Wadi.com, a 10-month-old online marketplace in Saudi Arabia and the United Arab Emirates, has raised $67 million in Series A funding that will enable it to expand its operations in the region, a Wadi spokeswoman says.
The funding round was led by Al Tayyar Travel Group, the company says. Wadi.com was created last year by the Middle East Internet Group as a joint venture between Rocket Internet of Germany and MTN, a South African telecommunications provider, according to Al Tayyar Travel Group.
Wadi.com offers online deals on 150,000 products from more than 2,000 international brands, including Apple, Samsung, Lacoste and Hugo Boss. The products range from watches from Hugo Boss to electronics from Apple and Samsung to motor and self-balancing scooters.
Abdullah bin Nasser Al Dawood, CEO and managing director at Al Tayyar Travel Group, says, “We are confident to see Wadi.com growing further, especially with the cargo and logistics support our group will be offering.
“The Wadi.com investment will make us as a group one of the leading logistics player for the fast growing e-commerce segment in the MENA (Middle East and North Africa) region,” bin Nasser Al Dawood says. “Furthermore, with this investment, the Al Tayyar Travel Group covers the three largest and most promising areas in the online space: Travel, general merchandise marketplace and the shared economy.”
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