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