SOUQ.COM receives $40 million funding

by | posted: October 29, 2012 3 comments

UAE’s online retailer Souq.com announced that it has received a new round of funding from Nasper Limited a South Africa based media group. The investment amount was undisclosed, however the rumors are that the funding was approximately $40 million.

Souq.com is funded by Jabbar Internet Group and Tiger Global.

Souq.com was launched in 2006 as the first Arabic auction and online eCommerce marketplace, offering services for individual buyers and sellers as well as businesses to come together as a single trading community. The ecommerce site attracts over 2 million visitors a month.

The new funding will support the growth and expansion of the Souq.com group of companies, including souq.com, sukar.com and run2sport.com into regional markets, the company said in a statement.

Middle East’s online acquisition scene has seen a surge since 2009 when Yahoo paid $164 million to acquire Arab internet portal Maktoob in 2009.

Last month Souq.com’s rival, Namshi received a $20 million investment by J.P. Morgan Chase and Blakeney Management.

GoNabit was acquired by Living Social in 2011. Recently there were rumors of Cobone in talks with OTV for a stake.

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Kapil Bhatia

Kapil is the Founder of TFOUR.ME. He has been in the Financial Services Industry past 13 years. His work ranges across e-Channels, Digital Marketing, Online Acquisition, Payments, and developing Online and Mobile Strategies, with a sound Information Technology base. He has been part of the blogging industry since 2007 and an established columnist writing on online business and technology for various publications in the region. Follow him on Twitter –

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