ERAD, a Riyadh-headquartered alternative financing platform catering to small and medium-sized enterprises (SMEs), has successfully secured $33 million in debt financing. This funding round was led by Stride Ventures, an India-based venture debt firm, with participation from other investors.
The newly acquired capital will be utilized to bolster ERAD’s operations in Saudi Arabia and the United Arab Emirates (UAE). The company aims to scale its services and meet the growing demand from SMEs across various sectors, including retail, food and beverage (F&B), healthcare, and e-commerce.
Prior to this debt financing, ERAD had raised $16 million to support its growth and expansion within Saudi Arabia and other regions.
ERAD is an alternative financing platform that provides innovative financial solutions to SMEs in the GCC region. By leveraging technology and data analytics, ERAD aims to bridge the financing gap for underserved businesses, enabling them to thrive in a competitive market.
This strategic move positions ERAD to enhance its service offerings and expand its footprint in the GCC, reinforcing its commitment to supporting the growth and development of SMEs in the region.
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