Soum
Buy & Sell with Convenience, Trust, and Ease
Location:
Saudi Arabia
Founded:
2021
Team Size:
3
Industry:
Sustainability, e-Commerce
Founders:
Bader Almubarak, Co-Founder & CEO,
Fahad Albassam, Co-Founder & CGO,
Fahad Alhassan, Co-Founder & COO,
About:
Soum is an online marketplace on a mission to transform how people in the MENA region buy and sell items online by offering convenience, trust, and ease. We aim to create a secure ecosystem where users can effortlessly trade goods while building trust through innovative tools and exceptional service.
We launched in 2021 in Saudi Arabia, focusing on second-hand electronics, addressing the common challenges of unreliable listings, and limited access to quality pre-owned items. By providing a streamlined, user-friendly platform with features like verified listings and secure payment options, we have solved critical pain points for both buyers and sellers.
Today, Soum caters to a broad audience, including tech-savvy millennials, budget-conscious families, and collectors. With a rapidly growing customer base, we’ve expanded into new verticals, such as used cars and collectibles, to meet diverse needs.
Our platform has facilitated hundreds of thousands of transactions across 150+ locations in KSA, achieved over 5 million app downloads, and ranked as the 10th most downloaded e-commerce app in the country in 2023. We’re continuously innovating to redefine online marketplaces in the region.
Describe your startup. What is your startup's mission, and what problem are you solving and who are your customers?
Soum is an online marketplace on a mission to transform how people in the MENA region buy and sell items online by offering convenience, trust, and ease. We aim to create a secure ecosystem where users can effortlessly trade goods while building trust through innovative tools and exceptional service.
We launched in 2021 in Saudi Arabia, focusing on second-hand electronics, addressing the common challenges of unreliable listings, and limited access to quality pre-owned items. By providing a streamlined, user-friendly platform with features like verified listings and secure payment options, we have solved critical pain points for both buyers and sellers.
Today, Soum caters to a broad audience, including tech-savvy millennials, budget-conscious families, and collectors. With a rapidly growing customer base, we’ve expanded into new verticals, such as used cars and collectibles, to meet diverse needs.
Our platform has facilitated hundreds of thousands of transactions across 150+ locations in KSA, achieved over 5 million app downloads, and ranked as the 10th most downloaded e-commerce app in the country in 2023. We’re continuously innovating to redefine online marketplaces in the region.
Who are the founders, and what sparked the idea for this venture?
Founders:
Soum was founded by Bader Almubarak (Co-Founder & CEO), Fahad Albassam (Co-Founder & CGO), and Fahad Alhassan (Co-Founder & COO), a team united by their expertise in e-commerce, operations, and customer experience.
What Sparked the Idea:
The idea for Soum emerged from the founders’ shared vision of addressing the challenges faced by buyers and sellers in the MENA region’s online marketplace. They identified a lack of trust, transparency, and convenience in existing platforms, particularly for trading second-hand goods. Fueled by a mission to revolutionize online commerce, they launched Soum in 2021, starting with second-hand electronics in Saudi Arabia. The venture has since grown to address broader market needs, including used cars and collectibles, providing a seamless and secure experience for users.
What makes your product or service unique in the market?
ٍSoum stands out as a trusted and innovative marketplace in the MENA region, addressing key challenges in online buying and selling. Our uniqueness lies in:
Trust-Centric Approach: We prioritize trust by offering verified listings, secure payment methods, and user-friendly policies, ensuring confidence for both buyers and sellers.
Diverse Product Categories: Starting with second-hand electronics, we’ve expanded into used cars and collectibles, catering to a wide range of customer needs under one platform.
Scalability and Accessibility: With a presence in 150+ locations across Saudi Arabia, Soum combines a vast network with an intuitive app, downloaded over 5 million times, making transactions seamless for everyone.
Localized Focus: Unlike generic global platforms, Soum tailors its services to the unique preferences and demands of the MENA market, creating a highly relevant user experience.
Data-Driven Innovation: By leveraging advanced analytics, we continually enhance our offerings, optimize customer journeys, and stay ahead of market trends.
Our commitment to convenience, trust, and customer satisfaction sets us apart, solidifying Soum as a market leader in KSA and beyond.
What milestones have you achieved so far if any, and where do you see your startup in the next 2-5 years?
Strategic Partnerships:
Formed a partnership with Lean Technologies: This collaboration marks a significant step forward in enhancing customer and merchant experiences on Soum.
Partnered with Channels by STC: This partnership will facilitate the liquidation of trade-in devices through Soum’s marketplace.
Funding Achievements:
Successfully secured $18 million in Series A funding, led by Jahez International Company, with additional participation from Isometry Capital, Khwarizmi Ventures, AlRajhi Partners, and Outliers Venture Capital.
Market Leadership:
Established as the market leader in second-hand electronics in Saudi Arabia.
Achieved over 5 million app downloads, with 10,000 active listings at any given time, and facilitated transactions across 150+ locations in KSA.
Vision for the Next 2-5 Years:
In the next 2-5 years, Soum aims to expand its reach across the MENA region, diversify into new verticals. Our goal is to become the go-to marketplace for buying and selling in the region, empowering millions of users and setting a new standard for online commerce.
What defines your company culture, and what type of talent are you looking for?
At Soum, diversity is at the heart of our culture. Our team, proudly known as Soumers, represents a rich blend of experiences, having worked in over 14 countries, including the US and South Korea. We foster an environment that values innovation, collaboration, and continuous learning. Autonomy is a key pillar of our culture, allowing team members the freedom to experiment, take risks, learn from failures, and grow both personally and professionally.
What Type of Talent Are We Looking For:
We seek the best and brightest individuals who are hungry, ambitious, and eager to make an impact. Titles and resumes are not our primary focus; we prioritize innovators, go-getters, and problem-solvers who thrive in a fast-paced, dynamic environment.
Are you currently open to investments or partnerships?
Yes, Soum is actively open to both investments and partnerships. Having successfully secured $18 million in Series A funding, we are now focused on strategic collaborations that align with our mission to revolutionize online marketplaces in the MENA region.
We welcome opportunities to partner with innovative organizations and investors who share our vision of enabling secure, convenient, and trustworthy online buying and selling experiences. Whether it's technological advancements, market expansions, or operational synergies, we are eager to explore partnerships that drive mutual growth and success.
How can interested investors, partners, or potential employees get involved or learn more?
At Soum, we’re excited to connect with investors, partners, and potential team members who share our vision of transforming the online marketplace.
For Investors and Partners: If you're interested in collaborating with Soum or exploring investment opportunities, please reach out to us at f.albassam@soum.sa. We’d be delighted to discuss how we can work together to achieve mutual growth.
For Potential Employees: We’re always on the lookout for passionate innovators to join our team. Visit our LinkedIn: www.linkedin.com/company/soum-sa/ to explore open roles and learn more about our culture.
What were the best and worst pieces of advice you received as a founder?
Best Advice:
One of the best pieces of advice we received was to "start small but think big." This guided us to focus on perfecting a niche—second-hand electronics—before scaling into new verticals like used cars. It taught us the value of iteration, listening to user feedback, and building a solid foundation before expanding.
Worst Advice:
The worst advice we encountered was to "stick to what’s working." While it’s tempting to stay within a comfort zone, we realized that innovation requires risk-taking and challenging the status quo. Had we followed this advice, we wouldn’t have expanded our offerings or pursued bold partnerships that have been pivotal to our success.