Riyadh-based marketplace for secondhand products, Soum has successfully secured $18 million in Series A funding led by Jahez and participation from Isometry Capital along with existing investors participating, Khwarizmi Ventures, Alrajhi Partners, and Outliers Venture Capital.
Founded by Fahad Al Hassan, Bader Almubarak, and Fahad Albassam, Soum has witnessed tremendous growth since its seed round 18 months ago. The company’s sales have grown by 40x, underpinned by strong and improving unit economics and maintaining an outstanding customer satisfaction score. Soum has delivered to and from 150+ Saudi cities, effectively building a first-of-its-kind unified national marketplace to buy, sell, and discover products with trust and convenience. The Soum app launched less than two years ago, has already received more than 4 million downloads in Saudi Arabia and is seeing traction in the UAE.
Soum, which enables both SMEs and individuals to sell in its marketplace, will use the funding to accelerate the company’s expansion regionally and scale beyond its core vertical of secondhand electronics in which it enjoys market leadership in KSA. With the addition of high-value categories for secondhand products, Soum will enable users to sell products ranging from collectibles to automobiles, tapping a combined $40Bn market.
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.”
Buyers and sellers in the MENA region have endured the frustration of navigating spam-infested classified platforms. By acting as a trusted intermediary for each transaction, Soum alleviates the stress of both buyers and sellers, ensuring a seamless and secure 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.”
