Beam Wallet and 7 Other Big Investments In 2014 In UAE
Majid Al Futtaim’s investment on Beam Wallet is very important for UAE and also for the entire region as we mentioned in our article here.
There were 7 other big investments in 2014 in UAE in the digital sector. Let’s take a look at these other important investments and acquisitions below:
In March, Paris based digital publishing company Webedia put down estimated $12.75 million to take over 51% of Dubai based digital media company Diwanee. This was one of the biggest investments so far in the region for the digital sector.
March welcomed another big investment, worth $75 million to Souq.com from Naspers Group. Dubai based, the biggest e-commerce group of the region had a great support from one of the largest global e-commerce and digital services companies in the world with this investment. Souq.com has more than 23 million visitors monthly from 6 million registered users.
The Brazilian company Easy Taxi had a huge $40 million injection by Phenomenon Ventures with support from Tengelmann Ventures. After their success in Brazil, the app recognized globally and Rocket Internet and iMENA invested on them for the Middle East region. The company is using the funds to launch services in every major cities in the Middle East.
Telr and Innovate Payments:
Dubai and Singapore based Telr announced their merger with UAE based Innovate Payments in September. Telr and Innovate Payments are both payment gateways and have similar functionalities.Their motto is “revolutionize the payments landscape across all emerging markets” with this merger.
i.food.jo and Yemeksepeti.com:
In November, Turkish e-commerce giants Yemeksepeti.com announced their acquisition of Jordanian food ordering site i.food.jo. The amount of the deal was undisclosed but it is rumored to be enough to convince the Jordanian company in the tough competition in the market.
Lebanon’s NetSila, the digital media company responsible for the Arab world’s leading recipe sharing website Shahiya, was acquired by Japan’s largest recipe portal, Cookpad for $13.5 million. The official announcement of the deal will be done in January 2015.
Another recent investment news came from the region, announcing the deal between Al Tayyar Travel Group and STC Ventures. Careem, the Dubai-based car sharing service similar to Uber is the subject of this investment. It is announced that the startup got $10 million in the first investment round.
Modirates.com thinks that, all these investments will be followed by the new and even bigger ones next year in 2015, as there are many big impressive initiatives in the market. We expect some other investments and acquisitions, especially on the mobile side in the UAE.
You can read more details about this article on Wamda.