RIYADH: Saudi-based online marketplace specializing in secondhand products Soum has announced the closure of an $18 million series A funding round. Led by Jahez, the financing deal saw participation from Isometry Capital, along with continued support from existing investors Khwarizmi Ventures, Alrajhi Partners, and Outliers Venture Capital. Founded by Fahad Al-Hassan, Bader Al-Mubarak, and Fahad Al-Bassam, Soum has experienced significant growth since its seed funding round last year. Al-Hassan said: “The success of this funding round is a testament to the dedication of our entire team. With the backing of the region’s leading investors, we are excited to kick-off our next stage of growth, while continuing on our mission to transform how customers buy and sell online.” The company claims that its sales have increased by 40 times, supported by strong unit economics and consistently high customer satisfaction scores. Having facilitated deliveries to and from over 150 cities across Saudi Arabia, Soum said it has established a national marketplace for buying, selling, and discovering products with trust and ease. Launched in 2021, the Soum app has already surpassed 4 million downloads in Saudi Arabia and is gaining momentum in the UAE, according to a press release. The funding is set to fuel Soum’s regional expansion and diversification beyond its primary focus on secondhand electronics. Soum plans to introduce a range of high-value categories for secondhand products, from collectibles to automobiles, aiming to tap into a combined market worth $40 billion.