China-based cross-border e-commerce startup Jollychic has raised $65 million in a Series C+ round led by Abu Dhabi-based G42 Group.
G42 is a technology company focused on artificial intelligence (AI) and cloud computing technologies. Interestingly, the company had no apparent connection to the e-commerce sector before this new development, having built a business almost exclusively around services including managed cloud computing infrastructure, as well as fundamental and applied AI research.
G42 is keen on tapping in on the e-commerce platform’s growing stature in the Middle East and wants to be a part of the company’s grand vision of building an e-commerce-based internet ecosystem.
“This round of funding from G42 Group is an important milestone for Jollychic to further strengthen localization. It has a special strategic and localized significant for the entire Middle East market, and it has far-reaching benefits for Jollychic to build an e-commerce ecology and “no cash society” covering the Middle East region,” said Jollychic in a statement.
Worth noting here is that before this latest funding round, JollyChic had raised (presumably) hundreds of millions in a uber-successful Series C round led by Beijing-based Legend Capital and American VC firm Sequoia Capital.
With an ever-tightening grip over the region’s burgeoning e-commerce space, the Chinese startup currently employs more than 2,000 people across Saudi Arabia and the UAE. Besides maintaining two massive warehouses in these two countries, Jollychic also has a customer service center in Jordan and a distribution center in Bahrain.
