Retailo, an online B2B marketplace based out of Pakistan, has secured US$2.3 million in a pre-seed funding round led by Shorooq Partners, a seed-stage VC fund based in the Middle East.
500 Durians (the Southeast Asian unit of 500 Startups) and 92-Ventures also joined the round.
Founded by Talha Ansari, Mohammad Nowkhaiz and Wahaj Ahmed, Retailo provides a mobile app for retailers to buy items for their stores at wholesale prices from the comfort of their homes. The platform provides SMEs (including retailers) with a curated list of suppliers through which they can order a variety of products.
The company’s mission is to enable the 10 million SMEs concentrated in the MENAP region by empowering them with technology and real-time data to improve supply chains. This represents around US$500 billion of annual spending and thus a huge growth opportunity for Retailo.
“We strongly believe in creating impact in the lives of people by giving them opportunities to improve their earning potential. The MENAP region has a significant opportunity to increase its economic prosperity by unlocking the productivity delta that exists between the region and global benchmarks. MENAP is home to 700 million individuals and 10 million SMEs, and its unorganised retail sector presents the perfect opportunity to increase the efficiency of supply chain by utilising technology and real-time data,” the founders said in a joint statement.