TLDR:
- Saudi-based MDD concludes a Series A funding round, raising $26.6 million.
- The investment will enhance MDD’s capabilities in supply chain and procurement management.
Saudi-based MDD, specializing in supply chain and procurement management, recently closed a Series A investment round, raising $26.6 million. The investment signifies a significant milestone for MDD, showcasing investor confidence in the company’s vision and potential. The company, established in Riyadh in mid-2019, aims to address challenges in the supply chain and procurement market by integrating financial technology and offering end-to-end solutions. The financial details of the investment round, made by an individual investor, were undisclosed, but it involved selling 5% of the company’s shares, valuing it at over SAR100 million. MDD has also received prior approval from the Saudi Central Bank (SAMA) for its business model, focusing on enhancing sector functionality, particularly in financing. This funding will further enhance MDD’s capabilities in supply chain and procurement management, driving innovation and growth in the sector.
