Early Snap Backer Leads Fundraising for Middle East E-Retailer
- Riyadh-based startup fundraising is among the region’s largest
- Global commodity surge make space “more important,” says CEO
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The e-commerce platform Retailo has raised $36 million to help fund its effort to digitize mom-and-pop stores in Pakistan, U.A.E. and its home country of Saudi Arabia.
The Riyadh-based company’s Series A round was led by Silicon Valley’s Graphene Ventures, an early-stage investor in Snap Inc. and Lyft Inc. The funding round is among the ten largest over the past year in the three countries Retailo operates in, according to data by Crunchbase. It raised $29 million in equity and $7 million in debt.