11 November 2021 – Wa’ed,
the entrepreneurship arm of Aramco, has announced a SAR 1.9 million venture
capital investment in Dammam-based Qreeb, a digital B2B e-procurement and
facility management platform aiming to streamline supply chain processes by
connecting service providers with clients through a unified traceable
communication platform, and one of Falak Investment Hub portfolio companies.
The investment in Qreeb will enable the startup to improve its
software and management solution, double the volume of vendor transactions made
through its website, and expand its operations across the kingdom.
The ISO-certified startup that possesses both ISO-9001 (Quality
Assurance Management) and ISO-14001 (Environmental management) certifications, was
founded in 2018 by Abdulaziz Al Abdulkader,
Hassan Ikram, and Abdulrahman AlOmair to address the lack of systemized
workflow infrastructures that would allow a company’s management to trace and
track their procurement orders with vendors.
Qreeb enables buyers to access and select the services of three pre-qualified
service providers for facility management, and 125 vendors for the
e-procurement or supply chain needs, on its customizable platform, optimizing
workflow efficiency by reducing procurement risks, operational expenses, and
time wasted communicating with each vendor independently. It does so using
three solutions: a facility management solution offering ticketing and
subscription services, an enterprise asset management solution to better
structure work orders and asset registrations, and a procurement management
solution that provides e-catalogues and quotation auto-comparisons for clients.
“Qreeb aims to develop a more accurate and collaborative facility
management and procurement sector where clients can identify the exact causes
behind performance shortages. We look at Wa’ed as a strong strategic investor
that can help us to expand our presence and client base and modernize the
deeply traditional facility management and procurement sector within the
kingdom,” said Abdulrahman AlOmair, Cofounder and CEO at Qreeb.
“Qreeb showed immense promise looking at the quantified results
brought about by process efficiencies and cost cutting for its users after
graduating from Falak’s acceleration program. Qreeb has also received the
backing of prominent groups like Tamimi Holding Group, Falak Investment Hub and
now Wa’ed which validates the problem we are solving for and the need for
Qreeb’s solution,” said Hassan Ikram, Cofounder and Chairman at Qreeb, and
Cofounder and Chief Investment Officer at Falak Investment Hub.
By integrating its platform to the finance departments of its
client companies, Qreeb is able to instantly notify vendors of any purchase
orders once the departments send their approvals, as well as open the
opportunity for clients to make direct purchases online.
Having an accessible database and integrable solution, the startup
is also able to calculate price quotas and order quantities as accurately as possible
and allow clients to request and accept videos uploaded by warehouse
technicians to ensure their order requests are processed efficiently.
“Empowering startups such as Qreeb to
digitize sectors that are heavily-dependent on offline operations like
procurement has the potential to revolutionize the internal processes of all
parties involved within each single transaction, allowing them to take
previously-calculated data-driven decisions in a simplified process,” said
Fahad Alidi, Managing Director at Wa’ed.
While last year’s covid-19 regulations presented
numerous challenges for supply chain companies as service providers were
suspended from accessing warehouses, which prevented some from resuming work
contracts, Qreeb was still able to enroll clients with a high-potential
transaction value to join its digital platform. The startup became the
official digitization arm or platform for Al-Tamimi Holding Group, a multi-conglomerate
with over 28 subsidiaries across the kingdom, which are in the process to use
Qreeb’s platform to streamline over 1800 vendors directly linked to the company
and its subsidiaries.