Souq.com raises $275m in new funding

Souq.com, the largest online retailer in the Middle East, has announced it has completed a funding round of more than AED 1 Billion ($275 million), the largest financing of an e-commerce business in the region.

The investment, which will support the company’s future growth, according to Ronaldo Mouchawar, CEO & co-founder of Souq.com.

“The funding will be used to drive further growth by investing in technology, scaling our marketplace operations, launching new product categories and recruiting the best talent,” said Mouchawar.

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