GLOBAL: erad, a Saudi Arabia-headquartered Islamic financing platform for SMEs, raised US$16 million in a pre-Series A round to support its expansion plans in Saudi Arabia and the region. The round was backed by global and regional firms including YCombinator, Nuwa Capital, Khwarizmi Ventures, Aljazira Capital, VentureSouq, Oraseya Capital and Joa Capital.
erad said it has supported hundreds of businesses with over SAR100 million (US$26.67 million) in funding in Saudi Arabia and the UAE since its establishment in 2022.
