Dubai's Souq.com said to have raised $150m in fundraising round
US-based Tiger Global Management has reportedly boosted its investment in Dubai-based online retailer Souq.com during a fundraising round.
Bloomberg reported on Tuesday that Souq.com raised $150 million and may seek more funding as part of plans to raise $300 million, citing two people with knowledge of the matter.
It added that the e-commerce business is seeking to capitalise on soaring private valuations and record fundraisings by venture capital firms.
Souq.com and Tiger Global declined to comment, Bloomberg said.
Souq.com, which was established in 2005, is the Middle East’s largest Internet-based business. With over 23 million visitors to its website each month, it has more than 400,000 products across categories such as consumer electronics, fashion, household goods, watches or perfumes.
Often tagged as the ‘Amazon of the Middle East’, Souq.com raised $75 million from Naspers in March last year, raising the amount raised since it started to $150 million.
A PayPal report estimated that the e-commerce market in the Middle East will be worth $15 billion this year, with roughly 10 percent of purchases made on mobile devices.
