By Tamara Pupic
Dubai-based online services marketplace raises AED 2.75 million in the latest round of funding
mrUsta, an online services marketplace launched in Dubai by Ibrahim Cholak and Dunia Othman, has successfully closed a AED 2.75 million pre-series A funding round.
Investors include Precinct Partners, Millennial Partners & Co., and angel investors from Saudi Arabia and Egypt. This comes on the heels of its AED 1.2 million seed funding in August 2015. The financing will be used to accelerate growth, to expand the platform to key regional markets, and to hire new team members.
Founded in 2014, mrUsta is an online marketplace that connects service providers (‘Ustas’) to customers in need of their services. The Ustas pay a fee to contact the customers and send them quotes.
The marketplace, which is enabled by a user-friendly website and apps (iOS and Android), is easy to use for both customers and service providers. With no middlemen and no fees, customers can directly and efficiently communicate with service providers to finish all their tasks from painting their homes to moving to cooking and mowing the lawn.
Currently, the marketplace has 10,000 customers a month and over 6000 active Ustas across 300 categories.
“This successful funding round is a testament to mrUsta’s strong product and market traction. We are highly appreciative of the support from our existing investor Precinct Partners and to the new investors joining us on this great journey,” said Ibrahim Colak, mrUsta’s co-founder and CEO.
“We have a passionate and talented team prepared to utilize this capital to continue to improve and grow our marketplace for both customers and service providers.”
Amjad Ahmad, managing partner at Precinct Partners, and lead investor in mrUsta believes that the company is poised for rapid growth.
“mrUsta has cemented its position as the best marketplace for customers in need of service providers,” said Ahmad. “The team has accomplished a lot in a short period and we look forward to helping them achieve more milestones in the coming months.”
mrUsta has been awarded with a host of recognitions ever since its launch, including the Life Admin App award at the recent Shortlist Dubai App Awards.