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Saudi Arabian software startup Salla has secured $130 million in funding, marking what is expected to be its final funding round before a planned IPO. The investment comes from a consortium of investors, including alternative asset manager Investcorp, the kingdom’s sovereign wealth fund unit, Sanabil, and venture capital firm STV. Salla specializes in providing e-commerce firms with software solutions for website development and online payment processing.
- Investcorp facilitated the deal through a $500 million fund dedicated to pre-IPO companies in Saudi Arabia. While specifics regarding Salla's valuation and the timeline for its public listing remain undisclosed, the startup's funding reflects the growing interest in technology firms within the Saudi market. As the country experiences rapid growth, investors are increasingly keen to capitalize on opportunities in the tech sector, while regional stock exchanges seek to enhance their diversity with new listings.
Why it matters
Salla joins a cohort of Saudi technology startups gearing up for potential IPOs. Buy-now-pay-later firm Tabby is also exploring a stock market debut, highlighting the burgeoning activity in the Saudi tech startup ecosystem.
