Dubai startup raises $20mln to promote MENA e-commerce brands
Opontia, which has offices in Dubai and Riyadh, acquires high-performing e-commerce businesses across the Gulf
Man on laptop internet buying something with credit card. Image used for illustrative purpose.
By Staff Writer, Arab News
DUBAI: A Dubai-based e-commerce company has raised $20 million in debt and equity in a seed round involving a number of high-profile investors.
Opontia, which has offices in Dubai and Riyadh, acquires high-performing e-commerce businesses across the Gulf.
“We are interested in brands with at least $10,000 in monthly revenue and at least $5,000 in net profit per month,” co-founder and CEO Manfred Meyer told MENAbytes.
“We are particularly interested in less seasonal ‘all weather’ products which are things like kitchen products, bathroom, sport, home and living, cosmetics, and toys,” added Meyer, who previously held the chief marketplace officer post at one of the biggest e-commerce platforms in Asia, Lazada.
The concept of consolidating up and coming e-commerce brands is popular in the US and Europe, led by American company Thrasio, which was valued between $3 billion to $4 billion in a financing round early this year.
The company plans to acquire more e-commerce brands in the region with plans to expand to Egypt, Turkey, and Nigeria.
Global Founders Capital, Presight Capital, Raed Ventures, and Kingsway Capital led the seed round, which attracted angel investors such as Razor Group’s chief Tushar Ahluwalia.
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