Riyadh - Sharikat Mubasher: The Saudi-based alternative financing platform for SMEs, erad, successfully secured $33 million in debt financing in a round led by Stride Ventures.
The round, which was closed during the Money 20/20 Middle East conference, will enable erad to expand its operations across Saudi Arabia, the UAE, and the GCC region, the company announced in a press release today.
erad will also use the new capital to meet the growing demand from SMEs across various sectors, including retail, healthcare, e-commerce, and F&B.
Commenting on this milestone, Salem Abu-Hammour, Co-founder of erad, said: “This investment follows a strong period of 5x growth (YoY), as we double down on our expansion in Saudi Arabia. Access to capital remains one of the primary challenges for SMEs across the region.”
He noted that the round reflects the shared vision of both parties to deliver flexible financing solutions at a greater scale.
Since its launch, erad has received requests for more than $532 million in funding from well-known regional brands from Saudi Arabia and the UAE.
Fariha Ansari Javed, Partner at Stride Ventures, stated that the partnership with erad will allow Stride Ventures to leverage its expertise to provide startups and SMEs across the region with innovative, alternative financing solutions that align perfectly with their growth ambitions. “This strategic investment in Saudi Arabia not only underscores our strong commitment to the GCC but also advances erad’s transformative vision of revolutionizing capital access for the next generation of trailblazing enterprises,” she added.
Moreover, the round strengthens erad’s mission to fill the region's $250 billion SME credit gap by providing fast and flexible Shariah-compliant financing solutions.
