MENA Startups Getting Funded: Wadi.com Secures US$67 Million Funding

Amid concerns of the logistics framework and digital payment systems surrounding e-commerce in the Middle East, the sector has received a shot in the arm with the ecosystem seeing back-to-back investments of substantial value in this arena. While the seasoned Souq.com secured funding of over AED1 billion in February (perhaps the largest for an e-retail portal in the region), the same month saw e-commerce portal Wadi.com raise US$67 million in Series A funding from Al Tayyar Travel Group Holdings and existing investors Middle East Internet Group (the Middle Eastern leg of Rocket Internet), just 10 months after its launch.

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