RIYADH: Tamara, a financial technology company that allows consumers to spread out payments for their purchases, has received the most venture capital funding of any Saudi startup this year, according to a report by MAGNITT.
The buy now, pay later company raised $110 million in April via a Series A round led by global payment processor Checkout.com, adding to $6 million it raised earlier in the year.
In second place is Sary, a business-to-business e-commerce marketplace targeting grocery stores, which attracted $30.5 million in May. The Series B round was led by Silicon Valley’s Rocketship.vc, Saudi Arabia’s largest VC investor STV and returning investors Raed Ventures, MSA Capital and Derayah VC. Sary has now raised $37 million altogether.
The third best funded Saudi startup this year is Foodics, which specializes in restaurant management systems. The Riyadh-based business received $20 million in Series B funding in February in a round co-led by PIF subsidiary Sanabil Investments and STV.
Endeavor Catalyst, Elm and Derayah Ventures also joined the round, which and takes its total funding to date to $28 million.
Fourth of MAGNITT’s list is Azom, a developer of electronics and computer software, which raised $9.5 million in February. The Series A round from distribution company Assr AlJawal and an undisclosed individual investor brings total funding for the company to $10.7 million.
In fifth place was Lendo, which offers instant invoice financing to SMEs through its Shariah-complaint lending marketplace. It raised $7.2 million in March from investors led by Derayah Ventures and including Seedra Ventures, Shorooq Partners, 500 Startups, and Impact46.