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Qara, an Egyptian supply chain technology startup, has raised US$2.6 million in a funding round to support its Saudi Arabian expansion.
To support its continued expansion into Saudi Arabia, the company has now secured US$2.6 million in funding from strategic investors. The Relocate Initiative of the National Technology Development Programme (NTDP), which provides a number of alluring incentives and support components to ensure seamless and effective integration into the Saudi tech ecosystem, will help with this.
With a fully integrated digital platform that guarantees product identification and complete traceability to the final customer, Qara gives producers the power to interact with their entire market and use insights to make more informed, data-driven decisions.
“I believe the challenges we’re addressing meet a significant global demand. After three years of a successful product-market fit in Egypt, Qara is now ready for international expansion. We are excited that our first step is into the Kingdom of Saudi Arabia, where what we do aligns perfectly with the Saudi Vision 2030 objectives to foster value creation through innovation and technology,” said Qara co-founder and CEO Hassan Abouzeed.
“Our aim is to revolutionise manufacturers’ B2B2C marketing and distribution capabilities through innovative digital solutions. Qara’s team believes in the economic and social value our platform brings by verifying product authenticity, providing supply chain visibility, eliminating redundancies, and delivering better outcomes for every participant in our ecosystem.”
Working with more than 35 manufacturers and suppliers, the company has authenticated more than 28 million product units and linked them to more than 50,000 business users in the supply chain in Egypt, Saudi Arabia, and Kenya.
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