Elm, the leading digital solutions provider, announced its first investment round in "Zid" Company, one of the most prominent startups in e-commerce. The investment is worth USD2 million (SR7.5 million).
Majid Alarifi, Elm Vice-President of the Marketing sector, said that this investment goes in line with Elm's strategic vision to diversify its investment sources and invest in the lead technology companies, both locally and globally. It also aims to enable senior and emerging entrepreneurs to accelerate growth and increase chances of success. Moreover, it will enhance entrepreneurs’ financial returns and strategic position in the market through various tools, including counseling, activating long-term strategic relationships with Elm, as well as its direct equity participation to support innovation and the development of joint investment returns. Alarifi emphasized that investment in this sector is consistent with the 2030 Vision and one of its most important objectives that is the development of the retail sector and the transformation into modern trade.
Mazen Aldarrab, Zid’s Founder and Head of Marketing said, "We thank our customers for their trust in the company. He highlighted that this investment comes to support the expansion and growth that the company has been experiencing in the Kingdom and the region. Zid started its business with introducing the e-commerce vision into a box and building a real partnership with traders in order to enable them to increase their sales and growth.
Sultan Alasimi, Co-Founder and CEO said, "at Zid, we seek to redefine the retail sector through the e-retail solutions and a cluster of solutions that will develop the sector. Zid’s impact is reflected through its growth, which has increased fourfold a year and a monthly growth in orders up to %20 compared to the previous month. These are all indicators of a promising future awaiting us by InshaAllah".
This investment tour led by the leading digital solutions provider "Elm", in cooperation with "MSA", "ARZAN Capital" and a number of investors. It helps develop “Zid” to provide innovative e-commerce solutions and improve the quality of technical and practical expertise. “Zid” and its team are pioneers in the e-commerce field in the Saudi market, with more than 1800 stores and trades of more than SR 140 million now.
“Zid” is a Saudi holding company founded in 2017. It aims to enable the retail sector to engage in the e-retail world easily and professionally. It is an effective partner to those who are engaged in the e-commerce. It provides them with the easiest and fastest way to grow their business by providing fully integrated and professional e-commerce stores. Moreover, its system enables access to dozens of service providers and partners in various fields and disciplines. Furthermore, Zid Academy provides a variety of educational content to help entrepreneurs start their business and grow it.
It is worth mentioning that Elm is interested in supporting the technical initiatives and technology localization. It continuously works on reinforcing its business, sharing its experiences and innovations in markets where it operates. It also facilitates solutions that meet customer needs through multi-channel platforms, including digitization services, training and consulting solutions and IT solutions, as well as providing digital outsourcing for various operations.