Saudi C2C market Soum raises $4 million Seed spherical

Soum, a Riyadh-based C2C market, has emerged from stealth with $4 million in seed funding led by Outliers Enterprise Capital and Mazen Aljubeir. The spherical additionally included participation from Khwarizmi Ventures, Ammar AlKhudairy, and a number of angel buyers with robust entrepreneurial and operational backgrounds.

‍Soum is reimagining recommence within the MENA area and past by constructing probably the most handy, reliable, and clear recommence market, beginning with client electronics in Saudi Arabia.

The worldwide secondhand market is rising quickly. Secondhand electronics, specifically, is rising at greater than 10% yearly, pushed by an rising client worth sensitivity and longer {hardware} lifespan. But regardless of the worldwide tendencies, the consumer expertise for purchasing and promoting a secondhand product is damaged for MENA customers. Customers navigate ad-heavy platforms and sometimes carry the burden of constructing belief and finishing the transaction safely. Soum will not be solely introducing a greater consumer expertise; Soum is productizing belief within the transaction and unlocking a chance value greater than $40 billion. The startup’s progress up to now speaks to the unmet buyer wants within the area. After solely eight months, Soum is already processing tens of millions of {dollars} of annualized gross sales.

Fahad Al Hassan, Fahad Albassam, and Bader Almubarak, the three co-founders coming from PwC, BCG, and McK, are constructing a extremely entrepreneurial organisation with a powerful concentrate on experimentation, iteration, and fast execution throughout all capabilities.

“We’re tackling a severe buyer ache level and providing an answer that’s an order-of-magnitude higher than some other substitute. Though now we have grown exceptionally quick, we’re nonetheless within the very starting of capturing an enormous market alternative. The important thing to unlocking this chance is constructing a extremely unbiased and succesful group of doers and problem-solvers pursuing a standard purpose of constructing a category-defining firm that delights consumers and sellers. I’m very happy with our group, and I’m thrilled to undergo this journey with each Soumer” stated Fahad Al Hassan, co-founder and CEO

Outliers’ managing accomplice Mohammed Almeshekah shared, “Immediately, solely 12% of second-hand client digital gross sales occur digitally at this time, and greater than 80% of digital gross sales are captured by the incumbent. Soum is unlocking the chance each on the provision aspect in addition to the demand aspect and is led by three outlier founders who’re exceptionally positioned to construct Soum, bottoms-up, right into a multi-country and multi-category profitable enterprise. We’re thrilled to accomplice with Bader, Fahad & Fahad.”

Soum’s investor Mazen Aljubeir commented, “Soum is pursuing a large alternative and rising very quickly. Most significantly, the Soum founders have assembled top-of-the-line groups within the area and constructed an unimaginable tradition of teamwork, execution, and buyer focus. It’s been inspiring to look at their progress they usually’re solely getting began.”

 

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