erad raises $22M Series A led by MEVP to finance SMEs across the GCC

erad has closed a $22 million (SAR 78.75 million) Series A led by MEVP. New investors SVC, 500 Global, S60 Ventures, ANB Capital, Conjunction Capital and Araya Ventures joined existing backers Khwarizmi Ventures, Nuwa Capital, Aljazira Capital, Oraseya Capital and Joa Capital.

Founded in 2022 in Riyadh by Salem Abu-Hammour, Faris Yaghmour, Abdulmalik Almeheini and Youssef Said, erad provides Shariah-compliant working-capital financing of up to SAR 10 million to SMEs in Saudi Arabia and the UAE, with data-driven underwriting and approvals in 48 hours on average.

It has deployed more than SAR 500 million ($133 million), grew eightfold year on year in Saudi Arabia, and 85% of clients expand their financing within the first year. In November 2025 it secured a $125 million facility led by Jefferies.

The money goes to new products for industrial, logistics and manufacturing businesses and to hiring across the GCC.

Full announcement linked in the first comment.