Tapping in growing untapped market: N2V Invests in Arabic E-commerce Platform Ecomeerce SEA
E-commerce was often a neglected sector in the Arab region by both investors and entrepreneurs, as factors such as payment systems were not a match to those in the west while others cited that the Arab user is not ready for e-commerce yet. But the success and acquisition of group buying website GoNabit by LivingSocial has proved that the sector is a real opportunity. Flash shopping site MarkaVIP makes around $60 million a year in sales from e-commerce. This proves that e-commerce time has come to the Arab world and that it is hot hot, Arab people are buying online and want to buy more. Investors should invest in the hot e-commerce startups. As this market I predict will become a multi billion dollar market.
N2V is seeing the trend as it announced that on 21st of May 2012 it made its first e-commerce investment in Saudi Arabia based Ecommerce SEA .
Ecommerce SEA is a company specialized in building and starting projects in the e-commerce space all over middle east. The company focuses on building online brands in the form of eShops and target different market segments. In addition, in the near future Ecommerce SEA is determined to contribute to the e-commerce eco-system by providing the end-users and business owners with e-commerce services.
“We offer services to revive the e-commerce in the region, and focus to be sustainable and provide added value to the end customer, whether a store owner or a regular shopper.” Says E-commerce Sea CEO Mazen AlDarrab.
Ecommerce SEA was founded by Mazen Aldarrab a young entrepreneur enthusiastic about growing electronic commerce in Arabia, and he sees the opportunity in creating missionary electronic commerce at the level of buyer and seller, and creating successful models and experiences that are unique in the field of e-commerce.
Terms and amount of the deal was not announced.