ShopUp and Sary Merge to Form SILQ Group with $110M Series C Led by Sanabil
April 15, 2025
Bangladesh-based ShopUp and Gulf-based Sary have merged to form SILQ Group, creating a large B2B commerce platform across the Gulf and Emerging Asia. The merger is backed by a $110 million Series C round led by Sanabil Investments and Valar Ventures with participation from multiple global and regional investors; the combined group will operate branded businesses regionally and launch SILQ Financial for embedded financing.
- Buyers
- Sanabil Investments, Valar Ventures, Prosus, Tiger Global, Flourish Ventures, Wafra Investment, Qatar Development Bank, Pierre Omidyar's family office, STV, MSA Capital, VSQ, Rocketship VC, Endeavor Catalyst, Raed Ventures
- Targets
- ShopUp, Sary
- Industry
- E-Commerce
- Location
- Dhaka, Bangladesh
- Transaction Type
- Growth capital
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