TechInAfrica – Dubai-based e-commerce business acquirer Opontia has made a new investment with a $20m funding in debt and equity in the Middle East and Africa’s largest seed round.
The participating investors include Global Founders Capital, Presight Capital, Raed Ventures, and Kingsway Capital, while the angel investors are joined by Tushar Ahluwalia, CEO of Razor Group; Jonathan Doerr, former CEO of Daraz and co-founder of Jumia; and Hosam Arab, CEO of Tabby and previous CEO of Namshi.
Phillip Johnston and Manfred Meyer first founded the company in March 2021 and their objectives are to help e-commerce businesses reaching the full potential of their brands.
“We want to do this for two reasons: to secure a quick exit and to gain from future development. We also wish to contribute to the development of the Middle East and African entrepreneurial e-commerce ecosystem.” Philip Johnston, CEO of Opontia said.
His co-CEO Manfred Meyer highlights the continent’s market expansion growth, saying, “The market in the Middle East and Africa is now less mature than in the West, but it is expanding faster than any other market in the world, with the number of sellers on marketplace expanding at over 50% each year.”
The persisting problem for the e-commerce firms is things outside their control in the working capital, operations, logistics, and e-commerce commercial management. This caused them to get stuck in a certain stage, unable to grow their business further.
Opontia helps assist e-commerce with monthly revenue of at least $10,000 with a monthly net profit of at least $5,000 that sells home products.