Opontia gets $42M to continue its e-commerce brand buying spree in the Middle East and Africa
The Draft is a weekly news series that brings you the most important tech news across key emerging markets in Africa, Asia, Eastern Europe, Latin America, and the Middle East from the Techloy News Team.
UAE-based e-commerce enabler Opontia, which currently operates in Dubai, Poland, Turkey, and Saudi Arabia, has raised $42 million in a Series A funding round made up of both equity and debt.
The round was led by Saudi Telecom's venture arm, STV Capital, and will help the company expand into growth markets including Egypt, Nigeria, and Pakistan.
Launched in March 2021 - with a $20 million debt and equity round - the e-commerce group, which acquires and grows e-commerce brands, will be looking to use its latest funding to acquire small and maybe struggling e-commerce brands in the Middle East and Africa region.
