i Arabia’s Erad Closes $22M Series A Led by Middle East Venture Partners
Saudi-based Erad, a company specializing in alternative financing solutions and working capital for small and medium-sized enterprises (SMEs), has closed a $22 million Series A investment round.
The round was led by Middle East Venture Partners (MEVP), with participation from SVC, 500 Global, S60 Ventures, anb capital, Conjunction Capital, and Arāya Ventures, alongside existing investors Khwarizmi Ventures, Nuwa Capital, AlJazira Capital, Oraseya Capital, and Joa Capital.
According to the company’s statement, Erad has provided more than $133 million in financing, while the total value of financing requests it has received has reached approximately $1 billion since its launch.
The company will use the new investment to support hiring, launch new products in response to growing demand for financing, and expand into capital-intensive sectors, including industrial, manufacturing, and logistics.
Erad previously closed a $16 million Pre-Series A round, with participation from the US-based accelerator Y Combinator, after being accepted into its Summer 2022 batch as the first Saudi company to participate in the accelerator.
Founded in 2022 by Salem Abu-Hammour, Faris Yaghmour, Abdulmalik Al-Mohaini, and Yousef Saeed, Erad focuses on providing alternative financing solutions and working capital to small and medium-sized enterprises.
