Riyadh-based on-demand delivery startup Mrsool has raised a multi-mullion (US Dollar) Series A round led by MENA’s laregst VC fund Saudi Technology Ventures (STV) and Raed Ventures, STV announced today, adding that Saudi angel investor Mazen Al Jubeir also joined the round. It is the first external investment raised by the startup that claims to be the leading player in this space in Saudi. The startup plans to use the investment to expedite its expansion plans in Saudi Arabia and the wider region.
Founded in 2015 by Ayman Al Sanad and Naif Al Samri, Mrsool is an on-demand delivery network that allows people to place orders for any product from anywhere in the cities where it operates. It crowdsources the delivery by matching shoppers with couriers. The couriers purchase orders on behalf of the shopper and deliver it to them. The startup processed orders worth more than SAR 1 billion (app. $267 million) last year.
Founders of Mrsool, commenting on the occasion, said, “We have established our footprint and grown remarkably in the Saudi market, building on our customer service satisfaction. This round comes at the right time, especially with Mrsool looking to strengthen its position amongst the leading Saudi on-demand delivery service companies while also exploring the opportunity to access other regional markets.”
Hani Enaya, Partner at STV, said, “Mrsool is exactly the type of company we like to partner with: an incredibly ambitious firm providing innovative products attuned to the needs of the region. We believe Mrsool is a unique player in this industry due to a deep understanding of MENA consumers. The founders Ayman and Naif really understand their home market and have developed an original user experience which appeals to local consumer needs – there are no other apps quite like this in the region. The Mrsool business model has been validated through significant organic growth since it was founded two years ago.”
“Consumers are becoming increasingly accustomed to the convenience of instantaneous delivery of goods. We believe the offline-to-online shift in the global delivery market will be even more amplified in the MENA region, supported by extremely high mobile penetration rates in markets like Saudi and the UAE,” he added.
According to the statement that cites a GSMA study, 76% of the GCC population are mobile subscribers with mobile device penetration in Saudi at 93%. The statement citing another report by Statista also notes that 22.85 million people in Saudi accessed the internet through their mobile phones, and this figure is projected to reach 26.44 million users by 2022. And these high penetration rates are fueling the regional on-demand economy and growth of startups like Mrsool.
Jay Alammar, Principal at STV, and Omar Almajdouie, Founding Partner at Raed Ventures, will both join Mrsool’s Board of Directors.
Latest posts by MB Staff (see all)
- Uber set to announce $3.1 billion acquisition of Careem in a cash and stock deal this week: report - March 24, 2019
- Rocket Internet’s ride-hailing company Jeeny (formerly Easy Taxi) asked to shut down their operations in Jordan by the government - March 24, 2019
- Abu Dhabi’s government launches $141 million tech hub ‘Hub71’ for startups, Softbank and Microsoft join as founding partners - March 24, 2019