MarkaVIP, a prominent e-commerce platform in the Middle East, has successfully secured $5 million in Series A funding led by Lumia Capital, marking a significant milestone in the region's digital commerce sector.
Information on the Target
MarkaVIP is a renowned private sales club and e-commerce platform operating in the Middle East. Established in November 2010, the company has seen impressive growth, employing 120 staff members across six global offices located in Beirut, Dubai, Amman, Istanbul, Antwerp, and San Francisco. The platform has attracted a substantial user base, boasting 700,000 registered users, with approximately 5,000 new registrations occurring daily.
Industry Overview in the Middle East
The e-commerce industry in the Middle East has witnessed remarkable growth in recent years, fueled by increasing internet penetration and the proliferation of mobile devices. The shift in consumer behavior towards online shopping has prompted many businesses to adapt, resulting in a vibrant market landscape. Investment in digital platforms has surged, as both local and international investors recognize the lucrative potential of the region.
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Moreover, the Middle East is strategically positioned as a gateway for trade between the East and West, further enhancing its appeal as an emerging e-commerce hub. Countries within the re
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Disclosed details
Transaction Size: $5M