Flowing Funds for Souq.com

Souq.com raises more than USD 275 million for its eCommerce business; setting new benchmarks for online marketplace

Souq.com has received a remarkable financing for their e-commerce business in the history of Middle East. The significant investment will support the company’s future growth, strengthen
e-commerce in the region and empower more businesses to grow online through Souq.com’s platform.

Investors in this round include New York-based Tiger Global Management and South Africa’s Naspers both of which had invested in Souq.com in earlier funding rounds. Souq.com also added new strategic investors to diversify its investor base, including Standard Chartered Private Equity, IFC (a member of the World Bank Group), Baillie Gifford, and many reputable regional and tech-focused financial institutions. Allen & Company served as financial advisor to Souq.com on this latest round of financing.

Ronaldo Mouchawar, CEO & Co-founder of Souq.com said, “We connect people to products through our retail and marketplace model. Souq.com is constantly enhancing its customer experience, for both buyers and sellers. SMEs in particular are true growth drivers in our economy and our aim is to empower merchants to reap the benefits of e-commerce and further drive growth via mobile.”