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Wednesday March 25, 2020

Mint platform closes $ 18 million investment round

The Mint platform closes a $ 18 million B-round investment tour, with Wamda’s participation.

Wamda Company announced its participation in an investment round of $ 18 million from category “B” for the benefit of the Saudi “Mint” platform. The tour was co-led by the Saudi STV Fund for Risks Investment and the “Initiatives Partners in the Middle East” (MEVP) Foundation, along with investments from the Saudi Company for Bold Investment (SVC), Impact46 and Partners Water.

Mint is one of the leading platforms for buying groceries and home groceries, as mega stores help showcase their products to millions of users. The mint app allows its users to easily purchase products by ordering them online to reach their registered addresses. The application also allows tracking the arrival of the request, moment by moment.

The mint platform was established in 2015 by Ahmed Al Samani, Sami Al Helwa and Abdul Majeed Al Sukhan, and has managed to triple its sales rate last year, and has established partnerships with Carrefour, Panda, Spar Chains, Farm Markets, Manuel and others, which has helped it provide the largest possible selection of consumer goods For customers in 14 cities in the Kingdom of Saudi Arabia.

The report, “Grocery retailing via the Internet in the Middle East and North Africa” ​​issued by Wamda Research Lab, indicated that the e-grocery sector is still the least intrusive sector by the companies working in the field of electronic commerce in the region, and it is expected that the annual growth rate of that sector will increase At 100%, if not more, for at least the next two years.

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Commenting on the investment, Fadi Ghandour, CEO of Wamda, said: “In the wake of the current Corona virus crisis, companies that have strengthened their position in providing basic services to society in normal and difficult times will be the winners in the future, and mint is one of these companies, and we Very happy to invest in it. ”

For his part, said Sami El-Helwa, founder and CEO of the mint platform: “We spent the past year and a half removing the obstacles that our customers face when purchasing daily grocery products. The road ahead is still long, but we are confident of our ability to be the first application used by consumers in Saudi Arabia. ”

Sami added: “This tour will enable us to expand inside and outside the Kingdom of Saudi Arabia. It will also allow us to focus on continuing to improve our excellent customer experience and develop technology solutions to support the growth and development of our partners.”

The mint platform aims from this investment round to continue to forge new partnerships with hypermarkets and food stores.

It seeks to increase the volume of orders to one hundred thousand requests every month to buyers in the Kingdom of Saudi Arabia by the end of 2020.

It is noteworthy that the mint platform had previously obtained a category A investment round of $ 6.6 million in 2019.

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