Rewaa, an omnichannel inventory management system provider based in Riyadh, Saudi Arabia, has raised US$27 million in Series A funding.
The round was led by Wa'ed Ventures, a venture capital fund wholly owned by Aramco. Other participants in the round included STC's Corporate Innovation Fund (CIF), Graphene Ventures, Sadu Capital, Vision Ventures, Khwarizmi Ventures, RZM Investment, Derayah VC, and Abdulrahman Sulaiman Al Rajhi & Sons Investment Company.
Rewaa plans to use the funding to expand its operations and reach new customers. The company provides a cloud-based solution that connects online and physical store inventory, enabling businesses to manage inventory, sales, and payments. Rewaa also offers point-of-sale (POS) and accounting modules for an integrated platform. Since its founding in 2018, Rewaa has processed over US$2 billion in transaction value, serving more than 7,000 retailers in Saudi Arabia and abroad. The company has also created over 250 jobs.
Rewaa's omnichannel inventory management system is a valuable tool for businesses that operate across multiple sales channels. The system helps businesses to track inventory levels across all channels, prevent stockouts, and optimize their supply chain. Rewaa's POS and accounting modules also provide businesses with a single platform to manage their sales, payments, and finances. Rewaa's Series A funding round is a significant milestone for the company. The funding will help Rewaa to expand its operations and reach new customers, and it will also help the company to continue developing its innovative omnichannel inventory management system.
