Hey there, Opontia (wink, wink)
Egypt could receive some of the USD 20 mn Riyadh-based consumer holding startup Opontia has earmarked for regional acquisitions. The company plans to open up offices in Egypt, Nigeria and Turkey in the coming months after raising USD 20 mn in a seed funding round that will finance future acquisitions of e-commerce brands, as well as recruitment, according to a statement.
The seed round was led by Raed Ventures, Global Founders Capital, Presight Capital, and Kingsway Capital. Angel investors include Razor Group CEO Tushar Ahluwalia, Jumia Nigeria former Managing Director Jonathan Doerr, and UAE-based payment plan provider Tabby CEO Hosam Arab.
Who is Opontia? Launched in March 2021, Opontia acquires and operates e-commerce brands in the Middle East and Africa. The company has made acquisitions and sales in the UAE, Saudi Arabia, Bahrain, and Kuwait so far.