ShopUp and Sary, two B2B commerce platforms from Bangladesh and the Gulf, respectively, have merged to create Silq Group. This new entity has successfully raised US$110Mn in a funding round co-led by Sanabil Investments, a subsidiary of Saudi Arabia’s US$925Bn Public Investment Fund, and Peter Thiel’s Valar Ventures.

The strategic merger aims to leverage the expanding trade corridor between the Gulf and South Asia, which is expected to handle over US$682Bn in trade over the next decade. Silq Group is positioned to streamline the entry of Bangladeshi products into the Saudi market and beyond, enhancing the global supply chain capabilities of both companies.

Afeef Zaman, the newly appointed CEO of Silq Group, stated, “This merger sets us at the forefront of one of the world’s burgeoning trade routes, ready to shape global market dynamics and increase access to diverse markets.” Mohammed Aldossary, founder and CEO of Sary, will take on the role of CEO of Silq Financial, focusing on SME funding solutions.

The investment round also included participation from other investors, such as Qatar Development Bank, Flourish Ventures, and Kuwait’s Wafra. This marks Sanabil’s first major investment in South Asia, highlighting the region’s growing importance in global commerce networks.

Silq Group will continue to operate under the ShopUp and Sary brands in their respective markets, utilizing their combined infrastructure and resources to expand their reach and enhance their service offerings. This merger represents a notable development in the B2B commerce landscape and sets the stage for Silq Group’s future growth and a potential initial public offering in 2027.