Jordanian ecommerce platform Mecal that sells men’s accessories has raised an undisclosed amount of investment from Palestine’s Ibtikar Fund and Amman-based Innovative Startups and SME’s Fund (ISSF), Ibtikar announced in a statement yesterday.
Founded in 2016 by Tojan Onallah, Mecal’s web and mobile-based online store sells different men’s accessories including wallets, pens, belts, watches, ties, rings, bracelets, rings and necklaces. The startup that offers free next day delivery in Jordan (and 2-3 days paid delivery across other countries in the region) also allows customers to order personalized gifts.
The statement explained that Mecal’s designs celebrate Arab culture by incorporating local tastes and cultural imagery and sayings.
Mecal also runs a dedicate platform for corporate gifts.
Laith Al-Qasem, CEO of ISSF, commenting on the occasion, said, “ISSF is delighted to have closed its second direct investment with Mecal, a woman-owned and -led business. ISSF’s interest is based on the high added value derived from its unique product designs and focused marketing. Mecal’s design capability will enable it to compete in the local, regional and international market thus driving its ability to scale.”
Habib Hazzan, Managing General Partner of Ibtikar Fund, said, “We initially invested in Mecal in 2017 and have since witnessed very positive signals from the market that prompt us to double down in this space. Tojan is a relentless entrepreneur, whose passion for design drives a very unique product offering that fills a demand for high-quality, unique men’s accessories, and we are excited to welcome ISSF to join us in this journey.” said .
Tojan Onallah, Mecal’s founder and CEO, said, “I have no doubt that Mecal can become a leading provider for one-of-a-kind gifts in the MENA region. We are excited for this funding round that will allow us to continue to grow and expand.”
The startup plans to use the investment to fuel its expansion to Saudi and other Gulf countries expand its product offering as well.
Latest posts by MB Staff (see all)
- Abu Dhabi’s Mubadala co-leads $2.25 billion investment in self-driving car company Waymo - March 3, 2020
- Careem and Noon win initial approval for launching mobile wallets in Saudi - February 26, 2020
- STV hires former Google executive Ivan Jakovljevic to help its portfolio companies grow - February 12, 2020