Project Suppliers raises SAR 3.75 mn in a pre-seed round from undisclosed angel investors

Funding the supply chain

Homegrown construction procurement platform Project Suppliers raised SAR 3.75 mn in a pre-seed round from undisclosed angel investors, according to a company statement. The startup will use the funds to develop cashflow management tools for construction and MEP suppliers, including AI-powered forecasting and financing products aimed at helping companies manage liquidity and delayed payments. It plans to roll out the new products in Saudi Arabia before expanding across the GCC.

What it does: Founded in 2020, Project Suppliers runs a B2B procurement platform where contractors send quotation requests to suppliers for materials. The startup says its database includes over 12k companies and it has processed some 600k quotation requests to date.

IN CONTEXT- Supply chain finance is gaining momentum in the Kingdom. Last month, construction materials platform BRKZ earmarked USD 18 mn in debt for lending activity after raising USD 31 mn in a Series B round, while PIF launched its own supply-chain financing platform, Tawrid. The Saudi Central Bank is also drafting a rulebook for the sector — it put its supply chain finance rules out for consultation on 26 August, covering both finance companies and intermediary platforms.

Nofoth closes its move into healthy food

Nofoth Food Products has completed its purchase of 65% of Plenty Food Company, the Saudi maker of the Plenty Salads and Katcha Deli brands, it said in a Tadawul filing. The stake cost SAR 52.7 mn up front, with up to SAR 3.25 mn more tied to Plenty hitting 2027 targets.

REMEMBER- Nofoth inked a non-binding MoU in June to acquire a 70% stake in Al Waal Al Bari Beverages, one of several moves to widen its portfolio after transitioning into Tadawul earlier this year.

Official meeting

Prince Mohammed bin Salman hosted Syrian President Ahmad Al Sharaa in Riyadh yesterday, discussing the latest developments in the region, SPA reported. The meeting caps a year of growing Saudi investment in Syria.

REMEMBER- Saudi entities signed agreements including the SAR 7.5 bn redevelopment of Aleppo International Airport, a SAR 3 bn STC project to build out Syria's fiber-optic backbone, data centers, and subsea links, and plans by Acwa Power and the Water Transmission Company to study a desalination plant of about 1.2 mn cbm per day, two Abyat Real Estate developments in Damascus worth more than USD 2 bn, and a USD 300 mn roads contract.