Salla, the Saudi Arabian software startup has raised $130 million in funding ahead of its initial public offering (IPO). This round was led by Investcorp, with participation from Sanabil Investment, a wholly owned company of Public Investment Fund (PIF) and STV, a technology venture capital fund, and an existing share holder.
In a note, Investcorp added its investment was made through its $500 million Saudi-Pre-IPO Growth Fund, which was launched in 2022 to invest in a diversified portfolio of businesses, primarily in Saudi Arabia. Founded in 2016, Salla provides SaaS solution to businesses.
The company’s fully automated solutions allows all merchants to build ecommerce websites, sell their products online within a few hours. It also lets them accept online payments and ship their products to the end user.
Salla has enable over $7 billion in ecommerce sales since 2020 and serves over 80,000 merchants on the platform. The platform itself has over 400 applications, and has over 160 developers focussed on technology and product development.
