Paris-based digital content leader Webedia acquires and invests $5 millions in Lebaneas new media company Diwanee
If you open TechCrunch you will read investment news almost everyday, in the Arab world that is not the case, We have many early and seed stage startups but not much VC activities in the region for early and growth stages.
So our news today is about Webedia, a major French Media group editing leading websites such as Purepeole or Puretrends, acquiring this week a majority stake in the capital of Diwanee (www.diwanee.com)
On top of the extensive synergies brought by this acquisition, Webedia will invest five millions dollars into Diwanee. This funding will be used by Diwanee to accelerate its development in terms of innovation, new products improvement and vertical diversification.
Founded in 2009, Diwanee has built large scale digital audiences with a portfolio of premium vertical sites, 3a2ilati, Yasmina, Atyab Tabkha, and Mooda, around the luxury, glamour and personal life universes. Diwanee is a pioneer in offering women-centric websites in Arabic and creating original, high-quality and innovative content of core interest to the Middle-Eastern woman. Today, Diwanee attracts a total of 5 million unique visitors each month with most of its strategic audience located in the Gulf. Diwanee successfully leverage its quality content and in-house technology to monetize the audience through its advertising solutions. The company’s offices are located in Beirut, Belgrade and Dubai.
By combining the synergies and expertise of Diwanee and Webedia, the company is positioned to be as a top digital player in terms of women’s targets with 38 millions of unique users around the world.
Hervé Cuviliez, French founder and CEO of Diwanee declared “the acquisition of the majority of the capital by Webedia will enable us to reinforce Diwanee’s position as a leader in the digital media sector, to lead innovation and to accelerate its development providing the highest quality content and state-of-the- art technology and advertising solutions.”
Guillaume Multrier, co-founder of Webedia, commented on the transaction : “Diwanee has all the elements of a successful player in the digital media space, a solid business model, strong management and a growing market segment. The capital injection is exactly what they needed to realize their potential. For Webedia, thanks to this operation, we are strengthening our position as a leader among digital media companies and continue with the Group’s development internationally”.