Going Global? Souq is One to Watch
Dubai-based ecommerce website Souq (which means "marketplace" in Arabic) has raised $75 million in funding from South African media conglomerate Naspers.
The Amazon.com inspired site, which employs more than 1,000 people, sells goods directly and through its partners in a variety of verticals including electronics, fashion, home goods, etc. The funding, which puts the valuation of the company near $500 million, will be used to invest in technology and study new markets for potential expansion. Souq has raised upwards of $150 million total.
Naspers previously bought a stake in Souq.com in late 2012. The South African firm has other interests in the region including a stake in the Dubai-based classifieds website Dubizzle.