Dubai online retailer rakes in $275m funding
Dubai online retailer rakes in $275m funding
Souq.com, a Dubai-based e-commerce retailer has received $275 million from international investors to support its growth.
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Dubai has become a hub for international investors breaking into the region's market [Getty]
One of the Middle East's largest online retailers has secured $275 million in funding from international investors looking to expand its presence.
Dubai's Souq.com has won big with investors from New York and South Africa as well as "many reputable regional and tech-focused financial institutions", the company said.
Among the investors are Tiger Global Management, a US-based employee-owned company that invests in markets across the globe and South Africa's Naspers, a "global platform operator" providing services in over 120 countries with "strong growth potential".
"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," said Souq chief executive Ronaldo Mouchawar.
"The e-commerce market in the Middle East is growing very fast and is expected to reach $20 billion this year," added Mouchawar, who is a co-founder ofSouq.com.
Souq.com, praised as "the Amazon of the Middle East", is valued at $1billion and is the region's first tech company to reach a 10-figure valuation.
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