United Arab Emirates-based price comparison platform Souqalmal.com has closed a $14.5m series B round featuring UK-based price comparison service GoCompare and currency transfer and exchange provider UAE Exchange, Arabnet has reported.
The round was led by Riyad Taqnia Fund, the joint venture established by Riyad Bank’s investment arm, Riyad Capital, in partnership with development and investment company Taqnia.
Founded in 2012, Souqalmal.com operates an online available in English and Arabic that lets consumers in Saudi Arabia, Kuwait and the UAE compare the prices of a range of financial and insurance products.
The company’s revenues have increased 300% year on year since its inception, according to Entrepreneur.com. It will use the series B capital to expand its regional presence and introduce its first offline services.
Souqalmal had previously raised $300,000 in seed capital in 2012, before venture capital firm Hummingbird Ventures supplied it with $1.2m in series A funding in 2014.
Ambareen Musa, Souqalmal’s CEO, told Arabnet: “We are the third company in the region to bring in a strategic international player so it proves a couple of things.
“One, that the region is starting to attract international players to start operations here and test the market and two, that these players are choosing investment acquisition to get into the market, which is phenomenal.”