ShopUp and Sary Merge to Create SILQ, Gulf-Emerging Asia’s Largest B2B Commerce Platform, Secures USD$110M Funding

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DHAKA, BANGLADESH – Media OutReach Newswire – 9 April 2025 – ShopUp, Bangladesh‘s largest B2B commerce platform, and Sary, the leading B2B marketplace and services platform in the Gulf, have merged to form SILQ Group. This merger brings together Gulf & Emerging Asia, creating the largest B2B commerce platform to serve the fastest-growing consumer markets in the region, and across the globe. The merger is backed by a $110 million funding led by Sanabil Investments, a wholly owned company by Saudi Arabia‘s Public Investment Fund (PIF) and Peter Thiel‘s Valar Ventures. This funding includes an equity investment and financing facility for SILQ Financial, the group’s financial services arm.

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About Sary

Sary is the leading B2B marketplace and services platform in the Gulf that connects small businesses with manufacturers and lenders to procure supplies efficiently.

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About SILQ

SILQ is a platform dedicated to bridging economies and empowering businesses to trade, grow, and navigate new frontiers. By enabling seamless commerce, logistics, and finance, SILQ unlocks opportunities in emerging economies, fueling ambitions and redefining global trade.

For more information on SILQ, visit:

About Sanabil Investments

Sanabil is a financial investment company, wholly owned by the Public Investment Fund (PIF) that commits more than USD 3 billion in capital per annum into global private investments that include VC/Growth. Sanabil is a dynamic, nimble, and highly experienced team of investment professionals. Sanabil provides partners with patient capital, the ability to invest across multiple funding rounds, and access to the region. At Sanabil, we invest in great ideas, great minds, and great companies.

About Valar

Valar Ventures is a venture capital fund based in the United States, founded by Andrew McCormack, James Fitzgerald and Peter Thiel. The firm seeks out exceptionally talented teams and invests globally in high-margin, fast-growing financial technology companies that are pursuing huge market opportunities, such as Xero, Wise (formerly TransferWise), N26, Bitpanda, Qonto, Bestow, Octane and Moss. Valar expects to follow-on significantly as the business scales.

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