Saudi Arabia-based modest fashion e-commerce platform Aya has raised $1.6 million (SAR 6 million) in its seed funding round, a company statement showed on Monday.
Seed funding The funding round was led by Khwarizmi Ventures alongside Turki Alrajhi, with significant contribution from RAED Ventures, Joa Capital, and FENA Holdings. Aya plans to use the new capital to accelerate product development, expand its market presence, and enhance its platform, aiming to deliver an exceptional customer experience. "This investment is more than capital—it’s validation of our bold vision to disrupt a massive, fast-growing traditional market,” said Munira Al Kadi, Co-founder and CEO of Aya in the statement. Founded in 2024 by Saudi entrepreneurs Al Kadi and Abdulrahman Al Ammar, Aya aims to revolutionize the modest fashion market by consolidating its fragmented landscape into a unified, trend-driven discovery platform. Despite the vast size of the modest fashion market, it remains largely underserved, with limited options that balance style and cultural significance. By leveraging real-time customer insights, Aya anticipates trends and empowers local manufacturers to deliver on-demand fashion, staying ahead in this fast-evolving industry. Big number The global modest fashion industry was valued at $295 billion in 2024 and is projected to reach $375 billion in 2025, according to logistics giant DHL.
Saudi startups ecosystem Saudi startups secured $699.8 million in funding through 186 deals in 2024, according to Wamda’s annual report. The Software-as-a-Service (SaaS) sector attracted the largest share of investment, raising $177 million across 27 transactions. Fintech followed closely, drawing $171 million from 24 deals. Mobility startups also made a strong showing with $86 million secured through four deals, while the e-commerce sector raised $84.5 million across 14 transactions.
