Dubizzle founders step down. Naspers increases stake

Dubizzle began in 2005 and has become the MENA region’s largest free classifieds and community portal with a presence in 12 countries and over 21 cities throughout the region. Sim Whatley and JC Butler founded the company on a shoestring budget while working from a bedsit in the emirate. For two and a half years the company was mostly a two man-operation, but has steadily expanded to more than 160 staff in Dubai and Egypt.

JC, as he is fondly called, said “It’s not only difficult to travel to the United States, it’s difficult to stay in touch because of the time difference.” “The strain has always been there. We have always had to weigh up what we wanted with what was needed from us.

“Dubizzle has needed us less because there has been this new wave of leadership and they’re doing an amazing job. “Sim’s having his first child and I’m about to have my second one. And we also have bosses – our wives.

“Every year we have been thinking about where are we now and when the balance will tip the other way. Now that’s finally happened.”

The company’s former marketing director, Arto Joensuu will take over the position of CEO who promised that he would keep the same entrepreneurial spirit that has driven the site’s almost constant growth over the years.

Mr Whatley and Mr Butler will remain shareholders in the company, although multinational stakeholder Naspers has been given a larger share. In 2011, MIH invested for a 25% stake in the company.