By Parag Deulgaonkar
Company will continue to grow aggressively across the GCC
UAE-based mother, baby and child e-commerce website Mumzworld has commenced talks to raise new funds for expansion across the non-Gulf Cooperation Council (GCC) countries, its founder says.
In February 2016, the company successfully closed its Series B funding with multi-million dollar investments led by Wamda Capital, twofour54, and Endeavor Catalyst, aimed to support its expansion in the GCC.
“We are now across the GCC. The UAE and Saudi Arabia are our two biggest markets; we will continue to grow very aggressively in the GCC markets this year and in the North Africa and Levant as well,” Mona Ataya told Arabian Business at the recently concluded Endeavour event.
She disclosed the company expects to close the new round of funding this year, which will lead to its expansion beyond the GCC.
“We are going to raise another much bigger round [of funding] soon and that takes us to the non-GCC expansion,” she said, without disclosing the total amount of money being raised.
The e-commerce site, which was launched in 2001 and offers versions in English and Arabic, and has more than 100,000 products, reaching out to some 650,000 mothers in the region.
In February 2017, a study conducted by Hootsuite and We Are Social found that 1.61 billion people or 22 percent of the global population purchased goods online in 2016.
The number of people using online shopping portals is increasing in the GCC with the UAE and Saudi Arabia recording substantial increases, the study found.