Jordan-based mobile-first classified marketplace OpenSooq just got a major boost in its expansion efforts after securing $24 million in investment from Saudi Jordanian Investment Fund (SJIF). Existing investors FJ Labs and iMENA Group also participated in the funding round with significant contributions.
Since its launch, OpenSooq has dedicated its platform to empower SMEs, as well as consumers, from all across MENA. The company helps merchants to trade across all key economic sectors including auto, electronics, fashion, furniture, and real estate.
Additionally, it also helps connect consumers with service providers dealing in the education, training, and home-repair sectors.
Commenting on the fund’s decision to invest in OpenSooq, Omar Alwir, CEO of SJIF, noted, “SJIF is delighted to lead this round of investment driven by its belief that investing in promising Jordanian technology companies that are on the cusp of transformational growth such as OpenSooq supports Jordan’s position as a core technology innovation and operational hub for local and regional technology companies.”
“Our investment in OpenSooq is an example of combining commercial viability and developmental progress potential in Jordan. Through our patient, long-term investment approach, we aim to bring value to OpenSooq, and the communities in which it operates, and also to contribute to job creation for Jordanian talents.”
OpenSooq has confirmed that it will utilize a large portion of the newly raised capital to hire 400 additional employees in Jordan and the broader region. The goal behind this move is to ensure better and more advanced services to customers, while also further strengthening its hold in key markets.
