Jordanian e-commerce startup MarkaVIP gets $10 Million in series B funding
E-commerce is hot in the Arab world and now it is taking off after several years. Last year group buying site GoNabit which was founded in UAE was acquired by LivingSocial for a price around $10 million.
Today brings a news of another milestone for e-commerce in the Arab world, MarkaVIP Amman, Jordan based flash shopping site has secured investment of $10 million Series B funding led by European venture firm Prime Ventures. It’s joined buy participation from New York City-based Invus Financial Advisers (IFA), Antwerp-based Hummingbird Ventures, and San Francisco-based Lumia Capital.
According to TechCrunch the cash will be used to expand MarakaVIP operations and marketing and also expand to other parts of the Arab world, specially the Gulf Cooperation Council (GCC.)
MarkaVIP, was founded in Jordan in November 2010 by Alkhatib and Amer Abulaila, MarkaVIP’s CTO. Its has 1.5 million registered users and is adding around 5,000 new members per day,