New capital raised will be mainly used for further geographical expansion into Saudi Arabia
Awok.com, the UAE-based e-commerce platform, has closed its first external round of financing to pursue ambitious regional growth plans.
The $30 million financing round was jointly led by StonePine ACE Partners out of its StonePine ACE Fund and Al Faisaliah Ventures. The deal is being co-invested by global investment group Endeavor Catalyst.
The new capital raised will be mainly used for further geographical expansion into Saudi Arabia, a statement said.
It added that it will also help reinforce Awok’s team and raise the level of customer experience and after sales support.
In the near future, Awok said it will also scale its operations across key growth markets in the GCC countries and North Africa.
Ulugbek Yuldashev, founder and CEO of Awok.com said: “These are truly exciting times for Awok and its entire ecosystem... Our success was built on providing our customers with the best experience we could, and with this round of financing we will be able to provide an even better experience to an even larger market.”
Youssef Haidar, founder and CEO of StonePine Capital Partners and head of the StonePine ACE Fund, added: “What has been achieved by Ulugbek and his core team at Awok.com with the resources they had is nothing short from outstanding.
"We are excited to help accelerate what has already been an impressive growth.”
Alejandro Carbon, chief portfolio officer of Al Faisaliah Ventures said: “The e-commerce space in the region is set for exponential growth in the coming years. Awok.com is ideally positioned to capitalise on that growth.”
Dubai-based Awok was founded in 2013 and now attracts about 10 million visitors per month, offering about 300,000 products and employs over 700 employees.