Egyptian e-procurement startup Teradix has won a $140,000 grant from the prestigious TAQADAM Accelerator programme at King Abdullah University of Science and Technology (KAUST). This grant supports Teradix’s strategic expansion into Saudi Arabia, marking a significant milestone in the company’s journey to transform procurement processes across the region.
Founded in 2019 by Khaled Aboshady, Teradix provides businesses with a comprehensive suite of e-procurement solutions aimed at streamlining operations, reducing costs, and enhancing supplier relationships. The platform empowers organizations to manage every aspect of procurement from requisitions to contracts with efficiency and ease. Through innovative tools such as simple RFQs and advanced reverse auctions, Teradix enables clients to maximize savings and gain control over procurement spending.
The grant from TAQADAM will be instrumental in accelerating Teradix’s growth in the Saudi market, helping the company bring its expertise in digital procurement to a new audience. CEO and Co-Founder Khaled Aboshady expressed his enthusiasm for the achievement: “Winning this grant from the TAQADAM Accelerator programme is a testament to our team’s dedication and innovative approach to e-procurement. It provides us with vital resources to expand our presence in the Saudi market and deliver unparalleled value to our clients in the Kingdom.”
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With a focus on transforming the procurement landscape, Teradix has set its sights on leveraging the funding to build a robust presence in Saudi Arabia, enhancing its offerings, and supporting organizations in optimizing their procurement strategies. The expansion will also enable Teradix to tap into Saudi Arabia’s fast-growing digital economy, paving the way for new partnerships and innovations in the e-procurement space.
Finally, as Teradix embarks on this new chapter, the company’s entry into Saudi Arabia signals its commitment to revolutionizing procurement practices across the Middle East. The TAQADAM grant not only affirms Teradix’s impact on the industry but also bolsters its ambition to become a leading force in e-procurement, fostering digital innovation and efficient supply chain management throughout the region.
