ShopUp and Sary Merge to Create SILQ, Gulf-Emerging Asia’s Largest B2B Commerce Platform, Secures USD$110M Funding
- Written by Telegraph Magazine
SINGAPORE - Media OutReach Newswire - 9 April 2025 - ShopUp, Bangladesh's largest B2B commerce platform, and Sary, the leading B2B marketplace and services platform in the Gulf, have merged to form SILQ Group.
This merger brings together Gulf & Emerging Asia, creating the largest B2B commerce platform to serve the fastest-growing consumer markets in the region, and across the globe. The merger is backed by a $110 million funding led by Sanabil Investments, a wholly owned company by Saudi Arabia's Public Investment Fund (PIF) and Peter Thiel's Valar Ventures. This funding includes an equity investment and financing facility for SILQ Financial, the group's financial services arm. 
Together, ShopUp and Sary have served over 600,000 retailers, hotels, restaurants, cafes, and wholesalers, impacting tens of millions of customers in mom-and-pop shop communities since inception. To date, the combined network has made over $5 billion in transactions on their platforms and exceeded $750 million in embedded financing disbursements. Furthermore, the companies have facilitated a total of 100 million shipments. This will establish SILQ as the platform of choice that enables businesses to grow by increasing their efficiency through a combination of financial tools, logistic services, and commerce features.
Post-merger, both ShopUp and Sary brands will continue to operate in their respective geographies under their respective brand names, while leveraging SILQ's infrastructure and combined capabilities. The group will also establish SILQ Financial as its financing arm. It will be creating financial infrastructure, doubling down on the embedded financing scale of both markets and the Point-of-Sales (POS) business.
ShopUp's Founder & CEO, Afeef Zaman, will serve as SILQ Group CEO, while Sary's Founder & CEO, Mohammed Aldossary will lead SILQ Financial as CEO.
"Through this merger, we're entering what's set to become one of the world's largest trade corridors—projected to reach $682 billion. We're in the front seat to serve some of the most exciting, fast-growing economies that are set to shape global consumption in the coming decades, giving them greater access to products from around the world.", said Afeef Zaman, CEO of SILQ Group.
"By merging our strengths, we're not just expanding our reach - we're revolutionizing how digital commerce serves Gulf's merchants and South Asia manufacturers. This alliance brings together the best of both worlds: deep regional expertise and world-class technology to empower every business in our ecosystem where financial services are a cornerstone," said Mohammed Aldossary, CEO of SILQ Financial.
"SILQ is poised to become a leading B2B commerce player both regionally and globally. It addresses numerous challenges faced by B2B businesses seeking a fully integrated platform that combines financial, logistics and commerce services. This merger will enhance SILQ's depth, expertise and scale. We remain committed to supporting the company's leadership to ensure this merger benefits all stakeholders," said a spokesperson at Sanabil Investments.
"Saudi Arabia and the Gulf represent one of the most exciting economic stories in the world today. This merger reflects a bold vision to place these markets at the center of a new commercial ecosystem connecting with South Asia. With a leadership team that has consistently demonstrated courage and foresight, SILQ has the potential to define this category through ambition that matches the regions it serves," said James Fitzgerald, Founding Partner at Valar Ventures.
SILQ is backed by renowned investors, including Sanabil Investments, a wholly owned company by Saudi Arabia's Public Investment Fund (PIF), Peter Thiel's Valar Ventures, Flourish Ventures, VSQ, MSA Capital, Rocketship VC, STV, Wafra Investment (owned by Kuwait PIFSS), Peak XV, Prosus, Tiger Global, Endeavor Catalyst, and Raed Ventures. This round will also see participation from new investors like Qatar Government owned Qatar Development Bank. SILQ is set to establish a strong presence in Qatar to extend its offering to SMEs in Qatar.
Hashtag: #ShopUp
The issuer is solely responsible for the content of this announcement.
About ShopUp
ShopUp is a B2B commerce company that connects mills, brands, and manufacturers to small neighborhood shops, creating a seamless distribution for food & essentials. Currently, millions of people in Bangladesh access food and essentials through ShopUp's network of small shops.
For more information on ShopUp, visit: https://shopup.org/
LinkedIn: https://www.linkedin.com/company/shopfront-limited/
Facebook: https://www.facebook.com/ShopUpNow
About Sary
Sary is the leading B2B marketplace and services platform in the Gulf that connects small businesses with manufacturers and lenders to procure supplies efficiently.
For more information on Sary, visit: https://www.sary.com/en/
LinkedIn: https://www.linkedin.com/company/trysary/
About SILQ
SILQ is a platform dedicated to bridging economies and empowering businesses to trade, grow, and navigate new frontiers. By enabling seamless commerce, logistics, and finance, SILQ unlocks opportunities in emerging economies, fueling ambitions and redefining global trade.
For more information on SILQ, visit: https://www.SILQ.net/
About Sanabil Investments
Sanabil is a financial investment company, wholly owned by the Public Investment Fund (PIF) that commits more than USD 3 billion in capital per annum into global private investments that include VC/Growth. Sanabil is a dynamic, nimble, and highly experienced team of investment professionals. Sanabil provides partners with patient capital, the ability to invest across multiple funding rounds, and access to the region. At Sanabil, we invest in great ideas, great minds, and great companies.
About Valar
Valar Ventures is a venture capital fund based in the United States, founded by Andrew McCormack, James Fitzgerald and Peter Thiel. The firm seeks out exceptionally talented teams and invests globally in high-margin, fast-growing financial technology companies that are pursuing huge market opportunities, such as Xero, Wise (formerly TransferWise), N26, Bitpanda, Qonto, Bestow, Octane and Moss. Valar expects to follow-on significantly as the business scales.
For more information visit- https://valar.com/
