Souq.com, the Dubai-based ecommerce platform, on Monday said it has secured $75 million in an additional round of funding from existing investor Naspers Limited.
This round of funding brings the total amount raised by Souq.com to $150 million – the largest amount raised by any internet-based business in the region, the company said in a statement.
Souq.com said it has grown more than 10-fold in the past two years, registering 23 million visits per month on its website from 6.2 million registered users.
The online retail platform offers a wide selection of products in over 15 categories, from electronic gadgets to baby diapers in a combined retail and marketplace model.
Ronaldo Mouchawar, co-Founder and CEO, Souq.com, said: “This latest round of funding is testament to the trust that the market and our investors have in our offering. 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 personalized user experience, and unprecedented delivery and customer service quality. We will also invest in our talent pool to help build these world-class standards.”
A recent PayPal study showed that MENA is an attractive market for ecommerce, with an online penetration of more than 110 million users, a market size that will reach $15bn by 2015.
“We are changing the fundamentals of retail in the region and transforming how customers shop”, added Ronaldo.
Souq.com features more than 400,000 products from international and local brands. Established in 2005, it is headquartered in Dubai, and caters to the needs of local markets with offices in Egypt, Saudi Arabia, Jordan and Kuwait.