Qara Expands into Saudi Arabia with $2.6 Million Boost
Deal News | Nov 18, 2024 | Zawya
Qara, a supply chain tech startup based in the Middle East, has successfully completed a $2.6 million funding round, aiming to drive its expansion into the Saudi Arabian market. With a strong presence in Egypt, Kenya, and Saudi Arabia, Qara has developed a robust digital platform offering end-to-end supply chain solutions that enhance product authentication and visibility. This funding round is spearheaded by strategic investors and supported by initiatives like the National Technology Development Program in Saudi Arabia, which provides incentives for technological integration into the local ecosystem. The company, led by Co-Founder and CEO Hassan Abouzeed, aims to align its objectives with Saudi Vision 2030 through its innovative digital solutions. Its applications, like Asly, aim to combat counterfeiting and enhance B2B2C marketing, thus transforming the supply chain landscape in the MEA region.
Sectors
- Technology
- Supply Chain Management
- Manufacturing
Geography
- Egypt – Qara has established its product-market fit in Egypt and aims for expansion.
- Saudi Arabia – Qara is expanding into the Kingdom of Saudi Arabia with support from national initiatives.
- Kenya – Alongside Egypt and Saudi Arabia, Kenya represents one of Qara's operational markets.
Industry
- Technology – Qara operates within the technology sector, providing supply chain and digital solutions to enhance marketing and distribution.
- Supply Chain Management – Qara's offerings focus on optimizing supply chain processes, utilizing technology to ensure product authentication and traceability.
- Manufacturing – Qara collaborates with manufacturers to improve their marketing and distribution capabilities using technology.
Financials
- 2.6 Million USD – The total raised in Qara's recent funding round to support expansion activities.
- 17 Million USD – Qara's approximate annual revenue achieved in 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Qara | Target | Company | A MEA-based supply chain tech startup focused on innovative digital solutions for manufacturers. |
| Hassan Abouzeed | Co-Founder and CEO | Person | CEO and key spokesperson for Qara, leading its strategic expansion into new markets. |
| Khaled Hassan | CTO and Co-Founder | Person | CTO of Qara, responsible for technological advancements and innovation. |
| National Technology Development Program (NTDP) | Support Initiative | Government | NTDP provides support for Qara's expansion into Saudi Arabia under its Relocate Initiative. |
| Energya Industries | Partner | Company | A manufacturing leader partnering with Qara to enhance supply chain solutions. |