Dubai-based MoveSouq.com, the largest online home services marketplace in the UAE, has announced the successful close of a $3 million funding round at an undisclosed valuation.
The funding round was led by AddVenture, an international venture capital company focused on service marketplaces, a statement said.
Founded in 2013, MoveSouq.com is an online marketplace that connects users in UAE and Qatar to reputable moving, home services and insurance companies.
Since inception, the company has grown multiple-fold each year in traffic and transactions. In the last year alone, MoveSouq said it has helped over 50,000 households in Dubai and Abu Dhabi find and book their services online with a professional home services company.
This funding round represents its third, after their seed and angel rounds in 2013 and 2015.
MoveSouq was founded by Bana Shomali and Wim Torfs, both former consultants at McKinsey and Company. With this new funding, MoveSouq.com said it will strengthen its products and services, and expand its services to new cities in the Middle East. In addition, the investment will be used to build new verticals on the platform.
Shomali said: "This investment will bring us closer to our ambition to become the leading choice for all families in the region who are looking for any kind of home service.
"The home services market in the region represents a significant untapped opportunity, estimated at $5 billion per year in the GCC alone, and consumers are starting to buy these services online.
"We will utilise the new funding to aggressively go after this opportunity and maintain our first-mover advantage." he added.
On MoveSouq.com, customers can read detailed service offerings and user reviews of each provider before selecting which companies to use.For all the latest real estate 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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