Riyadh - Sharikat Mubasher: Soum, a marketplace for secondhand products based in Saudi Arabia, secured SAR 67.5 million in a series A funding round led by Jahez, with participation from Isometry Capital along with existing investors including Khwarizmi Ventures, Alrajhi Partners, and Outliers Venture Capital.

In a statement, Soum revealed that it will dedicate the proceeds to boost its expansion regionally and broaden its services to include high-value categories for secondhand products.

Soum, founded by Fahad Al Hassan, Bader Almubarak, and Fahad Albassam, enables individuals and small and medium-sized enterprises (SMEs) to sell various products in its marketplace.

Alhassan, who is also the CEO of Soum, stated that the closure of the funding round reflects the dedication of Soum’s team.

He added: “With the backing of the region’s leading investors, we are excited to kick-off our next stage of growth, while continuing on our mission to transform how customers buy and sell online."

Meanwhile, Abdulaziz Alhouti, Chief Investment Officer of Jahez, stated that Soum’s dedication to innovation and customer satisfaction aligns with Jahez’s vision.

“This investment is a testament to our confidence in Soum's potential to redefine the e-commerce landscape in the Middle East," Alhouti added.

Soum has delivered to and from over 150 Saudi cities, building a first-of-its-kind unified national marketplace to buy, sell, and discover products with trust and convenience.