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.

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.

“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.

“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.