Saudi e-commerce startup, Dokkan Afkar closes 19 Million SAR funding round
The company’s latest funding round is led by Venturesouq BIAC
Riyadh, Kingdom of Saudi Arabia | 10 December 2019: Dokkan Afkar – the Saudi Arabian
e-commerce website dedicated to selling homegrown and innovative gadgets, gizmos and gifts – announced today it has closed a 19 million Saudi Riyal Series B funding round led by the Business Incubators and Accelerators Company (BIAC), and joined by existing investor Riyad TAQNIA Fund; the Saudi Venture Capital Company (SVC); and a number of local investors, most notably Mishal Ali Reda, who has now invested in the startup for its third round of funding in a row.
Dokkan Afkar plans to use the raised capital to continue its work on the growth and expansion of the business throughout the Middle East region, focusing on increasing the portal’s products and product inventory with the vision of attracting a larger and more diverse customer base. Dokkan Afkar will also acquire additional creative talent and suppliers to support the company’s various department categories, offering a number of exciting employment opportunities for Saudi’s burgeoning youth.
“We have learned a lot over the past six years – and have been progressing and moving from one success station to another,” said Dokkan Afkar co-founder and CEO, Ammar Waganah. “We now look forward to moving towards our next phase of the business, expanding into the rest of the Arab region, followed by entering into a number of international markets.
“We’re immensely proud that Dokkan Afkar is one of Saudi Arabia’s leading startups dedicated to promoting a vibrant e-commerce ecosystem, one that is in line with the Kingdom’s Vision 2030 plan.”
On his part, Nawaf Al Sahhaf, CEO of the Business Incubators and Accelerators Company expressed his gratification at leading this investment round, in line with BIAC’s strategy to facilitate entrepreneurship and innovation in the Kingdom. He added that the success of this latest funding round is a result of Dokkan Afkar’s exemplary growth over the past few years, which has strengthened the position of the brand in the region’s growing e-commerce sector.
Al Sahhaf also stated that investing in Dokkan Afkar was an excellent opportunity for the company to explore, develop and expand its business and customer base in other target markets.
Mishaal AliReza – who is a member of the Board of Directors of Dokkan Afkar – concluded: “The company now has a fantastic opportunity to expand, and deliver brands homegrown in Saudi Arabia to a wider audience in the rest of the Arab world, as well as globally. We hope that the website will become the platform to promote the export of Saudi products, contributing to the digital economy as per Vision 2030.”
Established in 2013, Dokkan Afkar – which translates into “Shop of Ideas” – is an online retail service that sells a wide range of uniquely creative and innovative products, with a strong focus on promoting local homegrown creative talent and suppliers.