ZoodMall, a Lebanese mobile application built to innovate the e-shopping experience, has secured $10 million in Series A funding round.
The app currently operates in select countries in Central Asia and the Middle East, including Uzbekistan, Iraq, Lebanon, Kazakhstan and Azerbaijan. The latest investment will be used to expand the company’s presence into Saudi Arabia, Jordan, Kuwait and Bahrain.
It operates on a ‘buy now pay later’ model and seeks to reach more than 200 million consumers in more than 15 countries across the Middle East and North Africa (MENA) and Commonwealth of Independent States (CIS) regions.
“With the backing of our financial and regional strategic partners, ZooMall will be rapidly developing its leadership position in the large and fast-growing market for cross-border B2C (business to consumer) marketplaces,” said Michael Khoi, CEO of ZoodMall.
The app allows customers to purchase goods online from more than 30,000 merchants and make their payments in easy installment plans without interest through ZoodPay.
It is available in Playstore and App Store and features more than four million cross-border products, including low-cost and top-tier mobile phones, apparel, accessories, beauty, home and garden products, children’s toys, as well as locally-branded goods.