Online retail marketplace JadoPado has sold a minority stake to an investor consortium led by BECO Capital, a GCC-focused venture capital firm that also hold stakes in Propertyfinder.ae and care hire app Careem.
The investment of AED14.69 million ($4 million) will be used to accelerate the company’s growth and expand its services across the Middle East and other emerging markets, JadoPado announced on Monday.
It brings the total value of the business to AED102 million ($28 million), it added.
JadoPado enables sellers from around the world to set up a virtual store online and start selling their products globally. So far, more than 2,500 retailers from around the world have signed up to sell with the platform, and products available to buyers has increased six-fold to over 55,000, the company said in a statement.
“JadoPado has seen exponential growth since repositioning as a marketplace platform earlier this year,” said the company’s CEO Omar Kassim.
“BECO Capital’s investment is indicative of our strong market positioning and we're incredibly excited to bring them on as our partners in revolutionising commerce in emerging markets.”
BECO Capital aims to invest exclusively in technology start-ups across the GCC. Its CEO, Dany Farha, said: “JadoPado has created a disruptive marketplace that will bring about a dramatic transformation in the sector.
“With the increase in consumer traffic and merchant acquisition, JadoPado is changing how businesses in the region are selling to consumers and how consumers are buying products and services.”
Omar Kassim added: “Online behaviour in the Middle East continues to evolve rapidly and consumers are making more astute choices when it comes to shopping online.
“We’re seeing steady growth in brick and mortar retailers looking to add an e-commerce channel and trying to figure out how to turn themselves into omni-channel retailers.
“We see JadoPado as an important part of that mix, allowing retailers to go to market quickly and test the waters before they throw millions of dollars towards change.”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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