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Rocket Internet's Middle East Marketplace Raises $67m Photo: Wadi

Rocket Internet's Middle East Marketplace Raises $67m

2016-02-15 13:15

Marketplace Wadi has gathered $67 million which will be used for further expansion.

The e-commerce portal Wadi has raised $67 million in a series A funding, according to Tech in Asia. Wadi is owned by The Middle East Internet Group (MEIG), Rocket Internet and South African telecommunications giant MTN.

The marketplace Wadi operates in both United Arab Emirates and Saudi Arabia. It launched in 2015 and already claims to offer more than 150,000 products.

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Will Provide Logistics Support for Wadi

The successful series A-round was lead by Al Tayyar Travel Group, which operates from Saudi Arabia. The money is planned to be used for further expansion in the Middle East and North Africa. Al Tayyar Travel Group, which recently also invested in online taxi business Careem, said to Tech in Asia that it will be providing cargo, logistics, and fulfilment support for Wadi.

- With this investment, the Al Tayyar Travel Group covers the three largest and most promising areas in the online space: travel, general merchandise, and the shared economy, said Abdullah Bin Nasser Al Dawood, CEO of Al Tayyar.

Johanna Allhorn

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