Souq.com invests $2.5m in e-commerce start-up
Dubai, February 8, 2012
Souq.com has recently invested $2.5 million in start-up Run2Sport, one of the first online platforms for sports apparel in the Middle East region.
The investment is a further endorsement of Souq.com’s position as the region’s leading eCommerce destination and its pioneering role in the development of the online retail sector in the region, said a statement.
The website aims to cater to the demands of all sports lovers across the region by providing them with a wide variety of premium sports brands at competitive prices.
Ronaldo Mouchawar, CEO of Souq.com, said: “Run2sport can benefit from the customer base, technology and logistics infrastructure that Souq.com has in the region. Allowing it to expand and quickly become a regional player. Online shopping in the region is growing fast, and sports and sports apparel products is a category that has great potential.”
Run2Sport founder, Ali Al Asmar, said: “Run2Sport was incubated by Oasis500 in Amman, Jordan. Oasis500 is one the region’s premier education and counselor-driven seed investment programme. With Souq.com’s backing Run2Sport will have the marketing, technological and logistics support required to take it regional and obtain a critical mass in revenues within a shorter span of time than it would have taken if it were to grow organically.”
Run2Sport was established by a group of sports and IT specialists and it provides a variety of high-quality sports products and services at very competitive prices.
“The site not only offers an exceptional shopping experience through its state-of-the-art and user-friendly interface, but also provides a simple one step checkout which caters to both novice and savvy internet users,” Al Asmar said.
The website supports several payment methods including cash on delivery as well as 24/7 customer service support and a professional delivery logistics system.
Souq.com is part of the Jabbar Internet Group and is a pioneer in the consumer e-commerce sector in the region, the statement said.
Established in late 2009, Jabbar currently employs over 300 people in various offices in UAE, Jordan, Saudi, Egypt and Kuwait, it said. – TradeArabia News Service