South African Media giant has invested $75 million in Dubai based online retailer, Souq.com.
According to Souq, “This round of funding brings the total amount raised by Souq.com to $150 million (Dhs551 million), the largest amount raised by any internet-based business in the region.”
Ronaldo Mouchawar, co-founder and CEO, Souq.com, said: “We plan to use the funds to deepen our technology investment. We will focus on innovation to provide our customers with a unique and advanced mobile experience, a personalised user experience, and unprecedented delivery and customer service quality.
“We will also invest in our talent pool to help build these world-class standards.”
The company says it is the Middle East and North Africa’s largest e-commerce platform, with 6.2 million registered users and 23 million visits per month to its website. The website features over 400,000 products from international and local brands in 15 varied categories, ranging from electronic gadgets to baby diapers.
Souq received its initial round of funding from Naspers in October 2012. Other investors in Souq include US-based Tiger Global and Jabbar Internet Group.
