SILQ, formed through a merger of Sary and ShopUp, plans an IPO by 2027 as it expands its digital procurement platform.

SILQ Group, a new B2B commerce platform formed through the merger of Saudi-based Sary and Bangladesh’s ShopUp, has secured $110 million in a funding round led by Peter Thiel’s Valar Ventures and Sanabil Investments, a subsidiary of Saudi Arabia’s Public Investment Fund. The round also saw participation from Qatar Development Bank and a range of major regional and international investors.

SILQ aims to streamline procurement and sales for small and medium-sized businesses across emerging markets by digitising traditional supply chains. The platform provides an integrated suite of tools designed to optimise inventory, payments, and logistics, targeting the largely untapped wholesale and retail B2B sectors in Asia and the Middle East.

The company is positioning itself as a cross-market operator, leveraging Sary’s experience in the Gulf and ShopUp’s reach in South Asia to build a unified commerce infrastructure. Executives have stated that SILQ is targeting an initial public offering by 2027.

Other participants in the funding round include STV, Flourish Ventures, Raed Ventures, VSQ, MSA Capital, Rocketship VC, Peak XV, Prosus, Tiger Global, Endeavor Catalyst, and Wafra Investment. The investment marks a major step forward in SILQ’s expansion plans, which include scaling operations in key regional markets and further developing its digital services.

The deal reflects a growing interest among Gulf sovereign funds in the region’s evolving tech and digital infrastructure, particularly in sectors supporting small businesses and trade efficiency.