Souq.com closes AED 1 billion round of funding

UAE-based online retailer Souq.com has closed a AED 1 billion funding round, in what the company claims is the largest financing of an e-commerce platform in the region. The website will use the investment to boost growth and support the online market. “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 CEO & Co-founder Ronaldo Mouchawar. The fresh round of funding includes return investors New York-based Tiger Global Management and South Africa’s Naspers Ltd. Mouchawar added he expects the e-commerce market in the region to reach $20 billion this year.