Saudi business-to-business ecommerce platform Sary combines with ShopUp from Bangladesh, creating Silq, and secures $110 million in funding.
The Silq Group, a newly formed entity, has emerged from the merger of ShopUp, Bangladesh's largest B2B commerce platform, and Sary, a leading B2B marketplace and services platform in the Gulf region. This union brings together the Gulf and Emerging Asia markets, making Silq the largest B2B commerce platform targeting some of the fastest-growing consumer markets globally.
The merger has garnered significant financial support, with a $110 million funding round led by Sanabil Investments (owned by Saudi Arabia's Public Investment Fund) and Peter Thiel’s Valar Ventures. This funding pools the existing networks of both companies, which have already served over 600,000 small businesses and facilitated more than $5 billion in transactions and 100 million shipments to date.
The Impact of Silq Group on B2B Commerce
The Silq Group aims to create an extensive digital infrastructure for small businesses to efficiently buy products in bulk, access embedded financial services, and manage logistics within a unified platform. The group has launched Silq Financial, a dedicated financial services arm that provides embedded financing products targeted at small and medium enterprises (SMEs), enabling these businesses to access credit and grow.
The strategic trade corridor between the Gulf and Emerging Asia regions, valued at approximately $682 billion, will be facilitated by Silq, positioning it as a key player in regional trade and commerce. The combined technology, logistics, and finance solutions offered by Silq are expected to bring dramatic improvements in efficiency and economic opportunity for mom-and-pop shops, wholesalers, and SMEs.
Continued Operational Independence
Following the merger, ShopUp and Sary brands will continue to operate in their respective geographies under their existing brand names. The funding includes both equity investment and a financing facility for Silq Financial, the group's newly established financial services arm.
A New Era for B2B Commerce
In essence, the Silq Group is transforming B2B commerce by bridging major emerging markets with an integrated platform that combines commerce, finance, and logistics to empower millions of small businesses in a high-growth corridor between the Gulf and South Asia.
Both ShopUp and Sary have each raised over $110 million in funding. Sary's total includes a $75 million Series C in 2021, while ShopUp secured $75 million in Series B that same year, along with over $30 million in debt financing raised separately. The combined network has processed over $5 billion in transactions and exceeded $750 million in embedded financing disbursements.
As the Silq Group embarks on this new journey, it promises to revolutionise B2B commerce, providing small businesses with the tools they need to thrive in a rapidly changing global economy.
- The Silq Group, with its integrated platform focusing on commerce, finance, and logistics, aims to empower millions of small businesses in the strategic trade corridor between the Gulf and South Asia, utilizing technology to facilitate more efficient transactions and access to financial services.
- The funding raised by the Silq Group, totaling over $220 million from Sanabil Investments, Valar Ventures, and other investors, will be employed to further develop the unified platform, enabling the expansion of financial services through Silq Financial, ultimately driving growth for small and medium enterprises (SMEs) in the targeted markets.
