Egypt-based supply chain technology startup Qara has raised $2.6 million in funding from strategic investors to fuel its expansion into Saudi Arabia. This marks a major milestone for Qara as it advances its mission to revolutionize supply chain operations across the Middle East and Africa (MEA). The move is supported by the National Technology Development Programme (NTDP) Relocate Initiative, a key pillar of Saudi Arabia’s efforts to attract tech-driven enterprises in line with its Vision 2030 goals.
Founded in 2021 by Hassan Abouzeed and Khaled Hassan, Qara offers a cutting-edge digital platform that empowers manufacturers and suppliers with tools for product authentication, traceability, and AI-powered supply chain optimization. The company has already authenticated over 28 million products and connected 50,000 business users, forging partnerships with 35 manufacturers across Egypt, Kenya, and Saudi Arabia.
Therefore, the funding will enable Qara to scale its operations and deepen its impact in Saudi Arabia. Co-founder and CEO Hassan Abouzeed expressed his excitement about the expansion “Securing this investment marks a pivotal step in our journey. After achieving strong product-market fit in Egypt, we are ready to expand internationally. Saudi Arabia is an ideal market for us, given its strategic focus on innovation and technology through Vision 2030. Our solutions align perfectly with the Kingdom’s objectives of driving economic transformation and value creation.”
With a focus on transparency and efficiency, Qara’s flagship product, Asly, helps users verify product authenticity via QR codes, combating counterfeiting and enhancing customer trust significantly. By leveraging AI and blockchain, Qara delivers end-to-end visibility and real-time insights, allowing businesses to streamline their supply chains and reduce inefficiencies.
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The NTDP Relocate Initiative provides a robust framework for Qara’s expansion, offering financial incentives, infrastructure support, and market access. This will allow the startup to seamlessly integrate into Saudi Arabia’s burgeoning tech ecosystem and tap into its rapidly growing digital economy.
In addition, Qara plans to use the funding to expand its product portfolio, enhance its platform capabilities, and establish a solid presence in the Kingdom. The company also aims to build new partnerships and drive innovation in supply chain management across the region.
Furthermore, as Qara embarks on this exciting chapter, its entry into Saudi Arabia underscores its commitment to transforming supply chain practices in the MEA region. The $2.6 million investment not only validates Qara’s achievements but also strengthens its position as a leading force in supply chain innovation, setting the stage for continued growth and success.
