Wa’ed invests $500k in Saudi startup Qreeb

Fall, 2021-11-11 13:41

The entrepreneurship arm of Aramco, Wa’ed, has announced today a SR1.9 million ($506,000) venture capital investment in the Saudi-based digital startup, Qreeb.

The digital B2B e-procurement and facility management platform aims to connect service providers with clients through a unified traceable communication platform to streamline supply chain processes.

“Qreeb aims to develop a more accurate and collaborative facility management and procurement sector where clients can identify the exact causes behind performance shortages,” CEO of Qreeb, Abdulrahman AlOmair said.

Wa’ed’s investment in Qreeb will enable its software and management solution improvement and its operations expansion across Saudi Arabia.

“We look at Wa’ed as a strong strategic investor that can help us to expand our presence and client base and modernize the deeply traditional facility management and procurement sector within the Kingdom,” he added.

“Empowering startups such as Qreeb to digitize sectors that are heavily-dependent on offline operations like procurement has the potential to revolutionize the internal processes of all parties involved within each single transaction.

“It allows them to take previously-calculated data-driven decisions in a simplified process,” Wa’ed’s managing director, Fahad Alidi, said.

Main category:
Business & Economy
Arab startups

Aramco’s Wa’ed provides $1.3m loan to Amad Chemicals Co. .

The article from the source


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