Saudi Arabia’s emerging logistics company, MDD, has successfully completed a Series A funding round, trading 5% of its equity for a company valuation of $26 million (SAR100 million).
Established in 2019, MDD is at the forefront of offering innovative supply chain solutions tailored for the business sector.
The young enterprise, headquartered in Riyadh, recently made an announcement regarding the conclusion of a Series A financing round. An individual investor has taken a 5% stake in the enterprise, pushing its valuation over the SAR100 million mark. The exact financial details of the transaction remain confidential.
MDD’s mission is to tackle the supply chain and procurement challenges faced by businesses. The company has developed a distinct approach, blending financial technology with traditional supply chain and procurement practices. Their proprietary ‘OFSP’ methodology encompasses the full spectrum of operations, from initiating orders to the final steps of sourcing and payment.
The startup has also gained preliminary approval from the Saudi Central Bank (SAMA) for its business model. With this endorsement, MDD is set to address the financing obstacles that currently hinder the sector’s efficiency and growth.
