OpenSooq raises $24 million for its classifieds marketplace
- Jordan-based online classifieds marketplace OpenSooq, has raised $24 million in a round led by Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), with participation from iMENA Group and FJLabs.
- Founded in 2008 by Libyan American entrepreneur Salah Al Sharif, OpenSooq allows its users to directly sell, trade and purchase secondhand products. It also offers day-to-day services across several categories, such as education, training and home repair services.
- According to the company's website, a total of 65 million customers and businesses trade using its platform, with a total value $30 billion worth of items sold annually.
- OpenSooq operates across 19 countries in the Middle East and North Africa (Mena) region, including Jordan, Saudi Arabia, Oman, Kuwait, Iraq, Egypt, and Libya.
OpenSooq.com, the Jordan-based, mobile-first classifieds marketplace, announced that it has raised USD 24 million to fuel its next phase of growth. The round was led by the Saudi Jordanian Investment Fund (SJIF), with the participation of existing international and regional investors; FJ Labs, and iMENA Group.
OpenSooq.com empowers consumers and SMEs across the Middle East and North Africa to trade across all key economic sectors including real estate, auto, electronics, furniture, and fashion. It also connects consumers with service providers in categories such as education, training and home repair services.
“SJIF is delighted to lead this round of investment driven by its belief that investing in promising Jordanian technology companies that are on the cusp of transformational growth such as OpenSooq supports Jordan’s position as a core technology innovation and operational hub for local and regional technology companies," said Omar Alwir, CEO of SJIF.
“Our investment in OpenSooq is an example of combining commercial viability and developmental progress potential in Jordan. Through our patient, long-term investment approach, we aim to bring value to OpenSooq, and the communities in which it operates, and also to contribute to job creation for Jordanian talents” Alwir added.
OpenSooq has become the region’s leading mobile classifieds marketplace. Today, a total of 65 million consumers and businesses trade using its website and mobile application, with a total value of items sold of $30 billion per year. OpenSooq’s services cover 19 geographies, each with a tailored localized approach. Its key markets include Jordan, Saudi Arabia, Oman, Kuwait, Iraq, Egypt, and Libya.
“Every 13 seconds an item is sold on OpenSooq. Our local team built a platform that tens of millions of users and SMEs rely on to engage with buyers or sellers, with functionality and reliability that puts us among the top classifieds platforms globally,” said Opensooq.com’s co-founder and CEO, Adey Salamin. He added that the company will use the new funding to hire an additional 400 people in Jordan and the region to provide better and more advanced services for its users, cement its leading market position in its key markets, expand into additional markets, introduce new products, and further develop its in-house built technology.