Egypt-based Qara Secures $2.6M Funding to Expand into Saudi Arabia – Fintech News Egypt

Riyadh, Saudi Arabia – Qara, a MEA-based supply chain tech startup, has announced the successful completion of its $2.6 million funding round, led by strategic investors. This funding will fuel Qara’s expansion into the Kingdom of Saudi Arabia (KSA), facilitated by the National Technology Development Program’s (NTDP) Relocate Initiative. The program offers a comprehensive suite of incentives and support, ensuring a seamless integration into KSA’s burgeoning tech ecosystem.

Qara specializes in providing producers with a cutting-edge, end-to-end digital ecosystem. Its platform enables authentication and traceability of products from production to end consumers, fosters connectivity across the supply chain, and leverages AI to drive data-informed decisions. Since its inception, Qara has authenticated over 28 million product units and connected more than 50,000 business users across Egypt, KSA, and Kenya. The company has collaborated with over 35 manufacturers and product suppliers, solidifying its presence in the region.

Expansion Aligned with Saudi Vision 2030

Hassan Abouzeed, Co-Founder and CEO of Qara, emphasized the strategic importance of the expansion:
“After three years of achieving a successful product-market fit in Egypt, Qara is ready for international growth. Saudi Arabia, with its commitment to innovation under Vision 2030, is the perfect first step for our global journey. Our platform aligns seamlessly with the Kingdom’s objectives, creating value through technology and innovation.”

Abouzeed highlighted Qara’s mission to revolutionize manufacturers’ B2B2C marketing and distribution capabilities through digital solutions that enhance supply chain visibility, combat counterfeiting, and foster customer trust.

Innovative Tools to Combat Counterfeiting

Qara’s offerings include apps like “Asly”, which allows users to verify product authenticity by scanning QR codes. Asly combats counterfeiting, protects revenue streams, and strengthens brand integrity by enabling companies to share detailed product information, implement warranties, and enhance customer loyalty—all through a single app.

Khaled Hassan, Qara’s CTO and Co-Founder, outlined the company’s tech-driven roadmap:
“Our solutions are designed to be scalable, secure, and adaptable to evolving global supply chain demands. With this funding, we will accelerate the development of innovations that empower businesses with real-time insights and data-driven decision-making.”

Industry Leaders Support Qara’s Vision

Aly H. El Sewedy, Vice President of Energya Industries, praised Qara’s transformative potential:
“Qara is reshaping supply chain management in the MEA region. Their expansion into Saudi Arabia reflects a deep alignment with the region’s digital transformation goals. We are proud to support a visionary team that is redefining industry standards.”

Ahmed Rabie, former CEO of Wadi Group and Milano Group, commended Qara’s contributions to supply chain efficiency and broader societal goals:
“Qara’s work in areas such as food security brings immense public utility while driving significant benefits for its partners. They are central to the digital transformation of the region’s supply chains.”

A Promising Future

With a proven track record and support from NTDP’s Relocate Initiative, Qara is poised to become a significant player in the Saudi tech landscape. Its innovative approach to supply chain challenges resonates with KSA’s push for technological advancement, paving the way for transformative economic progress across the region.

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