The Dubai and Riyadh-based start-up that acquires and grows e-commerce brands has raised $20M in seed funding.
Launched earlier this year in March by Co-Founders Philip Johnston and Manfred Meyer, Opontia enables e-commerce entrepreneurs to realise the full potential of their brands. The company intends to nurture and build the entrepreneurial e-commerce ecosystem in the region.
The seed round was led by Raed Ventures, Global Founders Capital, Presight Capital and Kingsway Capital with participation from angel investors such as Tushar Ahluwalia, CEO of Razor Group; Jonathan Doerr, Former CEO of Daras and Co-Founder of Jumia, and Hosam Arab, CEO of Tabby and former CEO of Namshi. The $20M in seed funding is one of the largest seed rounds in the Middle East and Africa region.
Chief Executive Officer, Philip Johnston, commented: “We are extremely thankful to our partners who joined us on this journey to transform the MENA e-commerce ecosystem. We founded Opontia to enable e-commerce entrepreneurs to realise the potential of their brands, both in terms of getting an exit now, as well as benefiting from future growth.”
