Dubai-based Souq.com Raises $75 Million Reports Atlas Asia Investment Partners

Dubai-based Shopping Site Raises $75 Million Reports Atlas Asia Investment Partners Atlas Asia Investment Partners reports Souq.com, a Dubai-based ecommerce site has raised $75 million from South Africa’s Naspers. According to Atlas Asia Investment... More

Dubai-based Shopping Site Raises $75 Million Reports Atlas Asia Investment Partners Atlas Asia Investment Partners reports Souq.com, a Dubai-based ecommerce site has raised $75 million from South Africa’s Naspers. According to Atlas Asia Investment Partners, It may be some way off from being spoken about in the same hushed tones reserved for the likes of Amazon or even eBay, but plucky Dubai-based ecommerce site, Souq.com says it remains determined to fill a niche in the Arab world that its far larger counterparts have as yet seen fit not to focus upon. Souq – which means “market” in Arabic – raised $75 million from South African media colossus Naspers in return for an undisclosed stake in the company. Souq.com’s chief executive, Ronaldo Mouchawar declined to say how much of a stake has been sold to Naspers but he insisted the stake represented a minority interest. “Raising this money is a great achievement that’s made all the more remarkable when one remembers that the Arab world has Less