Mass-market e-commerce platform AWOK.com has just wrapped up its first-ever external round of financing. Led by StonePine ACE Partners and Al Faisaliah Ventures, the round added $30 million to the UAE-based firm’s kitty, which it now plans on using to execute the company’s ambitious regional growth plan spanning most parts of the Middle East and North Africa.
“These are truly exciting times for Awok and its entire ecosystem. We founded AWOK.comin 2013 and have been pioneers in servicing a previously untapped segment of the market with a unique product selection,” said Ulugbek Yuldashev, Founder and CEO of AWOK.com, after announcing the financing deal.
He added, “Our success was built on providing our customers with the best experience we could, and with this round of financing we will be able to provide an even better experience to an even larger market.”
Going into specifics of the AWOK’s plans with the newly raised funds, the company is likely to spend a major chunk of it on its Saudi expansion roadmap. Additionally, it will also kick off or expedite a number of developmental projects to further enhance its technology.
All goes well, the company hopes to be able to soon deliver an improved offering across multiple product categories to meet ever-increasing demands in the region. Furthermore, AWOK also plans on scaling its operations in key growth markets across MENA to ensure that the company’s clients receive the highest quality service in a more time efficient manner.