Egyptian B2B marketplace Mowarrid has been acquired by Saudi B2B e-commerce Sary as the latter expands its footprint across the MENA region.
Founded by Ahmed Essam in 2018, Mowarrid is focused on the B2B food and grocery markets, and allows more than 10,000 retailers to digitally procure all their needs across a variety of more than 1000 products on its platform.
Saudi equivalent Sary, meanwhile, connects MSMEs with the biggest international brands and regional players, and has reached more than 350,000 customers and served over 40,000 businesses in 15 cities across Saudi Arabia. It closed a Series C round in December, taking its total funding to US$112 million, and has now begun expanding across MENA with the acquisition of Mowarrid.
“We are excited to join forces with Ahmed and the amazing team at Mowarrid. Their hyperlocal understanding of the Egyptian market is profound, and we believe that our visions are in harmony toward reinventing the B2B ecosystem across the region,” said Mohammed AlDossary, co-founder and CEO of Sary.
“Egypt is a strategic market for us and has a huge synergy with the Saudi and GCC markets. The industry has witnessed significant growth in the past years with very strong digitisation in the wholesale and retail trade industry which accounted for around 15 per cent of Egypt’s GDP.”
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.
“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,” he said.
Source:Disrupt-africa.com | Tom Jackson