Gulf-based startup Opontia has recently secured a $20 million funding round to support its efforts in acquiring e-commerce brands in the Middle East and Africa. Launched in March, Opontia operates in the United Arab Emirates and Saudi Arabia, with a goal of purchasing e-commerce companies and expanding their operations.

Within its first year, Opontia aims to acquire 20 brands, with the first acquisition anticipated in the coming weeks. CEO Philip Johnston expressed enthusiasm for the company’s growth prospects through strategic acquisitions.

The funding will not only be used for brand acquisitions but also for recruiting a team responsible for managing and expanding these acquired brands. Additionally, Opontia plans to establish offices in Turkey, Egypt, and Nigeria, further increasing its presence in the region.

Notable firms, including Raed Ventures, Global Founders Capital, Presight Capital, and Kingsway Capital, participated in Opontia’s seed-funding round. This substantial investment showcases the investors’ confidence in Opontia’s business model and growth potential.

Opontia’s focus on acquiring and scaling up e-commerce brands aligns with the growing trend of e-commerce in the Middle East and Africa. By meeting the increasing demand for digital retail experiences, Opontia aims to fulfill consumers’ needs while leveraging its industry expertise.

As the company continues to execute its acquisition strategy and expand its operations, it is positioned to become a leading player in the e-commerce landscape of the Middle East and Africa. Opontia’s innovative approach to acquiring and growing brands sets it apart in a highly competitive market, and the recent funding injection will undoubtedly fuel its growth ambitions.

In conclusion, Opontia’s $20 million funding round signifies a significant milestone for the startup as it establishes itself as a key player in the Gulf region’s e-commerce industry. With strong financial backing and strategic expansion plans, Opontia is well on its way to becoming a major force in the e-commerce sector of the Middle East and Africa.

Useful links:
1. Opontia Website
2. Raed Ventures (one of the participating firms in the funding round)