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Saudi Re-Commerce Startup Soum Secures $18M Series A Funding for MENA Expansion 🇸🇦

Saudi Re-Commerce Startup Soum Secures $18M Series A Funding for MENA Expansion 🇸🇦

#e-commerce
#startup
#consumer markets
#funding
Discover how Soum, the Saudi re-commerce platform, aims to revolutionize the second-hand market in the Middle East and North Africa (MENA) region with its recent $18 million funding. As consumers increasingly turn to pre-owned goods, Soum plans to expand its footprint to the United Arab Emirates and introduce new product categories, showcasing a commitment to sustainability and convenience in the digital age.

🌍 Market Expansion: Saudi-based Soum, founded in 2021, eyes MENA region growth, starting with the United Arab Emirates, fueled by its recent $18 million Series A funding.


📈 Diverse Offerings: In addition to growth, Soum diversifies its product categories, moving beyond electronics to include automobiles and collectibles, aligning with its vision to become a one-stop-shop for diverse items.


🚀 Convenience and Trust: Soum manages the entire selling process, ensuring convenience from listing to delivery, with stringent measures like pre-approval of item images, secure payment holding, and a customer-friendly return policy.


💸 Sustainable Revenue: The startup adopts a commission-based revenue model, charging sellers between 10% and 20% based on various factors, witnessing over 30,000 listings monthly, with iPhones and laptops leading the sales charts.


📈 Tech Boom in Saudi Arabia: Soum anticipates further growth amidst Saudi Arabia's tech boom, aligning with the country's push for local solutions and increased reliance on homegrown e-commerce businesses and services.


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