AWOK.com closes $30 million series A funding to boost growth
The Dubai based e-commerce platform will use the investment to push further into Saudi Arabia and other key markets in the GCC and North Africa region.
The US$30m financing round is jointly led by StonePine ACE Partners out of its StonePine ACE Fund – a joint venture between StonePine Capital Partners and ACE & Company SA – and Al Faisaliah Ventures, the newly created Corporate Ventures Capital arm of Al Faisaliah Group. Both are top tier regional investment companies. The deal is being co-invested in by globally renowned investment group Endeavor Catalyst.
The new capital raised will primarily be used for further geographical expansion into Saudi Arabia, to enhance the AWOK platform empowered by technology development, and to increase AWOK’s offering across multiple product categories to cater to the growing demands in the region.
It will help reinforce Awok’s team, including attracting global talent and raising the level of customer experience and after sales support. In the near future, AWOK will also scale its operations across key growth markets in the GCC countries and North Africa, to bring the same outstanding level of timely service to these locations on the deal.
Commenting on the deal, Ulugbek Yuldashev, Founder and CEO of AWOK.com (left) said: “These are truly exciting times for Awok and its entire ecosystem. We founded AWOK.com in 2013 and have been pioneers in servicing a previously untapped segment of the market with a unique product selection. Our success was built on providing our customers with the best experience we could, and with this round of financing we will be able to provide an even better experience to an even larger market.”
Youssef Haidar, Founder and CEO of StonePine Capital Partners and Head of the StonePine ACE Fund, commented: “What has been achieved by Ulugbek and his core team at AWOK.com with the resources they had is nothing short from outstanding. Not many companies, even amongst the well-known success stories we celebrate in the region, have shown such a level of resourcefulness and outstanding execution with no external funding. We are excited to help accelerate what has already been an impressive growth.”
Alejandro Carbon, Chief Portfolio Officer of Al Faisaliah Ventures added: “The E-Commerce space in the region is set for exponential growth in the coming years. AWOK.com is ideally positioned to capitalize on that growth and further establish itself as one of the leading platforms for buyers and sellers in KSA and overall MENA region.”