Dokkan Afkar, a Saudi-based ecommerce platform that sells homegrown and innovative gadgets and gifts, has raised $5.6 million in a Series B round, the startup announced yesterday in a statement to MENAbytes. The round was led by Business Incubators and Accelerators Company (BIAC) and joined by Riyad Taqnia Fund (who’ve previously also invested in the startup), Saudi Venture Capital Company (SVC), and some other investors including Mishal Ali Reda, an angel who has invested in previous two rounds of the startup as well.
Founded in 2013 by Ammar Waganah and Mohamad Nasrallah, the Jeddah-headquartered Dokkan Afkar currently sells ‘unique and innovative’ products across different categories including gadgets, toys and games, health and beauty, fashion, home and kitchen, stationery, travel, and office, from both homegrown and global brands. The startup says that it puts a strong focus on promoting local homegrown creative talent and suppliers.
Dokkan Afkar that currently sells in Saudi, United Arab Emirates, Bahrain, Kuwait, and Oman, had previously raised $2 million in what was the largest investment round for a Saudi startup, in mid-2017.
It plans to use the investment to fuel its expansion and growth across the Middle East while also focusing on increasing the size of its catalog to attract a larger and more diverse customer base.
Ammar Waganah, the co-founder and CEO of Dokkan Afkar, commenting on the occasion, said, “We have learned a lot over the past six years, and have been progressing and moving from one success to another. We now look forward to moving towards our next phase of the business, which is expanding into the rest of the Arab region, followed by entering into a number of international markets.”
Nawaf Al Sahhaf, the CEO of the Business Incubators and Accelerators Company (BIAC), said, “The success of this latest funding round is a result of Dokkan Afkar’s exemplary growth over the past few years, which has strengthened the position of the brand in the region’s growing e-commerce sector.”
“The investment will offer Dokkan Afkar with an excellent opportunity to explore, develop and expand its business and customer base in other target markets,” he added.
The Saudi startup also plans to use a part of its investment to add new creative talent and suppliers to support its various categories, and offer different employment opportunities for Saudi youth.
Mishaal Ali Reza, who is a member of the Board of Directors of Dokkan Afkar, said, “The Company now has a fantastic opportunity to expand, and deliver homegrown Saudi brands to a wider audience in the rest of the Arab world, as well as globally. We hope that the website will become the platform to promote the export of Saudi products, contributing to the digital economy as per Vision 2030.”
Latest posts by Zubair Naeem Paracha (see all)
- Delivery Hero’s Talabat absorbs Carriage’s operations across the region - January 22, 2020
- Exclusive: Otlob’s Managing Director Walid El Saadany leaves the company - January 22, 2020
- Dubai’s Sarwa raises $8.4 million Series A to make investing easy - January 22, 2020