Dubai-based e-commerce aggregator Opontia has raised US$42 million in a new funding round and is looking to expand its market share over the coming months.
The Series A funding attracted a mix of regional and global investors, including MENA’s largest venture capital fund STV, which led the equity investment, as well as New York-based fund Upper 90 and Dubai-based venture capital fund VentureSouq.
Founded only nine months ago, Opontia acquires and grows e-commerce brands across Central and Eastern Europe, the Middle East and Africa. It has a team of e-commerce experts with experience in brand building and scaling, product design and launch, logistics and SME financing.
Today, it has offices in Dubai, Riyadh, Istanbul and Warsaw and in the coming months, the company said it is looking to incorporate offices in more high-potential growth markets including Egypt, Nigeria and Pakistan.
“Through the Series A investment, Opontia will continue to enable entrepreneurs and brands to grow and solidify their market share, while generating sustainable economic returns that will enable Opontia to continue to grow and support more brands,” said Manfred Meyer, co-CEO of Opontia.
The e-commerce sector in the GCC has exploded since the start of the coronavirus pandemic last year. According to consulting firm Kearney, the value of the e-commerce market has jumped from $5.3 billion in 2015 to $21.6 billion in 2020.
“E-commerce in MENA is still underpenetrated compared to other markets, but we have seen significant growth, especially when it comes to new D2C brands that are popping up and uniquely cater to local tastes,” said Ahmad Alshammari, General Partner at STV.