Mobily Ventures in key e-commerce investment
RIYADH, January 10, 2015
Mobily Ventures, the venture capital arm of Saudi-based telecom services operator Etihad Etisalat (Mobily), has announced a key investment in Dokkan Afkar, the e-commerce startup based in Jeddah.
With this announcement, the total number of investments by Mobily Ventures has risen to four.
The company had earlier invested in Anghami, an Arab music-streaming service, Easy Taxi Middle East a mobile taxi application, and Hellofood Middle East, a food online food delivery service. All these companies are the leaders in their respective markets.
Dokkan Afkar, or 'shop of ideas', was founded in June 2012 and commercially launched in June 2013.
The e-commerce store offers a wide range of unique products with a strong appeal for the youth in Saudi Arabia and a focus on promoting local suppliers.
The company has been listed among the '10 Favorite Startups of 2013' by Arabnet and named as one of the 'Hottest Middle Eastern Startups' by Inc. magazine in October 2014.
Dr Karl-Michael Henneking, the chairman of the Board of Mobily Ventures said: "We expect the Saudi E-Commerce market to develop at a fast pace. With our investment in Dokkan Afkar we demonstrate Mobily’s strong commitment to finance and support young, talented Saudi entrepreneurs and contribute to the development of the local startup ecosystem."
The e-commerce is growing exponentially in Saudi Arabia and the market is expected to expand to SR9.9 billion ($2.7 billion) in 2015, according to PayPal Insights E-Commerce report in the Middle East.
According to him, the backing and investment of Mobily Ventures is very strategic for the company's growth plans in 2015 and beyond. "We are going to expand our business to become the creative hub for products in the GCC," he added.
Ammar Waganah, the co-founder and chief executive of Dokkan Afkar, said: "With communities around the globe becoming increasingly web-orientated, Dokkan Afkar is a much-welcomed venture for customers in the region, helping them gain further access to the power of online retail shopping."-TradeArabia News Service
