JadoPado has announced that it has sold a significant minority stake to an investor consortium led by BECO Capital, a regional venture capital firm focused on technology investments in the GCC, valuing the business at AED 102 million ($28 million).
BECO’s investment of AED 14.69 million ($4 million) in JadoPado will be used to accelerate the company’s growth and expand its services across the Middle East and other emerging markets.
JadoPado has seen exponential growth since re-positioning as a marketplace platform earlier this year, said Omar Kassim, JadoPado’s CEO. BECO Capital’s investment is indicative of our strong market positioning and we’re incredibly excited to bring them on as our partners in revolutionising commerce in emerging markets.
JadoPado allows sellers from around the world to set up a store in a few minutes and start selling their products to a global audience. Buyers and sellers can trade new, used and refurbished products. Over 2500 sellers from around the world have signed up to sell with the platform, while products available to buyers has increased six-fold to over 55,000.
BECO Capital, focuses exclusively on supporting technology startups in promising sectors.
We are thrilled with the progress and the rate at which Omar and his team have grown their offering. With the increase in consumer traffic and merchant acquisition, JadoPado is changing how businesses in the region are selling to consumers and how consumers are buying products and services. JadoPado has created a disruptive marketplace that will bring about a dramatic transformation in the sector. It has an incredibly strong and scalable platform, and offers an efficient solution to reach customers in rapidly growing e-commerce markets. We are delighted to partner with the team, and look forward to working with them and fully backing them to accelerate their growth in building a leading marketplace for the future, said Dany Farha, CEO of BECO Capital.
