Jabbar Group Becomes Sole Owner of Daily Deals Site Cobone.com, Site Reaches 600,000 Members

25 Jul, 2011

Daily deals, group buying web site Cobone.com has raised an undisclosed amount of second-round funding from Jabbar Internet Group. Jabbar, who are backed by Tiger Global, now take complete ownership of the company by buying out the minority shareholder, Group Buying Global (GBG), which is run by Klaus Hommels, a European Angel Investor.

Launched in August 2010, Cobone.com is one of the fastest growing group buying websites in the region, it competes with GoNabit which was acquired by LivingSocial and other local group buying sites in the region.

Cobone says in a press release that it has grown its registered user base from 1,000 to 600,000, to whom more than 240,000 coupons were sold and $13 million in savings. Cobone.com already has 75 employees operational in the United Arab Emirates, Lebanon, Jordan, the Kingdom of Saudi Arabia and Egypt.

Jabbar Group was created by the founders of Maktoob after Yahoo Maktoob’s acquisition were some companies that were Maktoob umbrella split to become part of Jabbar. Sites under Jabbar include souq.com, sukar.com, joob, cashu and advertising network ikoo.

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  1. Aly Khairy  |  July 25th, 2011 at 10:58 PM #

    Great to see Jabbar expanding. It’s really impressive to see how fast Cobone and other group buying websites are growing.

  2. Jennad  |  July 26th, 2011 at 8:02 AM #

    Looks like the group buying business is expanding really quickly. I myself buy deals from Moosavings.com so happy that it finally opened in the UAE. Lets see what acquisitions and takeovers mean for the UAE consumer

  3. Brown Hub  |  July 27th, 2011 at 10:07 AM #

    Daily deal web site Cobone.com has raised an undisclosed amount of second-round funding from Jabbar Internet Group. Jabbar, who are backed by Tiger Global, now take complete ownership of the company by buying out the … Cobone.com CEO and founder Paul Kenny also praised the website’s success and the Jabbar Group’s vision for the company’s future.

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