Souq, Amazon Of The Middle East, Raises $275M From Tiger And More, Reported $1B Valuation

E-commerce giants with ambitions to build regional Amazon rivals in emerging markets continue to rake in huge amounts of funding. Today, comes the latest development: Souk — an online marketplace that has been described as the Amazon of the Middle East — has announced that it has closed a funding round of over $275 million (AED 1 billion).

Bloomberg reported earlier this month that Souk was raising money, and in its report it said the valuation was $1 billion. We have reached out to Souk to confirm the figure.

Souk says the funding is the largest-ever in the e-commerce category in the market. It comes from previous investors Tiger Global and Naspers, as well as some strategic investors, including Standard Chartered Private Equity, IFC (a member of the World Bank Group),…

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