As Saudi B2B e-commerce Sary increases its influence across the MENA region, it has bought Egyptian B2B platform Mowarrid.
Mowarrid, which was founded in 2018 by Ahmed Essam and focuses on the B2B food and grocery industries, allows over 10,000 shops to digitally buy all of their needs across a variety of over 1000 goods on its platform.
Meanwhile, Sary, the Saudi counterpart, links SMEs with the biggest worldwide brands and regional players, with over 350,000 clients and 40,000 enterprises served in 15 cities across Saudi Arabia. It raised $112 million in a Series C round in December, bringing its total capital to $112 million, and with the purchase of Mowarrid, it is now growing across MENA.
“We are excited to join forces with Ahmed and the amazing team at Mowarrid. Their hyperlocal understanding of the Egyptian market is profound, and we believe that our visions are in harmony toward reinventing the B2B ecosystem across the region,” said Mohammed AlDossary, co-founder and CEO of Sary.
“Egypt is a strategic market for us and has a huge synergy with the Saudi and GCC markets. The industry has witnessed significant growth in the past years with very strong digitisation in the wholesale and retail trade industry which accounted for around 15 per cent of Egypt’s GDP.”
Joining together with Sary, according to Essam, produced a powerful company with a substantial footprint, regional network, and technological skills in two of the region’s most important economies.
“Sharing many values and principles, our combined force is our greatest advantage in the next years as we continue to solidify our grounds in the current markets and continue the expansion journey with a solid head start,” he said.
