Middle East

Gulf-based Opontia raises $20 mln for acquisitions

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DUBAI, June 7 (Reuters) - Newly launched Gulf-based startup Opontia has raised $20 million to help it to finance acquisitions of e-commerce brands in the Middle East and Africa, its chief executive said on Monday.

Opontia, which launched in March and is present in the United Arab Emirates and Saudi Arabia, plans to buy e-commerce companies that it will then scale up.

The company is aiming to acquire 20 brands within its first year, with the first acquisition expected to happen in the coming weeks, CEO Philip Johnston said in an email.

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The funding would also be used to recruit staff will be responsible for managing and growing acquired brands, it said.

Opontia plans to open offices in Turkey, Egypt and Nigeria.

Investors in the seed-funding round included Raed Ventures, Global Founders Capital, Presight Capital and Kingsway Capital, Opontia said.

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Writing by Alexander Cornwell; editing by Uttaresh.V

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