When two worlds collide. ShopUp, a Bangladeshi B2B commerce platform, and Sary, a B2B marketplace and services platform in the Gulf, just announced their merger.

• They just launched SILQ Group and have raised $110M in a mix of debt and equity!

What’s the goal? With the merger, SILQ aims to provide B2B businesses easier access to efficient sourcing, seamless logistics, and affordable financing.

Investor check. Sanabil Investments (a wholly owned company by Saudi Arabia’s Public Investment Fund) and Peter Thiel’s Valar Ventures led the round. 

• Flourish Ventures, VSQ, MSA Capital, Rocketship VC, STV, Wafra Investment, Peak XV, Prosus, Tiger Global, Endeavor Catalyst, Raed Ventures, and the Qatar Development Bank also joined in. 

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🛍️ More on ShopUp

ShopUp connects mills, brands, and manufacturers to mom-and-pop shops across Bangladesh to make the distribution of food and other essentials more efficient. 

• And on Sary. They connect small businesses with manufacturers and lenders to make procurement faster and easier. 

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🚚 What’s next?

Both brands will continue to operate in their respective geographies under their own brand names post-merger. They’ll do this while leveraging SILQ’s enhanced infrastructure, combined capabilities, and shared resources.

• Oh, and they’ll also establish SILQ Financial, a dedicated financing arm that will focus on making innovations in MSME funding.