Soum is a privately held company based in Riyadh, Saudi Arabia, operating in the internet retail sector. Founded in 2021, Soum has developed a re-commerce marketplace that facilitates the buying and selling of used electronic devices, emphasizing convenience, trustworthiness, and transparency. The platform ensures that products meet described conditions, offering customers competitive pricing and a reliable marketplace for pre-owned electronics.
Company Overview
- Year Founded: 2021
- Headquarters: Riyadh, Saudi Arabia
- Industry: Internet Retail
- Employees: 75 (as of 2024)
- Website: info.soum.sa
Funding and Financials
Soum has successfully secured funding to support its growth and operations:
- Seed Round: Completed on December 30, 2021
- Series A: Raised $18 million on December 20, 2023
The company has attracted investments from eight investors, including Isometry Capital, Jahez, AlRajhi Partners, Ammar AlKhudairy, and Khwarizmi Ventures.
Leadership Team
Soum's executive team comprises experienced professionals:
- Fahad Al Hassan: Co-Founder, Chief Executive Officer, and Board Member
- Ruwan Manjule: Chief Technology Officer
- Reda Traki: Chief Business Officer
- Bader Almubarak: Co-Founder and Board Member
- Fahad Albassam: Co-Founder and Board Member
Market Analysis
The re-commerce market, particularly in the Middle East, is experiencing significant growth. Consumers are increasingly seeking cost-effective and sustainable options for electronic devices, driving demand for platforms like Soum. The company's focus on transparency and trust addresses common concerns in the pre-owned electronics market, positioning it favorably among competitors.
Competitive Landscape
Soum operates in a competitive environment with other re-commerce platforms. Notably, Cartlow, based in Dubai, United Arab Emirates, serves as a competitor in the region. Understanding the strategies and offerings of such competitors is crucial for Soum to maintain and enhance its market position.
Customer Insights
Soum's target market includes tech-savvy consumers looking for affordable electronic devices and individuals interested in selling their used electronics. The platform's emphasis on product verification and competitive pricing appeals to customers seeking reliable and economical options.
Conclusion and Recommendations
Soum has established a strong foundation in the re-commerce market for electronic devices in Saudi Arabia. To further capitalize on market opportunities, the company should consider:
- Expanding Product Categories: Diversifying the range of products offered to attract a broader customer base.
- Enhancing User Experience: Investing in technology to streamline the buying and selling process, ensuring a seamless user experience.
- Strengthening Marketing Efforts: Implementing targeted marketing campaigns to increase brand awareness and customer acquisition.
- Exploring Regional Expansion: Assessing opportunities to extend operations into neighboring markets to leverage regional demand.
By focusing on these areas, Soum can continue to grow its market share and reinforce its position as a trusted re-commerce platform in the region.
