UAE-based online marketplace, AWOK.com has closed its first external round of financing to pursue ambitious regional growth plans with the vision of providing consumers with timely and seamless access to value products across the Middle East and North Africa.
The $30 million financing round was 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. The deal is being co-invested in by investment group Endeavor Catalyst.
The new capital raised will be mainly 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.
“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,” says Ulugbek Yuldashev, founder and CEO, AWOK.com.
“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,” added Youssef Haidar, founder and CEO of StonePine Capital Partners and head of the StonePine ACE Fund.
“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 KSA 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,” stated Alejandro Carbon, chief portfolio officer, Al Faisaliah Ventures.
“We have followed Ulugbek’s journey for some time now as one of our handpicked entrepreneurs we support in the region. We know first-hand what he is capable of and are enthusiastic to continue being part of this journey,” concluded Allen Taylor, CEO, Endeavor Catalyst.
Landmark Group held its 12th Beat Diabetes event on Friday, 26 November, atNovember 29, 2021 | By RetailME Bureau
Zebra Technologies Corporation, an innovator at the front line of business withNovember 17, 2021 | By RetailME Bureau
UAE gears up to celebrate this year’s National Day celebrations in the
UAE-based Etisalat Group has signed an agreement with elGrocer, a leading online
Amazon.ae announced that the 11.11 sale is back once again this year
Abu Dhabi Cooperative Society’s COOP City store is now open in Lake
Union Coop, a consumer cooperative in the UAE, revealed that 78% of
Union Coop has opened its 23rd branch within the UAE in Jumeirah
Nando’s has revealed their revamped Sheikh Zayed Road outlet where newcomers and
UAE-based Al Maya Group announced that it will be boosting import of
UAE-based grocery retail chain, Grandiose has opened its first hypermarket in Abu
UAE-based Carrefour announced its theme and plans for Ramadan 2021. The brand
Locally owned supermarket Spinneys celebrates 60 years of doing business in the
UAE-based Carrefour will become the first retailer in the region to offer new levels
The festive shopping season represents a significant portion of retailers’ annual revenue,
Zebra Technologies Corporation, an innovator at the front line of business with
There is a large trust gap between shoppers and retailers, according to
Noon.com announced its biggest ever Yellow Friday Sale running from the 22nd until 28th November. The
The Ministry of Human Resources and Social Development in Saudi Arabia has
Extravagant, conceptual, great food and views are some of the ways that
Abu Dhabi’s state investment company ADQ is in talks to invest about $500 million
The once powerful department stores that anchored malls and streets around the
Who isn’t a sucker for discounts? Customers today are spoiled for choice
The various e-commerce and virtual retail stores that cater to different product
A private helicopter carrying the chairman and managing director of Lulu Group,
Retailers in the Middle East are making strides in their multichannel offerings,