Officials of investing companies during an event organised by Mrsool
Business Bureau, Gulf Today
RIYADH: Mrsool, the leading Saudi on-demand delivery service, has completed a multimillion-dollar series A investment round led by STV and Raed Ventures. Saudi angel investor Mazen Al Jubeir also joined the funding round. This transaction marks Mrsool’s first fundraising to tap the on-demand delivery industry - a sector with significant growth potential in a region driven by increasing consumer adoption of digital and mobile commerce. The capital will be used to expedite Mrsool’s expansion plans in Saudi Arabia and the wider region.
Founded in 2015 by Ayman Al Sanad and Naif al Samri, Mrsool is the first and largest on-demand delivery network in Saudi Arabia, with a total of 4 million registered users at the end of 2018. Mrsool can deliver anything, from anywhere, in just minutes, crowdsourcing delivery by matching shoppers with couriers. Users place orders for items from any store in their city, which can then be fulfilled by any other user willing to act as courier by purchasing and delivering the items. Mrsool processed more than SAR1 billion (about $270 million) in transactions in 2018.
The app’s potential hinges on rapidly growing consumer demand for fast delivery services and Mrsool’s user-friendly experience. It fulfils orders beyond food to include instant delivery, targeting merchants, local groceries and department stores in addition to food deliveries.
Commenting on the investment, Mrsool’s Co-Founders said: “We have established our footprint and grown remarkably in the Saudi market, building on our customer service satisfaction. This round comes at the right time, especially with Mrsool looking to strengthen its position amongst the leading Saudi on-demand delivery service companies while also exploring the opportunity to access other regional markets.”