{"id":88814,"date":"2024-08-19T00:00:00","date_gmt":"2024-08-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/19\/resal-raises-usd-9-mn-in-latest-funding-round\/"},"modified":"2024-08-19T00:00:00","modified_gmt":"2024-08-19T00:00:00","slug":"resal-raises-usd-9-mn-in-latest-funding-round","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/19\/resal-raises-usd-9-mn-in-latest-funding-round\/","title":{"rendered":"Resal raises USD 9 mn in latest funding round"},"content":{"rendered":"

Jeddah-based ecommerce platform <\/strong>Resal<\/a><\/strong> has closed a USD 9 mn funding<\/strong> round from <\/strong>Derayah Ventures Fund, Al Wafrah AlThanya Investment Company, Venture Souq, Ad Diriyah Asset Management, Nomad Holdings, and Bugshan Investment Group, according to a press release<\/a>. <\/p>\n

What we don\u2019t know:<\/strong> Information about which funding stage this is and the structure of the investment wasn\u2019t disclosed. It\u2019s also unclear how much each institution invested in the round, and how much share they are receiving in return.<\/p>\n

Use of proceeds: <\/strong>The startup plans to use the fresh funds to expand into new verticals, diversify its offering by launching new products, and expand \u201cits partner network and infrastructure across several different sectors.\u201d The company claims to have onboarded 1k brands on its platforms. <\/p>\n

Background: <\/strong>This investment round follows a pre-series A round in 2019<\/a> when the digital payments and rewards startup raised USD 800k led by Business Incubators and Accelerators Company, with participation from Derayah Ventures and Riyadh-based events company Nayyara.<\/p>\n

A snapshot of KPIs: <\/strong>\u201cWe have doubled our sales growth recently and have increased the number of beneficiaries of our solutions to more than 1.5 mn users and over 1k entities and organizations across more than 15 sectors,\u201d said Co-founder and CEO of Resal Hatem Kameli. <\/p>\n

Regional footprint:<\/strong> Resal currently operates in Saudi, the UAE, Bahrain, Kuwait, Qatar, and Oman, with plans for further expansions into the MENA region.<\/p>\n

Among Resal\u2019s most <\/strong>notable partners<\/a><\/strong>:<\/strong> Careem, Max, Marsool, Adidas, Netflix, Noon, Shein, and Almosafer.<\/p>\n

About Resal:<\/strong> Founded in 2016 by Hatem Kameli<\/a> and Fouad AlFarhan<\/a>, the startup provides digital solutions that connect merchants, companies, and consumers, enabling the management and exchange of loyalty points, prepaid cards, and vouchers. The company\u2019s three platforms \u2014 Resal for Merchants, Resal for Business, and Resal Wallet app \u2014 are tailored to meet the needs of each user group. Resal\u2019s app can be downloaded on the App Store<\/a> or Google Play<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company raised USD 800k in a pre-series A round back in 2019.<\/p>\n","protected":false},"author":1,"featured_media":88815,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2556],"tags":[1541,10,31,3050,179],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-ecommerce","tag-enterpriseam-ksa","tag-investment-watch","tag-resal","tag-startup-watch","wpautop","entry"],"acf":{"mongo_id":"badde9b8-8699-4de6-83d9-eb2b5ef83f45","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1607.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Resal secures USD 9 mn in latest investment round, with proceeds earmarked for tech, network, sector expansion","related_issue":[88803],"teaser":"The company raised USD 800k in a pre-series A round back in 2019.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.858a9ae8-28fb-4eb9-b23c-18a9c9715c0c.mp3"},"yoast_head":"\nResal raises USD 9 mn in latest funding round - 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