Saudi operator STC’s venture capital arm STC Ventures has invested USD 3 million in a UAE-based digital marketing company called
Ikoo which operates in the MENA region, CommsMEA reported. STC Ventures’ investment is aimed at funding various developments at ikoo including its video network, performance network, audience data and expansion plans.
Ikoo, which launched the region’s first and only Arabic video network in Beta in late 2012, also announced plans to explore new markets and unveil new initiatives as part of its regional expansion strategy. Digital advertising spending in MENA is growing rapidly. Furthermore, overall ad spend per capita remains a fraction of that in the US and Europe, which provides strong scope for further overall market growth.
Commenting on the investment, Angus Paterson, Partner of STC Ventures said “ikoo represents a leading platform in the regional online advertising space, with a strong position in core display advertising, providing unique access and support to local publishers, and is also at the forefront of developing new innovative advertising tools in fast growth areas such as performance, video and programmatic advertising. STC Ventures is delighted to announce this substantial investment in ikoo, in partnership with existing investors Jabbar Internet Group and Tiger Global, and together looks forward to providing financial and strategic support to the business in its future development.”
Samih Toukan, Chairman of Jabbar Internet Group, said: “Jabbar Internet Group is very excited to welcome STC Ventures as a partner in ikoo. ikoo is a leading digital advertising platform reaching millions of users in the region. It has a wide range of services and digital solutions that helps advertisers reach their targeted audience effectively. The investment by STC Ventures will give ikoo the needed growth capital to solidify its position and conquer new markets.”
“ikoo is committed to innovation” added Isam Bayazidi, CEO of ikoo. “This new partnership is expected to go a long way in reinforcing our market leadership across the region and beyond”
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