jahez
The secondhand product marketplace Soum, with its headquarters in Riyadh, has raised $18 million in Series A funding. Leading this funding round is Jahez, with participation from Khwarizmi Ventures, Alrajhi Partners, Outliers Venture Capital, and Isometry Capital in addition to the existing investors.
Since its seed round eighteen months ago, Soum—which was founded by Fahad Al Hassan, Bader Almubarak, and Fahad Albassam—has experienced phenomenal growth. The company’s excellent customer satisfaction rating and robust and improving unit economics have supported a 40x increase in sales. With deliveries to and from more than 150 Saudi cities, Soum has successfully created the nation’s first-ever unified marketplace for the convenient and trustworthy purchase, sale, and discovery of goods.
Launched less than two years ago, the Soum app is gaining popularity in the United Arab Emirates and has already been downloaded over 4 million times in the Kingdom of Saudi Arabia (KSA).
With the money, Soum—which lets individuals and SMEs sell in its marketplace—will expand beyond its primary vertical of used electronics, where it leads the market in Saudi Arabia, and speed up its regional expansion. Soum’s high-value categories for used goods will allow users to tap into a $40 billion market by allowing them to sell anything from cars to collectibles.
Fahad Alhassan, Co-Founder & CEO of Soum, said, “Soum was founded with a vision to be the marketplace to buy and sell anything online with convenience, trust and ease. The success of this funding round is a testament to the dedication of our entire team. With the backing of the region’s leading investors, we are excited to kick-off our next stage of growth, while continuing on our mission to transform how customers buy and sell online”.
Marketplaces rife with spam have left buyers and sellers in the Middle East and North Africa (MENA) frustrated. For every transaction, Soum serves as a reliable middleman, relieving the pressure on both buyers and sellers while guaranteeing a smooth and safe transaction.
Commenting on the investment round, Abdulaziz Alhouti, Chief Investment Officer of Jahez, stated, “We are impressed by the remarkable achievements of the Soum team. Their dedication to innovation and customer satisfaction aligns with Jahez’s vision. This investment is a testament to our confidence in Soum’s potential to redefine the e-commerce landscape in the Middle East”.
Using the Series A funding as a driving force, Soum is well-positioned to expand further and strives to become the Middle East’s leading innovator, customer-satisfaction leader, and market impactor. The mobile app Soum can be downloaded from the Google Play Store and the Apple App Store.
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