BIM Ventures invests in Saudi-based WeDeliver
The funds will be used to expand the B2B logistics and last-mile delivery services provider's operations in Saudi Arabia, and to create specialised fintech-related solutions.
Saudi Arabia-based raised a pre-Series A round from BIM Ventures, at LEAP tech conference 2023, at Riyadh Front Expo Centre, Saudi Arabia.
WeDeliver, a B2B logistics and last-mile delivery services provider, was founded by Ahmad Ramahi and Mohammad Abu Kwaik in 2020.
The raised capital will be used to expand the company's operations in Saudi Arabia, and create specialised fintech-related solutions in the logistics segment. These solutions are expected to be launched in 2023.
BIM Ventures, founded by Mohamed Amine Merah in 2017, was among the Diamond sponsors of LEAP 2023, which began on February 6, 2023. The venture studio primarily focuses on pre-inception ideas, pre-seed, and seed-stage technology-powered startups.
Its first fund, BIM Investments I, was launched in January 2020 and has co-built and invested in 20 tech startups, as per a report by Wamda.
In June 2022, the fund launched its second venture investment fund called BIM Investments II, worth SAR120 million ($32 million).
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Edited by Teja Lele