- $33 million debt round closed, led by India’s Stride Ventures with participation from other investors.
- Sharia-compliant, fast and flexible financing solutions designed for SMEs in Saudi Arabia and the UAE.
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Targeting a $250 billion SME funding gap across the Gulf region.
Riyadh-based alternative financing platform Erad announced the close of a $33 million debt financing round to support its expansion across Saudi Arabia and the wider Gulf. The round was led by Stride Ventures, a leading venture debt provider in India, alongside several other investors.
The investment was finalized on the sidelines of Money 20/20 Riyadh, signaling strong confidence in the future of alternative financing in the region.
Financing Solutions for SMEs
Founded in 2022 by Salem Abu Hamour, Fares Yagmor, Abdulmalek Almaihiny, and Yousif Saeed, Erad provides working capital financing solutions that are fast, flexible, and fully Sharia-compliant.
These solutions are tailored to enable small and medium-sized enterprises in Saudi Arabia and the UAE to access the capital they need to grow and expand.
Salem Abu Hamour, Co-Founder of Erad:
“We have achieved 5x year-on-year growth and are doubling down on our expansion in the Saudi market. Access to capital remains a major challenge for SMEs.”
Bridging a $250 Billion Funding Gap
Erad aims to help close the region’s $250 billion SME funding gap through its innovative financing model. Since launch, the platform has received over $532 million in funding requests and disbursed more than $50 million to SMEs in Saudi Arabia and the UAE across sectors including retail, F&B, healthcare, and e-commerce.
Stride Ventures’ Perspective
Fareeha Ansari Javed, Partner at Stride Ventures:
“Venture debt remains an underutilized asset class in the Gulf, but it has tremendous potential to fuel business growth without equity dilution. Our investment in Erad reflects our strong commitment to the region and supports its vision of expanding capital access for ambitious companies.”
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