Dubai-based Citruss TV, the multi-channel home shopping business, has announced an investment by Valoris Capital to support its expansion plans.
The rapidly growing company intends to use the new capital to continue strengthening its operations, progressively move to LIVE TV, expand its e-commerce and m-commerce presence and increase penetration in its 17 markets of operation in MENA, it said in a statement.
Launched in Dubai in 2005 by entrepreneurs Nicolas Bruylants and Michael Trueschler, the company has to date reached in excess of 300,000 customers across the region.
Through its satellite channel broadcasting on Nilesat, the company is able to connect with the vast majority of the 350 million consumers in the MENA region.
"This new funding will enable us to build on our current momentum in fast-growing markets in the region. As the leading multi-channel home shopping company in MENA, we are able to attract the highest level of talent to create new and innovative experiences for our customers," said Bruylants.
"We have built a strong and profitable operation over the past 9 years and are now ready for our next phase of accelerated growth. We are thrilled to welcome our new investment partners and look forward to leveraging the breadth of their strategic and financial support to help us achieve our goals," added Trueschler.
Walid Zein, founder and managing partner of Valoris Capital, said: "We look forward to supporting the company in its efforts to continuously enhance its customers' experience and capitalise on the significant market opportunities in the region."
He did not disclose the value of the investment by Valoris Capital, which focuses on making growth-stage investments in businesses in the MENA region.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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