Saudi Arabian software startup Salla has successfully secured $130 million in its latest funding round before its planned IPO. The pre-IPO fundraise was led by Investcorp and together with with Sanabil Investment (a unit of the kingdom’s sovereign wealth fund) and regional venture capital investor STV.
- Investcorp’s Involvement: Investcorp, through a $500 million fund dedicated to pre-IPO companies in Saudi Arabia, facilitated the deal. Details regarding Salla’s valuation and the timeline for its potential listing remain undisclosed.
- Salla’s Offerings: Founded in 2016 by Nawaf Hareeri and Salman Butt, Salla specializes in providing SaaS solutions and enablement for e-commerce businesses, aimed to allow merchants to set up online shops quickly and efficiently. Its offerings range from website development tools to streamlined online payment processing systems.
- Riding the Tech Wave: Salla is part of a burgeoning tech scene in Saudi Arabia, with many startups eyeing public market debuts. This trend reflects both investor interest in the region’s rapid economic growth and the desire for diversification among regional stock exchanges.
- Positive Outlook: Walid Majdalani, Head of Emerging Markets Private Equity of Investcorp was quoted, ““We see great interest in the potential of Saudi companies to IPO, especially as scale-ups and unicorns demonstrate local and regional success. Salla has managed to grow exponentially and deliver best-in-class margins. We are excited to be part of their next growth phase and are keen to work with the founder and management team to explore a potential future listing in line with our track record”.
- Leadership Commitment: Nawaf Hariri, CEO and co-founder of Salla, expressed gratitude, stating, “We greatly appreciate the trust and investment from Investcorp and Sanabil in Salla, indicating their confidence in our vision and the potential of our platform. This investment energizes our mission to create opportunities and empower individuals, SMEs, and enterprises to initiate and grow their businesses, both domestically and internationally. We remain dedicated to providing innovative, customer-centric solutions that streamline and elevate the e-commerce experience for our merchants.”
With this significant funding injection, Salla is poised for further expansion and innovation in the competitive tech market. As it gears up for a potential IPO, all eyes will be on its next moves and the impact it could have on Saudi Arabia’s burgeoning tech sector.
