Egyptian B2B market Mowarrid acquired by Saudi agency Sary

Egyptian B2B market Mowarrid has been acquired by Saudi B2B e-commerce Sary because the latter expands its footprint throughout the MENA area.

Based by Ahmed Essam in 2018, Mowarrid is targeted on the B2B meals and grocery markets, and permits greater than 10,000 retailers to digitally procure all their wants throughout quite a lot of greater than 1000 merchandise on its platform.

Saudi equal Sary, in the meantime, connects MSMEs with the largest worldwide manufacturers and regional gamers, and has reached greater than 350,000 clients and served over 40,000 companies in 15 cities throughout Saudi Arabia. It closed a Sequence C spherical in December, taking its complete funding to US$112 million, and has now begun increasing throughout MENA with the acquisition of Mowarrid.

“We’re excited to hitch forces with Ahmed and the wonderful group at Mowarrid. Their hyperlocal understanding of the Egyptian market is profound, and we imagine that our visions are in concord towards reinventing the B2B ecosystem throughout the area,” stated Mohammed AlDossary, co-founder and CEO of Sary.

“Egypt is a strategic marketplace for us and has an enormous synergy with the Saudi and GCC markets. The business has witnessed vital progress up to now years with very robust digitisation within the wholesale and retail commerce business which accounted for round 15 per cent of Egypt’s GDP.”

Essam stated becoming a member of forces with Sary created a robust entity with a strong footprint, regional community, and technological capabilities in two of crucial economies within the area.

“Sharing many values and ideas, our mixed power is our biggest benefit within the subsequent years as we proceed to solidify our grounds within the present markets and proceed the growth journey with a strong head begin,” he stated.

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