B2B Online Marketplace Qawafel Nets $3M In Seed Funding
KSA-based B2B online marketplace Qawafel has bagged $3M in their seed round
To simplify trade between buyers and suppliers of perishable goods across the kingdom, the startup named Qawafel has gathered $3M funding. The seed funding round was led by Khwarizmi Ventures and AlSayed Group with the inclusion of a number of angel investors.
Founded in 2020, by Turki AlAyyad, Walid Al-Ghobain, and Qays Bahurmuz, the startup links suppliers and buyers. And other points of sales in refrigerated goods and confectionery. With the aim of boosting the fragmented wholesale market, it offers a full-stack of B2B platform and digital services. Also providing an impeccable user experience for both clients and vendors while managing operations.
In addition to this, Qawafel also helps and supports small factories in the process of creating, and creating new products. The company already has enabled more than 300 local factories, and also serves 5000 points of sales in cities and towns in Saudia Arabia. And has also maintained a sales growth rate of monthly 30%. Because of the benefits offered by online B2B marketplaces the development of ecommerce platforms has also increased. And statistics also suggest that this trend is not going to abort anytime soon because by 2040, 95% of all purchases will be via E-Commerce
Around the globe especially in MENAPT region, E-Commerce has witnessed exponential growth. This year alone, the industry has raised more than 12% of all capital across MENAPT. Thus securing the rank of the third most funded industry after fintech and T&L. Consider this or not but the upward trajectory of investments in e-commerce startups that have market tailored offerings, financing, and logistics solutions have become successful in steering investments.
As a whole ecommerce industry is progressing. But Qawafel is different because of the data it gives to the factories which help in the development of products. With this fresh injection of funds, it aims to improve its R&D to improve and create new products/services by the end of 2022.