Souq.com raises $75 million
Souq.com is the largest e-commerce website in the Arab world that serves areas like Dubai, Abu Dhabi, and the United Arab Emirates. The company has raised $75 million in funding from South African media company Naspers. This deal values Souq at over $500 million and Napsers will remain a minority shareholder. Souq means “marketplace” in Arabic.
Souq has warehouses in almost every major city in the Persian Gulf and in Egypt. The company has a goal of hitting $1 billion in sales within the next two years. Souq has slightly over 1,000 employees.
According to company filings, Naspers reportedly owned a 35.8% stake in Souq since 2012 before this deal.
Other investors in Souq.com includes Tiger Global Management and Jabbar Internet Group. Jabbar is run by Maktoob founder Samih Toukan. Maktoob was acquired by Yahoo! in August 2009. Souq has raised a total of $150 million thus far.
Souq now has around six million people that are either buying or subscribing to its newsletters. The website has nearly 10 million unique visitors per month.