Dokkan Afkar closes $5 million Series B
Saudi Arabia-based Dokkan Afkar, an e-commerce site dedicated to selling homegrown and innovative gadgets, gizmos and gifts has closed a SAR19 million ($5 million) Series B funding round led by the Business Incubators and Accelerators Company (BIAC), and joined by existing investor Riyad TAQNIA Fund, the Saudi Venture Capital Company (SVC) and a number of local investors, including Mishal Ali Reda, who has now invested in the startup in three of its funding rounds.
Dokkan Afkar plans to use the raised capital to continue its work on the growth and expansion of the business throughout the Middle East region, focusing on increasing the portal’s products and product inventory with the vision of attracting a larger and more diverse customer base. Dokkan Afkar will also acquire additional creative talent and suppliers.
“We have learned a lot over the past six years – and have been progressing and moving from one success station to another,” said Ammar Waganah, co-founder and chief executive officer at Dokkan Afkar. “We now look forward to moving towards our next phase of the business, expanding into the rest of the Arab region, followed by entering into a number of international markets.
Established in 2013, Dokkan Afkar – which translates into “Shop of Ideas” – is an online retail service that sells a wide range of uniquely creative and innovative products, with a strong focus on promoting local homegrown creative talent and suppliers. Back in 2017, the company closed its Series A at $2 million.
“The company now has a fantastic opportunity to expand, and deliver brands homegrown in Saudi Arabia to a wider audience in the rest of the Arab world, as well as globally. We hope that the website will become the platform to promote the export of Saudi products, contributing to the digital economy as per Vision 2030,” said Mishaal AliReza who is a member of the Board of Directors of Dokkan Afkar.