TL;DR:
- Re-commerce marketplace, Soum, recently secured an $18 million investment to expand its operations in the Middle East and North Africa (MENA).
- The funding round was led by MENA-focused VC firm, Algebra Ventures, with participation from other investors such as MEVP, BECO Capital, Global Ventures, and Endure Capital.
- As an online platform that buys and resells used electronic devices, Soum aims to create a circular economy in the MENA region.
- Soum’s business model provides an eco-conscious solution to electronic waste, and with this new investment, they plan to enhance their technology, expand their product categories, and increase their operational footprint.
Article
As we know, electronics waste is a significant global concern, and Soum, a re-commerce marketplace, aims to counteract this issue using its online platform, which resells used electronic devices. With their business model, Soum hopes to establish a circular economy in the MENA region.
Recently, the start-up secured an $18 million backing to expand its operations. This Series A funding round was led by Algebra Ventures, a venture capital firm focusing on the MENA region. Other investors include firms like MEVP, BECO Capital, Global Ventures, and Endure Capital.
With this sizeable investment, Soum plans to enhance its technological resources, increase the range of product categories, and expand its geographical reach, thereby providing an eco-friendly solution for electronic waste across a broader area.
Thoughts
Coming from Watkins Labs perspective, the fact that a start-up like Soum, which is consciously fighting electronic waste, has secured significant funding is a positive sign indeed. It reflects a broader shift towards investing in sustainable and eco-friendly businesses. This is a trend we at Watkins Labs wholeheartedly support, considering our commitment to creating tech solutions that are both innovative and environmentally conscious.
What’s your take on Soum’s expansion plan? Do you believe the increased focus on sustainable practices in the tech industry is a long-term shift or just a passing trend?
References
Source: TechCrunch
