After securing $42M in funding, the e-commerce start-up Opentia is planning on expanding its operations.
The Series A funding round was a mix of equity and venture debt, with STV, the largest venture capital fund in the Middle East and North Africa, leading the equity investment. Existing investors Raed Ventures and Global Founders Capital (GFC) also doubled down in the Series A round while other new equity investors included Upper 90, a New York-based fund, and VentureSouq, a Dubai-based venture capital fund.
Solidifying the robust growth potential of Opontia is the venture debt raising, which comprises just over 50 per cent of the $42M Series A round. The venture debt has been funded by Partners for Growth (PFG), a globally focused billion-dollar San Francisco-based venture debt fund.
The Series A investment follows nine months of growth since Opontia launched, during which it has expanded from Dubai to launch offices in the three other largest e-commerce markets in Central and Eastern Europe, Middle East and Africa (CEEMEA), namely Poland, Turkey, and Saudi Arabia.
