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.
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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.
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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.
