Friday, June 21, 2024
HomeFunding Saudi Arabia-based logistics startup MDD Secures Series A Round Funding

[FUNDING NEWS] Saudi Arabia-based logistics startup MDD Secures Series A Round Funding

The logistics startup MDD, located in Saudi Arabia, has finished its Series A round, raising $26 million (SAR100 million) for a 5% ownership.

The logistics startup MDD, located in Saudi Arabia, has finished its Series A round, raising $26 million (SAR100 million) for a 5% ownership.

It was established in 2019 and offers supply chain solutions to companies.

Read also – India-Based Fintech Propelld Secures $25 Million in Debt Investment

Supply chain and procurement management specialist MDD Saudi Arabia revealed the conclusion of a Series A funding round without revealing the precise amount invested. A single investor made the investment, according to the firm, which sold 5% of its shares for more than SAR 100 million.

MDD was established in the middle of 2019 with the goal of offering solutions for problems in the supply chain and procurement markets of the business sector.

Read also – UAE-based Electronics marketplace Revent Secures $900,000 in Pre-Seed Round

Through its “OFSP” technique, the company covers the whole process from order initiation to financing, sourcing, and payment by integrating financial technology with supply chain and procurement management.

Additionally, it noted that the Saudi Central Bank has already given its business model preliminary clearance. The company is working to solve existing loopholes in the industry, notably those pertaining to financing.

About MDD

MDD is a technology company with a focus on procurement and supply chain management. They are offering creative and practical answers to the problems that businesses and suppliers have in order to satisfy all of their supply needs via a digital platform.

- Advertisement -
RELATED ARTICLES
- Advertisment -

Most Popular