Jordan-based OpenSooq secures $24M investment

OpenSooq, a Jordan-based, mobile-first classifieds marketplace has raised $24M, in a funding round led by the Saudi Jordanian Investment Fund (SJIF), with the participation of existing international and regional investors; FJ Labs, and iMENA Group.

OpenSooq empowers consumers and SMEs across MENA to trade across all key economic sectors including real estate, auto, electronics, furniture, and fashion. It also connects consumers with service providers in categories such as education, training and home repair services.


 


Omar Alwir, CEO of SJIF, mentioned​ “SJIF is delighted to lead this round of investment driven by its belief that investing in promising Jordanian technology companies that are on the cusp of transformational growth such as OpenSooq supports Jordan’s position as a core technology innovation and operational hub for local and regional technology companies. Our investment in OpenSooq is an example of combining commercial viability and developmental progress potential in Jordan. Through our patient, long-term investment approach, we aim to bring value to OpenSooq, and the communities in which it operates, and also to contribute to job creation for Jordanian talents."

Adey Salamin, Opensooq’s co-founder and CEO, added “Every 13 seconds an item is sold on OpenSooq. Our local team built a platform that tens of millions of users and SMEs rely on to engage with buyers or sellers, with functionality and reliability that puts us among the top classifieds platforms globally.”

The new funds will be utilised in hiring an additional 400 people in Jordan and the region to provide better and more advanced services for its users, cement its leading market position in its key markets, expand into additional markets, introduce new products, and further develop its in-house built technology.


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