{"id":91732,"date":"2024-11-20T00:00:00","date_gmt":"2024-11-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/20\/qara-secures-usd-2-6-mn-in-a-seed-funding-round\/"},"modified":"2024-11-20T00:00:00","modified_gmt":"2024-11-20T00:00:00","slug":"qara-secures-usd-2-6-mn-in-a-seed-funding-round","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/20\/qara-secures-usd-2-6-mn-in-a-seed-funding-round\/","title":{"rendered":"Qara secures USD 2.6 mn in a seed funding round"},"content":{"rendered":"

expansion<\/p>\n

Egypt-born s<\/strong>upply chain startup <\/strong>Qara<\/a><\/strong> is ramping up its presence in the<\/strong> Kingdom, after <\/strong>securing USD 2.6 mn in a seed funding round<\/strong> led by unnamed strategic investors, CEO and co-founder Hassan Abouzeed told EnterpriseAM. The capital injection will help scale its operations across the country and the broader MEA region. The startup has worked with over 35 manufacturers to verify 28 mn products and engage with 50k business users in KSA, Egypt and Kenya, it said in a press release (pdf)<\/a>.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

Qara has been operating here since 2Q 2024<\/strong>, initially through a partnership with \u201cone of the Kingdom\u2019s largest cable and building wire manufacturers,\u201d Abouzeed said without naming the company. The startup claims to have already connected thousands of electricians, retailers, and sellers with manufacturers in the domestic construction sector, he added. <\/p>\n

Also on their radar: <\/strong>Qara is setting its sights on expanding into the domestic building materials, pharma, and cosmetics industries following a phased approach. The platform plans to gradually grow its local team, and tailor its tools to suit Saudi market needs before onboarding new clients, Abouzeed said.<\/p>\n

Tapping gov\u2019t channels: <\/strong>The Egypt-born startup is working closely with the National<\/a>Technology Development Program (NTDP)<\/a> to accelerate its integration into the local tech market, the CEO said. NTDP\u2019s Relocate Initiative has provided Quara with financial perks, and simplified regulatory processes, paving the way for its Saudi launch. <\/p>\n

How Qara works<\/strong>: <\/strong>The startup\u2019s flagship app, Asly, helps businesses protect their products from counterfeiting by allowing end-users to scan unique QR codes to verify authenticity, according to their website. Another app, Rabeh, rewards contractors for purchasing verified construction materials, while Madmoon, serves as a curated marketplace for construction materials sourced from trusted suppliers.<\/p>\n

Scan, scale, save. <\/strong>The platform operates on both SaaS (via Asly) and PaaS subscription-based models, with additional per unit-fees for QR codes. These models allow clients to scale their use of the platform across different geographies without having to be there in person while minimizing upfront investment, Abouzeed explained. <\/p>\n

What\u2019s next?<\/strong> Qara plans to launch a new funding round in spring 2025 to further its product development and fuel international growth, Abouzeed added. \u201cThe obsession right now is success in KSA,\u201d but the next priority is the UAE, Abouzeed told us. <\/p>\n","protected":false},"excerpt":{"rendered":"

Qara has been operating here since 2Q 2024<\/p>\n","protected":false},"author":1,"featured_media":91733,"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":[10,238,3464,179],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-enterpriseam-ksa","tag-logistics","tag-qara","tag-startup-watch","wpautop","entry"],"acf":{"mongo_id":"aa093be7-14e3-4c8c-ab1b-c0ade17c6b6e","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/1725.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Qara secures USD 2.6 mn in a seed funding round","related_issue":[91716],"teaser":"Qara has been operating here since 2Q 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.70ff486f-85a4-49b1-a994-1af1d15fe1df.mp3"},"yoast_head":"\nQara secures USD 2.6 mn in a seed funding round - 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