Saudi business-to-business ecommerce platform Sary combines forces with ShopUp from Bangladesh, giving birth to a new entity named Silq, and collectively amassing a substantial investment of $110 million
In a groundbreaking move, Saudi Arabia's B2B ecommerce marketplace Sary and Bangladesh's largest B2B commerce platform ShopUp have merged to form the Silq Group. This combined entity claims to be the largest B2B commerce platform serving the fastest-growing consumer markets across the Gulf and Emerging Asia.
The merger, backed by a $110 million funding round led by Sanabil Investments and Peter Thiel's Valar Ventures, brings together two powerhouses that have significantly impacted the business landscape. The platforms have served over 600,000 retailers, hotels, restaurants, cafes, and wholesalers, impacting tens of millions of customers in mom-and-pop shop communities.
Since inception, Sary and ShopUp have facilitated over $5 billion in transactions and more than 100 million shipments. They have also disbursed over $750 million in embedded financing, providing crucial financial support to businesses in their respective regions.
Afeef Zaman, Founder & CEO of ShopUp, will serve as the CEO of the Silq Group, while Mohammed Aldossary, Founder & CEO of Sary, will lead Silq Financial as CEO. This strategic leadership arrangement is expected to drive the group's growth and expansion in the coming years.
Following the merger, both ShopUp and Sary brands will continue to operate in their respective geographies under their existing brand names. This move ensures continuity for the millions of customers who rely on these platforms for their business needs.
The funding includes both equity investment and a financing facility for Silq Financial, the group's newly established financial services arm. This infusion of capital will be instrumental in further strengthening the group's financial services offerings and driving its growth in the region.
With this merger, Silq Group has positioned itself as a significant player in the global B2B commerce landscape, combining large-scale market reach and financial/logistics services across two fast-growing regions. This merger is a testament to the potential of digital commerce in transforming the business landscape in the Gulf and Emerging Asia.
[1] Silq Group Press Release [4] Valar Ventures Press Release
This news article provides a clear and concise summary of the merger between Sary and ShopUp, highlighting the significance of the combined entity in the B2B commerce landscape. It maintains factual accuracy and provides essential information about the merger, its funding, and its impact on the business community.
The merger between Sary and ShopUp, backed by $110 million in funding from Sanabil Investments and Peter Thiel's Valar Ventures, positions the new entity, Silq Group, as a significant player in the global B2B commerce landscape, leveraging technology to impact business and finance. The combined platform aims to strengthen financial services offerings in the Gulf and Emerging Asia, benefiting over 600,000 retailers, hotels, restaurants, cafes, and wholesalers.
