EGYPT – Saudi Arabia-based B2B e-commerce platform Sary has acquired Egypt’s B2B marketplace, Mowarrid as it expands across the MENA region.
Founded by Ahmed Essam, Mowarrid focuses on B2B food and grocery, allowing retailers to digitally procure their needs across its platform.
The company has so far enabled more than 10,000 retailers to connect to more than 1000 products on its platform.
Saudi equivalent Sary connects MSMEs with the biggest international brands and regional players.
The startup has more than 350,000 customers and has served over 40,000 businesses in 15 cities across Saudi Arabia.
Since its inception, Sary has raised a total of US$112 million in funding after closing its series C round last December.
The company is expanding toward the region with a focus on building a frictionless experience and leveraging cutting-edge technologies to connect the MSMEs with the big international brands and regional players.
The acquisition reflects a strategic move for Sary toward its expansion plans throughout the North African markets starting from Egypt, the second-largest economy in Africa.
It also marks the beginning of multiple expansion activities for Sary toward its vision to lead the B2B e-commerce in emerging markets.
Bridging its geographies enables a regional network to connect buyers and sellers across markets.
“We are excited to join forces with Ahmed and the amazing team at Mowarrid, their hyperlocal understanding of the Egyptian market is profound,” said Mohammed AlDossary, Co-Founder and CEO of Sary.
“Sharing many values and principles, our combined force is our greatest advantage in the next years as we continue to solidify our grounds in the current markets and continue the expansion journey with a solid head start.”
Essam said joining forces with Sary created a strong entity with a solid footprint, regional network, and technological capabilities in two of the most important economies in the region.
Looking forward, Essam sees a lot of potential in the B2B e-commerce sector across the region.
The flourishing of e-commerce is partially attributed to the ability of B2B marketplaces to attract investments.
Egypt’s market has a huge synergy for B2B startups boasting a US$60 billion wholesale and retail trade industry.
The North African country retail sector has been able to progress over recent years, even during difficult economic conditions, which is a testament to the country’s potential.
E-commerce startups play a critical role not only in meeting consumers’ and SMEs’ demands but also in contributing to the growth of the economy of Egypt and across the MENA region at large.
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