Movesouq closes $3M round
Home services marketplace Movesouq has closed a funding round of $3 million.
The round was led by Addventure, an international VC out of Russia that focuses primarily on service marketplaces.
In a statement released today, Movesouq said that they would be using the funding “to strengthen its products and services, and expand its services to new cities in the Middle East. In addition, the investment will be used to build new verticals on the platform.”
The marketplace for homeservices in the UAE and Qatar, from moving and storage, to handymen, pest control and home insurance, has been in operation since 2013. This marks their third round, with two previous seed and angel investments in 2013 and 2015 respectively. The company’s value has not been disclosed.
Founded by former McKinsey consultants Bana Shomali and Wim Torfs, the site has worked with over 50,000 households booking services on their platform. CEO Shomali said in the statement that with the home services market in the region being an untapped opportunity, “consumers are starting to buy these services online. We will utilize the new funding to aggressively go after this opportunity and maintain our first-mover advantage.” According to the company, the home services market is worth an estimated $5 billion a year in the GCC.
Addventure have a particular interest in home and local services, health tech, food tech and last mile logistics sectors, they were investors in Delivery Club, the third largest exit in the consumer internet space in Russia. Earlier this year they invested in Turkish logistics startup Kapgel.
In the statement, Shomali said that “the fact that international investors like Addventure are showing interest in the region is a great signal for Middle East-based startups. We’re very excited to be partnered with Addventure, as they bring unique expertise from working with similar platforms around the world, and a global network that will be extremely valuable to us as we continue to grow.”
Feature image via Movesouq.