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The Middle Eastern ecommerce site Souq has received 275 million US dollars’ worth of funding, the largest ever amount of money to be raised in one funding round for a Middle Eastern ecommerce company.
It is now estimated to be worth 1 billion US dollars.
Souq has said it will use the money to “drive further growth by investing in technology, scaling our marketplace operations, launching new product categories and recruiting the best talent”.
Souq is the most popular ecommerce site in the Middle East and Egypt, with around 45 million people using the website every month. It offers around 1 million different products across 31 product categories.