Opontia, a Saudi-based e-commerce builder, has raised $42 million in its latest funding round.
STV led the equity investment in the Series A capital round, which included a mix of stock and venture loans. Existing investors Raed Ventures and Global Founders Capital (GFC) doubled down in the Series A round, demonstrating Opontia’s potential and impressive expansion since launch. In addition, additional equity investors such as Upper 90, a New York-based firm, and VentureSouq, a Dubai-based venture capital fund, joined the investment round.
STV General Partner Ahmad Alshammari and Raed Ventures Founding Partner Saed Nashef will join the Opontia board of directors.
Opontia, founded in March 2021, acquires and grows E-commerce firms with the goal of nurturing and growing the region’s entrepreneurial e-commerce ecosystem.
This investment follows their recent acquisition of NOVIMED, a company based in the United Arab Emirates.
Opontia has expanded from Dubai to open offices in the three other main e-commerce markets in Central and Eastern Europe, the Middle East, and Africa (CEEMEA), namely Poland, Turkey, and Saudi Arabia, following nine months of sustained, fast-paced growth since its launch.
Opontia plans to open offices in more high-potential development markets in the coming months, including Egypt, Nigeria, and Pakistan.
“The successful completion of our Series A round validates our compelling investment case and will enable us to expand our position in key growth markets for the e-commerce sector,” said Philip Johnston, CEO of Opontia, in response to the successful funding round.
Since its inception, the Saudi-based firm has grown to over 50 employees, acquired four companies, and inked term papers with 15 more.
Opontia will use the capital it has raised to acquire excellent E-commerce businesses and to invest in a team of seasoned e-commerce experts in Central and Eastern Europe, the Middle East, and Africa who will be in charge of managing and growing the brands once they have been acquired.