Startup said financing puts it on track to have a presence in around 10 cities by the end of 2018
The on-demand domestic cleaning and services sector is on the radar of serious investors, with Justmop.com the latest funding beneficiary in a global trend of investments in the niche.
Although the investment amount remains undisclosed, a start-up based in Malaysia raised $7 million.
Win annual turnover exceeding $10 million a year, and a month-on-month growth rate of more than 25%, the initial round of investment interest was led by VentureFriends, together with OAK Capital and 500 Startups. Including its seed round, the total investment attracted by Justmop now runs into the millions of dollars.
Justmop founder, Ali Cagatay Ozcan said the company is the market leader in its field in the UAE, with plans to expand to neighbouring markets to realise its potential.
“Our aim is to obtain a tangible leverage in target markets and we will be depending on VentureFriends to guide us," said Ozcan.
"This organisation is replete with successful entrepreneurs who know what we need and when we need it. This dynamic helps us concentrate on the activities without getting bogged down by the paperwork and in this fashion market reach will be expanded in a systematic manner.”
George Dimopoulos, partner at VentureFriends, said the firm viewed the commercial potential of Justmop as very positive and appreciated that the company were bring something fresh to the market, which is always an attraction for investors.
“We at VentureFriends are very happy to help Justmop to achieve its ambitious goals in becoming a significant player in the Gulf area. The Justmop team have achieved remarkable growth over the last 1.5 years and with the latest financing round on track to have a presence in around 10 cities by the end of 2018, thus cementing its leading position in the market,” Dimopoulos said.