Peter Thiel’s Valar, Saudi Sanabil Back Commerce Platform (1)

The venture capital arm of Saudi Arabia’s sovereign wealth fund and Peter Thiel’s Valar Ventures are jointly leading a $110 million funding round in SILQ Group, a newly formed commerce platform.

Sanabil Investments, a wholly owned subsidiary of the $925 billion Public Investment Fund, and Valar are joining a group of investors that includes Qatar Development Bank, according to a statement.

SILQ was created through the merger of ShopUp, Bangladesh’s largest business-to-business commerce platform, and Sary, one of the Gulf’s leading marketplaces. The combined entity will target markets across the Gulf and emerging Asia.

The deal ...