Soum, the Riyadh-headquartered marketplace for secondhand products, has successfully secured $18 million in Series A funding. This funding round is led by Jahez, with participation from Isometry Capital along with existing investors participating, Khwarizmi Ventures, Alrajhi Partners, and Outliers Venture Capital.Founded by Fahad Al Hassan, Bader Almubarak, and Fahad Albassam, Soum has witnessed tremendous growth since its seed round 18 months ago. The company’s sales have grown by 40x, underpinned by strong and improving unit economics, and maintaining an outstanding customer satisfaction score. Soum has delivered to and from 150+ Saudi cities, effectively building a first-of-its-kind unified national marketplace to buy, sell, and discover products with trust and convenience. The Soum app launched less than two years ago has already received more than 4 million downloads in the Kingdom of Saudi Arabia (KSA) and is seeing traction in the United Arab Emirates. Soum’s Series A funding will accelerate the company’s expansion regionally, as well as beyond its core vertical of secondhand electronics in which it enjoys market leadership in KSA. With the addition of high value categories for secondhand products, Soum will enable users to sell products ranging from collectibles to automobiles, tapping a combined $40Bn market.Fahad Alhassan, Co-Founder & CEO of Soum, said, "Soum was founded with a vision to be the marketplace to buy and sell anything online with convenience, trust and ease. The success of this funding round is a testament to the dedication of our entire team. With the backing of the region’s leading investors, we are excited to kick-off our next stage of growth, while continuing on our mission to transform how customers buy and sell online."Buyers and sellers in the MENA region have endured the frustration of navigating spam-infested classified platforms. By acting as a trusted intermediary for each transaction, Soum alleviates the stress of both buyers and sellers, ensuring a seamless and secure transaction.Commenting on the investment round, Abdulaziz Alhouti, Chief Investment Officer of Jahez, stated, "We are impressed by the remarkable achievements of the Soum team. Their dedication to innovation and customer satisfaction aligns with Jahez's vision. This investment is a testament to our confidence in Soum's potential to redefine the e-commerce landscape in the Middle East."With the Series A funding as a catalyst, Soum is poised for continued growth, aiming to set new standards in innovation, customer satisfaction, and market impact in the Middle East. Soum is a mobile app and available on the Apple App Store and Google Play Store.

Jahez International Company (“Jahez-Kuwait”), a pioneering platform that connects customers with their favorite restaurants through online orders, announced the launch of “Jahez Prime”, a monthly subscription service offering free unlimited deliveries from select restaurants for just KD1. The integration of Jahez Prime into the Jahez-Kuwait App strategically aligns with the Company’s commitment to prioritizing customer needs. This initiative demonstrates Jahez-Kuwait’s customer-centric approach and dedication to improving the user experience while providing exceptional value to its extensive customer base.Jahez Prime aims to provide customers with a unique and innovative service that combines convenience with affordability. With a monthly subscription fee of only KD1, subscribers gain access to a list of Prime restaurants that offer free delivery for 30 days. Customers that do not subscribe to the service will be able to order from Prime restaurants for a fee of 500 fils per order. Restaurants enrolled in the service will be indicated by an orange symbol on the Jahez-Kuwait App. Currently the App offers a selection of cuisines with plans to expand and include a larger variety of exceptional restaurants in the near future. With this innovative service, Jahez-Kuwait aims to foster stronger connections between customers and their beloved eateries, making it easier and more affordable to enjoy delicious meals from the comfort of home.In a statement, Jahez-Kuwait indicated that the launch of Jahez Prime serves as a strategic move to solidify the Company's position as a market leader in the food delivery service industry, as it continues to invest in services that add value for both customers and restaurant partners alike. The monthly subscription of KD1 is competitively priced, ensuring that Jahez Prime is accessible to a wide audience, and represents the Company’s ongoing dedication to offering cost-effective solutions without compromising on quality or service. As Jahez-Kuwait continues to innovate and evolve, Jahez Prime stands as a clear indication of its unwavering dedication to customer satisfaction and its forward-thinking approach to the rapidly changing landscape of online food delivery.“We are proud to launch Jahez Prime for our valued customers, further building on our commitment to offer innovative services at competitive prices in the local market,” said Faisal Alsaei, Marketing Manager at Jahez-Kuwait. “At Jahez-Kuwait, we are driven by a passion for excellence and a relentless pursuit of customer satisfaction. The launch of Jahez Prime is a critical milestone in our journey, showcasing our dedication to providing value-driven services that serve our diverse customer base. Customers wanting to subscribe to the service can do so simply through the Jahez-Kuwait App and enjoy unlimited free deliveries from Prime restaurants.”Alsaei added, “As we continue to grow, we remain dedicated to expanding our offerings and strengthening our position as a pioneer in the local and regional food delivery services industry. This is just one of the many ways that we aim to meet and exceed our customers’ expectations, ensuring they have access to their favorite restaurants with a click of a button.”It is worth mentioning that Jahez-Kuwait entered the competitive food delivery industry with an innovative customer centric approach. By allowing customers to simply drop a pin for delivery without needing to enter an address, Jahez-Kuwait provides a seamless and intuitive experience that takes convenience to a new level. The platform further empowers its users with flexible payment options, offering the freedom to pay anytime, whether before or after delivery, putting the control squarely in customers' hands. Additionally, in collaboration with select partners, Jahez offers up to 50% off at some restaurants, providing unmatched value and making it a truly compelling choice for food delivery in Kuwait.