United Arab Emirates-based online marketplace Awok.com has completed a $30m series A round that included Al Faisaliah Ventures, the corporate venturing vehicle for diversified conglomerate Al Faisaliah Group.
The round was led by StonePine Ace Partners, a joint venture formed by asset manager StonePine Capital Partners and investment group Ace & Company, which supplied the cash through its StonePine Ace Fund, and it also featured co-investment fund Endeavor Catalyst.
Founded in 2013, Awok runs an e-commerce platform focused on the Middle East and North Africa (MENA) that sells a range of goods including electronics, fashion, babycare products, toys, stationery and home products.
The round, which represented the company’s first external funding, will support technology development and the expansion of its product range in addition to a planned entry into the Saudi Arabian market and eventually growth elsewhere in the region.
Alejandro Carbon, Al Faisaliah Ventures’s chief portfolio officer, said: “The e-commerce space in the region is set for exponential growth in the coming years. Awok.com is ideally positioned to capitalise on that growth and further establish itself as one of the leading platforms for buyers and sellers in [Saudi Arabia] and overall MENA region.
“The Al Faisaliah Ventures team scanned the market for the best end-to-end e-commerce capabilities – from sourcing to last-mile delivery – and found Awok.com to be right player to become the next unicorn while supporting small and medium retailers in the region entering online space through Awok.com marketplace platform.”
