UAE startup, ServiceMarket.com, an online home services marketplace announced that it has scored its fourth funding round, raising $4 million from venture capital firm AddVenture and Dubai-based Emaar Industries and Investments (EII).
The company raised its seed and angel rounds in 2013 and 2015, in addition to $3 million raised in a Series A round in 2016, bringing it to a total of $8 million invested in ServiceMarket.
Waleed Dhaduk, Acting Chief Executive of EII, an associate of Emaar Properties commented on the investment stating: “We have been following ServiceMarket’s traction within Dubai and they have received positive feedback from users on its ease of use, speed, and convenience.” According to Waleed, the investment makes strategic sense for EII under their technology platform, as the startup complement their ecosystem.
So far, ServiceMarcket has served more than 150,000 customers last year, and has generated more than $30 million in sales revenue. The company states that it has grown multiple-fold in just a few years by launching the new services, partnering service providers and deploying the proprietary technology. It has expanded to eight cities in the region and hopes to expand in the rest of the MENA region.