Online retail company Souq.com has finalised a funding round of $275m, the e-commerce company announced Tuesday, arguing that this is the largest financing of an e-commerce company in the Middle East.
“The funding will be used to drive further growth by investing in technology, scaling our marketplace operations, launching new product categories, and recruiting the best talent,” said CEO and co-founder of Souq.com Ronaldo Mouchawar.
“Further growth is inherent from being in a market with the highest mobile penetration in the world and continued adoption of mobile commerce by our customers,” added Mouchawar.
The company’s executive added that Souq.com will continue to lead the e-commerce industry in the region.
Investors in the company include New York-based Tiger Global Management and South Africa’s Naspers Ltd, Standard Chartered Private Equity, World Bank’s International Finance Corporation (IFC), Baillie Gifford, as well as other regional and tech-focused financial institutions.
Allen & Company LLC served as financial advisor to Souq.com on this latest round of financing, the company said.