MEVP, a leading regional venture capital firm, announced on Sunday that it has invested funds in Wego, an online travel marketplace, in exchange for an equity ownership.

MEVP is investing in Wego as part of the company’s latest equity round alongside MBC Group (Middle East Broadcasting Centre), which had announced an investment and strategic partnership with Wego in July.

Wego was founded in Singapore in 2005 but is now dual-headquartered in Dubai and Singapore after recording rapid growth across Mena. Wego entered the region in 2013 to meet the demand from a new generation of travellers wanting to shop for and book flights and hotels on their smartphones. Wego's popularity quickly grew in the region with over 10 million monthly visits.

“With Wego’s rapid Mena expansion we decided to seek out smart investors from the region who have deep experience and connections and in MEVP we’ve definitely found that and more,” said Ross Veitch, Wego CEO and co-founder. “I welcome the MEVP investment and I look forward to working with the team at MEVP as we develop Wego’s business across the Mena region.”

Walid Hanna, MEVP founder and CEO, added: “Online travel in Mena is a large vertical and continues to grow rapidly aided by a shift in consumer behavior from offline to online. Wego is capitalizing on such favorable market dynamics and is already a leading travel brand that is highly recognized by travelers in the region, especially Saudi Arabia. We are also pleased to have media giant MBC onboard as a strategic partner. Wego has an exciting growth plan and with the support of MBC and MEVP, we believe it is well positioned to dominate the travel metasearch play in Mena.” - TradeArabia News Service