SOUQ.COM receives $40 million funding

UAE’s online retailer 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. is funded by Jabbar Internet Group and Tiger Global. 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 group of companies, including, and 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’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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