Riyadh, August 28, 2023, The leading provider of retail management software, Rewaa, has announced that the stc Group's Corporate Investment Fund (CIF), a driving force behind digital transformation in the MENA region, has invested $27 million (100 million Saudi Riyals) in the company. In addition to Graphene Ventures from Silicon Valley, Sado Capital, Vision Ventures, Khwarizmi Ventures, Razm Investments, and other venture capital firms, the round was led by Aramco's "Wa'ed Ventures" venture capital fund. The CIF involvement of STC in this round is in line with its expansion and growth plan and emphasizes its dedication to innovation. It also strengthens the group's continued aim to shape the wider corporate environment by adopting innovative business models, cutting-edge technology, and ground-breaking innovation. These actions are essential for expanding STC's offering of services, accelerating its growth trajectory, and fostering its expansive development. The emphasis on companies that connect with the demands of the regional market is at the heart of STC's investment approach. STC seeks to create a tapestry of services and solutions that enhances its offerings and ignites the regional entrepreneurial environment by empowering these entrepreneurs.
Majed Ibrahim Aljarboua, General Manager of Corporate Fund and Entrepreneurship, stated at this time: "Our investment in Rewaa is a strategic move to promote the fundamental technologies of the retail sector. Rewaa's impressive advancement over the past few months is evidence of both the team's and the project's effectiveness. We are eager to participate in Rewaa's efforts to provide cutting-edge retail solutions as a driving force for regional digital transformation. Rewaa is a cloud-based solution that allows traditional store retailers and online sales outlets to manage their inventory. It was co-founded in 2018 by Mohammed Al-Qasir and Abdullah Aljadhai. In addition to producing more than 250 local job possibilities, the company has effectively satisfied the demands of 7,000 retailers throughout the Kingdom and elsewhere. stc will seek to support Rewaa by utilizing its entire technology ecosystem skills, offering advice to the team, and establishing connections with all group sectors and stc's affiliates. It is important to note that STC was one of the first businesses to support entrepreneurship by making investments in a number of startups through other funds like STV. Additionally, it assists business owners by providing prestigious services like offices, logistical assistance, marketing, and financial support via the inspireU program.