Sary, a Saudi-based B2B marketplace, has merged with Bangladesh’s ShopUp to form SILQ Group, supported by a $110 million funding round. This investment includes both equity and financing for SILQ Financial, the group’s financial services unit.
Sary, launched in 2018, connects small businesses with manufacturers and lenders, while ShopUp, founded in 2016, links local shops with mills, brands, and manufacturers. Their combined efforts have served over 600,000 retailers and facilitated more than $5 billion in transactions, delivering significant impact across emerging markets.
The investment comes from a group of prominent backers, including Sanabil Investments, Valar Ventures, and others, with new participation from Qatar Development Bank. SILQ plans to establish a strong presence in Qatar, aiming to expand services to SMEs in the region.
Following the merger, both Sary and ShopUp will continue operating under their existing names in their respective markets, leveraging SILQ’s combined infrastructure and resources. SILQ Financial will offer expanded financing solutions, further integrating financial and commerce services for business customers.
Afeef Zaman, ShopUp’s founder, will lead SILQ Group as CEO, while Mohammed Aldossary, co-founder of Sary, will head SILQ Financial. The leadership team highlights the opportunity to serve a trade corridor projected to reach $682 billion, positioning SILQ as a key player in shaping business commerce across the Gulf and South Asia.
The merger is expected to create a fully integrated platform combining logistics, commerce, and financial tools, aiming to empower businesses and drive growth in some of the world’s fastest-growing markets.