Middle East e-commerce site Wadi.com has raised $67m in funding 10 months after its launch, it announced on Monday.
The platform, which has operations in the United Arab Emirates and Saudi Arabia, raised the Series A funding with Al Tayyar Travel Group as the lead investor.
The investment marks the largest series A funding in the tech history of the Middle East and will further accelerate the growth of the company, a statement said.
Launched in 2015 by the Middle East Internet Group – a joint venture between German internet platform Rocket Internet and South African telecommunications provider MTN, Wadi.com is a general merchandise marketplace.
The company offers more than 150,000 products from over 2,000 international brands, including Apple, Samsung, Lacoste and Hugo Boss.
Co-founder and managing director Pratik Gupta said: “The funding will enable us to grow further within the region.”
Managing director and chief executive officer of Al Tayyar Travel Group Abdullah Bin Nasser Al Dawood added: “The company has proven a strong capability to adapt to the market and build a huge portfolio of products. We are confident to see Wadi.com growing further, especially with the cargo and logistics support our group will be offering.
“The investment will make us as a group one of the leading logistics player for the fast growing ecommerce segment in the MENA region. Furthermore, with this investment, the Al Tayyar Travel Group covers the three largest and most promising areas in the online space: travel, general merchandise marketplace and the shared economy.”
Regional e-commerce firms are attracting strong investor interest as the industry booms.
Last year, Dubai-based e-commerce retailer Souq.com received $27m in funding from the International Finance Corporation – a member of the World Bank Group – and the IFC Asset Management Company.
UAE-based taxi app Careem also received $60m in funding from a group of investors led by Abraaj Group while Beco Capital invested $4m in e-commerce firm JadoPado.
Source: Gulf Business