Souq.com, the Middle East’s largest online retail and marketplace platform, has completed a funding round of more than AED 1 Billion (USD 275 million), the largest financing of an e-commerce business in the Middle East.
Ronaldo Mouchawar, CEO & Co-founder of Souq.com said: “The funding will be used to drive further growth by investing in technology, scaling our marketplace operations, launching new product categories and recruiting the best talent. The e-commerce market in the Middle East is growing very fast and is expected to reach $20 billion this year. As the largest e-commerce platform in the region, we focus on the value we bring through technology and job creation. We connect people to products through our retail and marketplace model. Through cutting edge technology, we enable our consumers to make smarter choices and access to mobile commerce is further empowering them.”
Investors include New York-based Tiger Global Management and South Africa’s Naspers Ltd., both of which had invested in Souq.com in earlier funding rounds. Souq.com also added new strategic investors to diversify its investor base, including Standard Chartered Private Equity, IFC (a member of the World Bank Group), Baillie Gifford, and many reputable regional and tech-focused financial institutions. Allen & Company LLC served as financial advisor to Souq.com on this latest round of financing.