Saudi Arabia’s Sary and ShopUp from Bangladesh have merged to form SILQ Group, backed by $110 million funding round to support the merger. The round was led by Sanabil Investments, a wholly owned PIF company, and Peter Thiel’s Valar Ventures, with participation from STV, Raed Ventures, VentureSouq, Flourish Ventures, MSA Capital, Al Wafra Investment, Rocketship VC, Endeavor, Qatar Development Bank, Peak XV, Tiger Global, and Prosus.

Why does it matter? The newly formed SILQ Group will become the largest B2B e-commerce platform connecting the Gulf region with emerging markets in Asia.

More Details:

• According to data obtained by ZTO, SILQ Group will be headquartered in Singapore.
• The funding round included both equity investments and debt facilities.
• SILQ will focus on delivering financial tools, logistics, and commerce services to support the growth of small and medium businesses in the region.
• Sary and ShopUp will continue operating under their respective brands, leveraging SILQ’s unified infrastructure.