MarkaVIP Closes $10M Series B Funding
MarkaVIP, the leading private sales club and fastest growing e-commerce operation in the Middle East, today announced the successful completion of its $10 million Series B funding led by European venture firm Prime Ventures with significant participation from New York City-based Invus Financial Advisors (IFA), Antwerp-based Hummingbird Ventures, and San Francisco-based Lumia Capital.
The capital garnered through this funding round will be used to expand MarkaVIP's current operations and marketing activities, and to support regional expansion for its private sales club throughout the GCC.
"We actively pursued this funding to focus on decreasing product delivery lead times and improve quality across the board," said Ahmed Alkhatib, founder and CEO, MarkaVIP.
Since its launch in Jordan and Saudi Arabia in November 2010 and subsequent expansion to the rest of the GCC and Lebanon earlier in 2011, MarkaVIP has cultivated a private membership of over 1,500,000 registered users and is adding over 5,000 new members per day, with 370,000 Facebook fans. Markavip is currently handling over two million unique visitors per month and over 200,000 daily visitors.
CEO Ahmad Khatib sharing MarkaVIP’s journey at the ArabNet Digital Summit 2012